Life Insurance Companies Market Share In India
In life insurance business india is ranked 10 th among the 88 countries for which data is published by swiss re.
Life insurance companies market share in india. 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. In 1938 the government of india introduced the insurance act which is mainly to protect. The report covers major players operating in the online insurance market in india. Combined insurance penetration of life and non life is 3 69 as of 2017.
Investments and recent developments. The following are some of the major investments and. 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. Life insurance corporation of india lic commands the leadership position in the indian insurance market with 51 market share on the basis of individual new business premium.
In the life insurance sector private companies had a market share of 33 74 in fy 19 as of jan 19. Although in the past few years private players have started gaining market share in terms of premium collected from 38 in fy 2015 to 49 in fy 2016. India s share in global life insurance market was 2 61 percent during 2018. 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.
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. In the non life insurance sector private companies had a market share of 54 68 in fy 19 as of jan 19. Lic is the only public sector insurance. After that many companies started operations in india.
Trust india brand equity foundation ibef. A list of top general health life insurance companies along with a short overview of each company sales turnover services offered important milestones and other key information presented by govt. However during 2018 the life insurance premium in india increased by 7 7 percent inflation adjusted when global life insurance premium increased by 0. In life insurance segment private players had a market share of 31 3 per cent in new business in fy20.
Online insurance is gaining traction among the consumers due to internet penetration and mobile phone usage. The insurance giant s share in the overall pie now stands at 72 percent in a market where several state run life insurers are increasingly outdoing their private competitors in getting new. As of now there are 35 general insurance companies and 24 life insurance companies operational in india. Increasing private sector contribution.
A showcase of insurance companies in india incl.
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