Life And Non Life Insurance In India Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The India Non Life Insurance Market Report is 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).

India Life & Non-life Insurance Market Size

India Life & Non-Life Insurance Market (2025 - 2030)
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India Life & Non-life Insurance Market Analysis

The India Life & Non-Life Insurance Market size in terms of gross written premiums value is expected to grow from USD 145.80 billion in 2025 to USD 214.20 billion by 2030, at a CAGR of 8% during the forecast period (2025-2030).

India's insurance industry has demonstrated robust growth over the past two decades, driven by increased private sector participation, enhanced distribution networks, and improved operational efficiencies. Recognized as a key sector within the economy, this growth trajectory is attributed to rising income levels and heightened consumer awareness. India currently ranks as the fifth-largest life insurance market among emerging economies. Intensified competition in recent years has catalyzed the development of innovative products. Over the past nine years, the sector has attracted foreign direct investment amounting to approximately Rs. 54,000 crore (US$ 6.5 billion), supported by the government's progressive relaxation of foreign capital regulations. The Indian insurance market comprises 57 companies, including 24 life insurers and 34 non-life insurers. Life Insurance Corporation (LIC) is the sole public sector entity in the life insurance segment, while six public sector companies operate in the non-life segment.

Additionally, the General Insurance Corporation of India (GIC Re) functions as the country's only national re-insurer. Other key stakeholders include individual and corporate agents, brokers, surveyors, and third-party administrators managing health insurance claims. The Insurance Regulatory and Development Authority of India remains proactive in its efforts to achieve the goal of 'Insurance for all by 2047,' addressing industry challenges through strategic initiatives. Government initiatives, favorable regulatory frameworks, strategic partnerships, product innovation, and diversified distribution channels underpin growth in the insurance market. Historically dominated by offline channels such as corporate agents and banks, the industry has undergone a transformation driven by rapid digitization. This shift, combined with innovative products and progressive regulatory policies, has enabled consumers to access insurance products through digital platforms.

India Life & Non-life Insurance Industry Overview

India's life and non-life insurance market exhibits significant fragmentation. The sector comprises both public and private entities. While major companies hold substantial market positions, numerous smaller insurers contribute to the fragmented market structure. The Life Insurance Corporation of India (LIC) remains the dominant entity, yet over 20 private insurers actively compete for market share. 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

  1. Life Insurance Corporation of India

  2. General Insurance Corporation of India (GIC)

  3. SBI Life Insurance Company Limited

  4. ICICI Prudential Life Insurance Company Limited

  5. HDFC Life Insurance Company Limited

  6. *Disclaimer: Major Players sorted in no particular order
Life and Non-Life Insurance Market Concentration
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India Life & Non-life Insurance Market News

  • March 2025: Life Insurance Corporation of India (LIC) is evaluating the acquisition of a stake in a health insurance company, with a decision projected by March 2025. This initiative aims to diversify LIC's portfolio by entering the health insurance sector, thereby intensifying competition with established private entities. Additionally, LIC is engaging with the Reserve Bank of India (RBI) to facilitate the issuance of long-term bonds.
  • March 2025: SBI Life Insurance unveiled two innovative child-centric products: 'SBI Life - Smart Future Star' and 'SBI Life - Smart Platina Young Achiever', designed to help parents safeguard their children's future ambitions.

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
    • 4.2.1 Growing Middle Class and Disposable Income
    • 4.2.2 Increased Awareness and Financial Literacy
  • 4.3 Market Restraints
    • 4.3.1 Competition from Alternative Financial Products
  • 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 Insights into Technological Developments in the Market
  • 4.6 Impact of COVID-19 on the Market

5. MARKET SEGMENTATION

  • 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
  • 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
  • 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

8. DISCLAIMER AND ABOUT US

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India Life & Non-life Insurance Industry Segmentation

Life insurance provides a death benefit to the designated beneficiary upon the policyholder's passing. Conversely, non-life insurance encompasses policies that mitigate risks unrelated to death. Essentially, life insurance functions as a financial safeguard against the economic impact of premature death. The life and non-life insurance market in India is segmented by insurance type and distribution channel. By insurance type, the market is segmented into life insurance and non-life insurance. By distribution channel, the market is segmented into direct, brokers, banks, and other distribution channels). The report offers market size and forecasts in value (USD) for all the above segments.

By Insurance type Life Insurance Individual
Group
Non-life Insurance Fire
Motors
Marine
Health
Others
By Distribution Channel Direct
Brokers
Banks
Other Distribution Channels
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India Life & Non-Life Insurance Market Research Faqs

How big is the India Life & Non-Life Insurance Market?

The India Life & Non-Life Insurance Market size is expected to reach USD 145.80 billion in 2025 and grow at a CAGR of 8% to reach USD 214.20 billion by 2030.

What is the current India Life & Non-Life Insurance Market size?

In 2025, the India Life & Non-Life Insurance Market size is expected to reach USD 145.80 billion.

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, and what was the market size in 2024?

In 2024, the India Life & Non-Life Insurance Market size was estimated at USD 134.14 billion. The report covers the India Life & Non-Life Insurance Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the India Life & Non-Life Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

India Life & Non-Life Insurance 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.

India Life & Non-Life Insurance Market Report Snapshots

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Life And Non Life Insurance In India Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)