Market Share Of Non Life Insurance Companies In India 2019
Increasing private sector contribution.
Market share of non life insurance companies in india 2019. The overall market for insurance is expected to be 280 bn by 2020. The insurance giant s share in the overall pie now stands at 72 percent in a market where several state run life insurers are increasingly outdoing their private competitors in getting new. The life insurance corporation of india held approximately 66 percent of the market share of the sector s total insurance premiums in financial year 2019.
A strong growth has been seen in india s non life insurance segment over the last few years. As of now there are 35 general insurance companies and 24 life insurance companies operational in india. Lic is the only public sector insurance.
The market share of private companies is also increasing reaching 50 40 from 13 12 in 15 years. It has been the fastest growing market segment registering a cagr of 23 for the past 10 years. The market witnessed a robust double digit growth of 24 in fy 17 with a market share of 24 in the entire non life insurance sector.
The health insurance industry in india is the fastest growing segment in the non life insurance sector. Online insurance is gaining traction among the consumers due to internet penetration and mobile phone usage. Combined insurance penetration of life and non life is 3 69 as of 2017.
State run insurance giants life insurance corporation lic has further increased its dominance in india s life insurance market with a six percent jump market share between april to september. In the life insurance sector private companies had a market share of 33 74 in fy 19 as of jan 19. New india assurance the country s biggest general insurance company continued its dominant position with a market share of 14 06 while in the private sector icici lombard remained on the top.
Jun 12 2019 16 48 pm ist. The market share of private sector companies in the non life insurance market rose from 15 per cent in fy04 to 56 per cent in fy21 till april 2020. The report covers major players operating in the online insurance market in india.
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