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 |
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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.
