Market Share Of Non Life Insurance Companies In India 2019
The report covers major players operating in the online insurance market in india.
Market share of non life insurance companies in india 2019. Jun 12 2019 16 48 pm ist. Gross premiums in india reached 94 48 bn in fy 18. 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. Increasing private sector contribution.
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. As of now there are 35 general insurance companies and 24 life insurance companies operational in india. A strong growth has been seen in india s non life insurance segment over the last few 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.
Of this number the split between life insurance and non life insurance was as follows. It has been the fastest growing market segment registering a cagr of 23 for the past 10 years. Investments and recent developments. 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.
The overall market for insurance is expected to be 280 bn by 2020. Lic is the only public sector insurance. Online insurance is gaining traction among the consumers due to internet penetration and mobile phone usage. In life insurance segment private players had a market share of 31 3 per cent in new business in fy20.
The market share of private insurance companies were 2 00 in 2003 but has grown to 33 76 in terms of premium on the financial year 2019. The market share of private companies is also increasing reaching 50 40 from 13 12 in 15 years. 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. Combined insurance penetration of life and non life is 3 69 as of 2017.
The health insurance industry in india is the fastest growing segment in the non life insurance sector. In the life insurance sector private companies had a market share of 33 74 in fy 19 as of jan 19.
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