In July 2021, standalone private health issuers registered a premium growth of Rs. The growth was driven by strong performance from health and motor segments. 20,171 crore (US$ 2.71 billion), an increase of 19.5% YoY, as compared with Rs. In July 2021, non-life insurance premium stood at Rs. In FY22*, premiums from new businesses of life insurance companies in India stood at US$ 20.7 billion and renewable premium stood at US$ 53.7 billion. In the life insurance segment, private players held a market share of 33.78% in premium underwritten services in FY20. The market share of private sector companies in the general and health insurance market increased from 47.97% in FY19 to 48.03% in FY20. 17,679.98 crore (US$ 2.38 billion), as compared to the Rs. In October 2021, total premium earned by the non-life insurance segment stood at Rs. 108,705.3 crore (US$ 14.47 billion), an increase of 12.8% over the same period in FY21. In September 2021, new premiums of life insurers registered 22.2% growth in September 2021, up from 2.9% in September 2020.īetween April 2021 and September 2021, gross premiums written off by non-life insurers reached Rs. In the first half of FY22, the life insurance industry recorded growth rate of 5.8% compared with 0.8% in the same period last year. In terms of insurance density, India’s overall density stood at US$ 78 in FY21.
India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%. The life insurance industry is expected to increase at a CAGR of 5.3% between 20. In India, the overall market size of the insurance sector is expected to US$ 280 billion in 2020. Other stakeholders in the Indian Insurance market include agents (individual and corporate), brokers, surveyors and third-party administrators servicing health insurance claims. In addition to these, there is a sole national re-insurer, namely General Insurance Corporation of India (GIC Re). There are six public sector insurers in the non-life insurance segment. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. The insurance industry of India has 57 insurance companies 24 are in the life insurance business, while 34 are non-life insurers.
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