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.
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 anticipated to experience considerable growth during the forecast period, with a projected CAGR of over 7%. This growth is fueled by heightened awareness of the need for insurance, especially in light of the COVID-19 outbreak. The pandemic has led to an increase in insurance funds, with India's total insurance premium witnessing significant growth. Furthermore, India's Gross Domestic Product (GDP) and Gross National Disposable Income (GNDI) are also expected to see substantial growth, contributing to the overall market expansion. India currently holds a significant position in the global life and non-life insurance industry. The country's share in the global life insurance market and non-life insurance market has seen an upward trend. The insurance penetration rate in India has remained consistent, with the life insurance market holding a larger share compared to the non-life insurance market. The insurance industry in India is growing rapidly, with the country securing a prominent position in the world's insurance market. The market is consolidated with a few major players capturing the majority of the market share. The market growth is expected to continue due to consistent growth in insurance penetration and other contributing factors.
Explore MoreIndia 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.
