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The Life and Non-life Insurance Market in India is segmented by Insurance type (Life Insurance and Non-life Insurance) and Distribution Channel (Direct, Brokers, Banks, and Other Distribution Channels).
2016 - 2026
The life and non-life insurance market in India is estimated to register a CAGR of approximately 7%, during the forecast period.
In the first decade of insurance sector liberalization, the insurance sector reported a consistent increase in insurance penetration from 2.71% in 2001, to 5.20% in 2009. Since then, the level of penetration has declined. Additionally, there was a slight increase in the years 2015 (3.44%), 2016 (3.49%), 2017 (3.69%), and 2018 (3.70%). The level of insurance density reached up to USD 64.4 in the year 2010, from the level of USD 11.5 in 2001. However, there was a slight decline in the level of insurance density, but it regained its position gradually to USD 74 in the year 2018, as compared to USD 73 in 2017.
The life insurance penetration had gone up from 2.15% in 2001, to 4.60% in 2009. Since then, it exhibited a declining trend till 2014. There was a slight increase in insurance penetration in 2015 reaching 2.72%, while it remained the same in 2016, increased to 2.76% in 2017, and decreased to 2.74% in 2018. The insurance penetration of the non-life insurance sector in the country has gone up from 0.56% in 2001, to 0.97% in 2018 (0.93 in 2017). Its density has gone up from USD 2.4 in 2001, to USD 18 and USD 19 in 2017 and 2018, respectively.
The life insurance industry recorded a premium income of INR 508,132.03 crore during 2018-2019, as opposed to INR 458,809.44 crores in the previous financial year, registering a growth of 10.75% (9.64% growth in the previous year). While private-sector insurers witnessed 21.37% growth (19.15% growth in the previous year) in their premium income, LIC (Life Insurance Corporation of India) recorded 6.06% growth (5.90% growth in previous year).
The general insurance industry underwrote a total direct premium of INR 169,448 crore in India for the financial year 2018-2019, as compared to INR 150,662 crores in 2017-2018, registering a growth rate of 12.47%, over 17.59% growth rate recorded in the previous year. The public sector insurers exhibited a growth of 1.28% in 2018-2019, over the previous year’s growth rate of 12.58%, whereas the private general insurers registered a growth rate of 24.25%, over 21.59% growth rate during the previous year.
During 2018-2019, life insurers issued 286.48 lakh new individual policies, out of which LIC issued 214.04 lakh policies and the private life insurers issued 72.44 lakh policies. While the private sector achieved a growth of 5.61% in the number of new policies issued compared to the previous year, LIC achieved a growth of 0.31%. The general insurers (excluding Standalone Health Insurers) have issued 1,832.74 lakh policies in FY 2018-2019, as compared to 1,702.30 lakh policies issued in FY 2017-2018, thus, reporting an increase of 7.7% during FY 2018-2019 (over 10.4% increase in FY 2017-2018).
Moreover, the public sector insurers witnessed a decline in the number of policies issued. They reported an 8.1% decrease in the number of policies issued during FY 2018-2019 (over 6.4% decrease in FY 2017-2018). Whereas, the private sector insurers reported growth in the number of policies issued at 29.7% in FY 2018-2019 (over 26.1% in FY 2017-2018). The specialized insurers reported a decrease of 33.2% in the number of polices issued, during the FY 2018-2019 (an increase of 79.2% in FY 2017-2018).
The report aims to provide a detailed analysis of the life and non-life insurance market in India. 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.
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The report covers the major players operating in the life and non-life insurance market in India. 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 a consistent growth in insurance penetration and other few factors.
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
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
5. MARKET SEGMENTATION
5.1 By Insurance type
5.1.1 Life Insurance
5.1.2 Non-life Insurance
5.2 By Distribution Channel
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Mergers and Acquisitions
6.3 Company Profiles
6.3.1 Life Insurance Corporation of India
6.3.2 General Insurance Corporation of India (GIC)
6.3.3 SBI Life Insurance Company Limited
6.3.4 ICICI Prudential Life Insurance Company Limited
6.3.5 HDFC Life Insurance Company Limited
6.3.6 New India Assurance Co. Ltd
6.3.7 United India Insurance Company Limited
6.3.8 National Insurance Company Limited
6.3.9 The Oriental Insurance Company Ltd
6.3.10 Shriram Life Insurance Company Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability