Market Share Of General Insurance Companies In India 2019
Online insurance is gaining traction among the consumers due to internet penetration and mobile phone usage.
Market share of general insurance companies in india 2019. Overall insurance penetration premiums as per cent of gdp in india reached 3 69 per cent in 2017 from 2 71 per cent in 2001. Rank group company direct premiums written 1 market share 2 1. State farm mutual automobile insurance. In the non life insurance sector private companies had a market share of 54 68 in fy 19 as of jan 19.
It offers products to cover risks associated with health motor home travel crop weather liability property marine and specialty lines. The market share of private sector companies in the non life insurance market rose from 13 12 per cent in fy03 to 54 32 per cent in fy19 up to december 2018. The report covers major players operating in the online insurance market in india. General insurance market share india fy 2019 by product market share of non life insurers india fy 2016 2019 by type of insurer private sector motor insurance market share india fy 2008 2019.
As of now there are 35 general insurance companies and 24 life insurance companies operational in india. Furthermore rising internet penetration has improved awareness and accessibility thereby accelerating demand for insurance products. 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. In 2018 there was a growth of 32 5 in the policy volumes when compared to 2017.
During fy12 fy20 premium from new business of life insurance companies in india increased at a cagr of 15 per cent to reach rs 2 13 trillion us 37 billion in fy20. In the life insurance sector private companies had a market share of 33 74 in fy 19 as of jan 19. A strong growth has been seen in india s non life insurance segment over the last few years. Gross premiums in india reached 94 48 bn in fy 18.
It is the biggest amongst the pvt sector general insurance companies in india with a market share of about 16 8. In life insurance segment private players had a market share of 33 51 per cent in new business in fy19 up. The market share of private companies is also increasing reaching 50 40 from 13 12 in 15 years.
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