India Life & Non-life Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Life & Non-life Insurance Market Analysis
The Life and Non-life Insurance Market in India is projected to register a CAGR of greater than 7% during the forecast period of (2023-2028).
The COVID-19 outbreak has made Indians more aware of the need for insurance. Due to COVID-led improved awareness of health insurance, insurance funds have witnessed a 0.8% increase, going from 1.8% of GNDI in 2019-20 to 2.6% of GNDI in 2020-21. In 2021, India's total insurance premium climbed by 13.46% (7.8% inflation-adjusted real growth), whereas globally, the total insurance premiums increased by 9.04% (3.4% inflation-adjusted real growth) over the same year.
The National Statistical Office (NSO) has provided preliminary estimates of the country's income, showing that India's Gross Domestic Product (GDP) According to estimates, and current prices would be worth 236.65 lakh crore in 2021-2022, up from 198.01 lakh crore in 2020-2021, representing a growth rate of 19.5%. According to estimates, the Gross National Disposable Income (GNDI) will increase by 18.9% to INR 238.78 lakh crore in 2021-2022, from INR 200.8 lakh crore in 2020-21.
India is currently rated ninth (tenth in 2020) in the world for the life insurance industry. In 2021, India's global life insurance market share was 3.23% (3.11% in 2020). In comparison to the global life insurance premium, which climbed by 9.91% (4.5%) inflation-adjusted real growth) in 2021, life insurance premiums in India increased by 14.16% (8.5% inflation-adjusted real growth). India maintains its position as the fourteenth-ranked country in the world for non-life insurance. In 2021, India's share of the global non-life insurance market was 0.78% (up from 0.76% in 2020). In comparison to the global non-life insurance premium, which grew by just 8.37% (2.6% inflation adjusted real growth) in 2021, the Indian non-life insurance market experienced growth of 11.30% (5.8% inflation adjusted real growth) during that year.
India Life & Non-life Insurance Market Trends
This section covers the major market trends shaping the India Life & Non-Life Insurance Market according to our research experts:
Insurance Penetration at Global Landscape
In India, the insurance penetration rate for 2021-2022 was 4.2%, remaining constant from 2020-2021. The insurance sector showed a rise in insurance penetration over the first ten years of liberalization, going from 2.71% in 2001-2002 to 5.2% in 2009-2010. Since then, life insurance penetration has decreased, and this decline has continued through 2014-15. In 2021, the share of non-life insurance premiums was 56.31% and the share of the life insurance industry was 43.69% worldwide. However, India's portion of the life insurance market was significant, at 76.14%, compared to the share of the non-life insurance market, which was 23.86%.
Insurance Industry is Growing Rapidly
According to data from Swiss Re, India holds the tenth-place position (twelfth in 2020) in the world's insurance market with a market share of 1.85% in 2021 (1.78% in 2020). In 2021, India's total insurance premiums increased by 13.46% (7.8% inflation-adjusted real growth), while worldwide premiums rose by 9.04% (3.4% inflation-adjusted real growth) during the same year. In India, the insurance density rose from USD 78 in 2020-2021 to USD 91 in 2021-2022 From USD 11.5 in 2001-2002 to USD 64.4 in the year 2010-2011, the level of insurance density showed a constant rise. After some ups and downs, the insurance density increased steadily starting in 2016-17. Non-life insurance density increased from USD 2.4 to USD 22 over the same time period, while life insurance density increased from USD 9.1 in 2001-2002 to USD 69 in 2021-2022.
India Life & Non-life Insurance Industry Overview
The report covers the major players operating in India's life and non-life insurance market. The market is consolidated, as the major market share is captured by the top five companies. The market is expected to grow in the forecast period, due to consistent growth in insurance penetration and other factors. Some major players are the Life Insurance Corporation of India, General Insurance Corporation of India (GIC), SBI Life Insurance Company Limited, etc.
India Life & Non-life Insurance Market Leaders
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Life Insurance Corporation of India
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General Insurance Corporation of India (GIC)
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SBI Life Insurance Company Limited
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ICICI Prudential Life Insurance Company Limited
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HDFC Life Insurance Company Limited
*Disclaimer: Major Players sorted in no particular order
India Life & Non-life Insurance Market News
- In 2022, LIC paid out 70.39 % of the total payouts, and private insurers covered the remaining 29.61 %. The benefits paid as a result of surrenders or withdrawals rose to 1.58 lakh crore in 2021-22, with LIC accounting for 60.09 % and private insurers for the remainder. ULIP policies made for 1.96 % of the total surrender benefits for the LIC and 78.29 % for private insurers.
- In 2022, In contrast to the private sector insurers, who have offices in 596 districts representing 79% of all districts in the nation, the LIC of India has offices in 688 of the 750 districts in the nation, covering 92% of all districts in the country. 92% of all districts in the nation are covered by LIC and commercial insurers together.
India Life & Non-life Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Insurance type
- 5.1.1 Life Insurance
- 5.1.1.1 Individual
- 5.1.1.2 Group
- 5.1.2 Non-life Insurance
- 5.1.2.1 Fire
- 5.1.2.2 Motors
- 5.1.2.3 Marine
- 5.1.2.4 Health
- 5.1.2.5 Others
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5.2 By Distribution Channel
- 5.2.1 Direct
- 5.2.2 Brokers
- 5.2.3 Banks
- 5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Life Insurance Corporation of India
- 6.2.2 General Insurance Corporation of India (GIC)
- 6.2.3 SBI Life Insurance Company Limited
- 6.2.4 ICICI Prudential Life Insurance Company Limited
- 6.2.5 HDFC Life Insurance Company Limited
- 6.2.6 New India Assurance Co. Ltd
- 6.2.7 United India Insurance Company Limited
- 6.2.8 National Insurance Company Limited
- 6.2.9 The Oriental Insurance Company Ltd
- 6.2.10 Shriram Life Insurance Company Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityIndia Life & Non-life Insurance Industry Segmentation
The report aims to provide a detailed analysis of India's life and non-life insurance market. It focuses on the market dynamics, emerging trends in the segments, regional markets, and insights on various product and application types. Additionally, it analyses the key players and the competitive landscape in the market studied. The Life and Non-life Insurance Market in India are segmented by Insurance type (Life Insurance and Non-life Insurance) and Distribution Channel (Direct, Brokers, Banks, and Other Distribution Channels). For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
| By Insurance type | Life Insurance | Individual |
| Group | ||
| By Insurance type | Non-life Insurance | Fire |
| Motors | ||
| Marine | ||
| Health | ||
| Others | ||
| By Distribution Channel | Direct | |
| Brokers | ||
| Banks | ||
| Other Distribution Channels |
India Life & Non-life Insurance Market Research FAQs
What is the current India Life & Non-Life Insurance Market size?
The India Life & Non-Life Insurance Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in India Life & Non-Life Insurance Market?
Life Insurance Corporation of India, General Insurance Corporation of India (GIC), SBI Life Insurance Company Limited, ICICI Prudential Life Insurance Company Limited and HDFC Life Insurance Company Limited are the major companies operating in the India Life & Non-Life Insurance Market.
What years does this India Life & Non-Life Insurance Market cover?
The report covers the India Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Life & Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
How does technological advancement, such as digitalization, impact the India Life and Non-life Insurance Market?
Technological innovations like digital platforms, mobile apps, and data analytics are transforming the India Life and Non-life Insurance Market by enhancing customer experiences, streamlining operations, and enabling personalized offerings.
Life and Non-life Insurance in India Industry Report
The India Life and Non-life Insurance Market is experiencing significant market growth, driven by innovative insurance services addressing various risks and a supportive regulatory environment. The market is segmented by insurance types, including life insurance and non-life insurance, and by distribution channels such as brokers, banks, direct, and others. Life insurance involves a contract where the insurer pays a beneficiary upon the policyholder's death, while non-life insurance covers financial losses from events like accidents or property damage. The life insurance segment is expected to grow due to rising consumer awareness, while the non-life insurance segment is anticipated to expand as more policyholders insure their assets.
The banking segment is projected to grow rapidly due to increased Internet banking penetration, and the broker segment is also expected to see significant growth due to the assistance brokers provide in purchasing insurance policies. The life insurance market share in India is expanding, with life and non-life insurance companies in India focusing on innovation and strategic partnerships to stay competitive. The insurance market size in India is poised for continued growth, driven by these factors.
Industry analysis and market segmentation reveal that the market value is increasing, with market leaders driving the industry trends. The market forecast indicates a positive industry outlook, supported by comprehensive industry reports and industry research. Market data and industry statistics highlight the growth rate of the sector, showcasing the industry's potential. The market overview and market predictions provide insights into the market review and the industry's future.
The report pdf and report example offer a detailed industry profile, reflecting the industry's current state and future market outlook. Research companies have contributed to this industry report, ensuring accurate market statistics and market analysis. The industry's annual report and industry information underline the market's growth forecast and market trends. The industry's worth and market cap are set to rise, reinforcing the market's robust growth.
