Market Size of India Life & Non-Life Insurance Industry
| 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 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).
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India Life & Non-Life Insurance Market Size Summary
The life and non-life insurance market in India is experiencing significant growth, driven by increased awareness and demand for insurance products, particularly in the wake of the COVID-19 pandemic. The market is characterized by a robust compound annual growth rate, reflecting a strong upward trajectory. The pandemic has heightened the awareness of health insurance, contributing to a notable increase in insurance funds. India's position in the global insurance landscape is noteworthy, with the country ranking ninth in life insurance and fourteenth in non-life insurance. The market's expansion is supported by a steady rise in insurance penetration and density, although life insurance penetration has seen a decline in recent years. The market is dominated by a few key players, with the Life Insurance Corporation of India and General Insurance Corporation of India being prominent contributors to the market share.
The insurance sector in India is consolidated, with the top companies capturing a significant portion of the market. The growth prospects for the industry remain positive, fueled by factors such as increased insurance penetration and the expanding reach of insurance providers. The market's density has shown a consistent increase, indicating a growing acceptance and reliance on insurance products among the population. The Life Insurance Corporation of India holds a substantial share of the market, with a widespread presence across the country, covering a majority of districts. The competitive landscape is marked by the presence of both public and private insurers, with private sector companies also expanding their footprint across the nation. Overall, the Indian insurance market is poised for continued growth, supported by favorable economic conditions and a growing awareness of the importance of insurance.
India Life & Non-Life Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Insurance type
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2.1.1 Life Insurance
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2.1.1.1 Individual
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2.1.1.2 Group
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2.1.2 Non-life Insurance
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2.1.2.1 Fire
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2.1.2.2 Motors
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2.1.2.3 Marine
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2.1.2.4 Health
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2.1.2.5 Others
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2.2 By Distribution Channel
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2.2.1 Direct
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2.2.2 Brokers
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2.2.3 Banks
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2.2.4 Other Distribution Channels
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India Life & Non-Life Insurance Market Size 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.
