Insurance Company Market Share In India
However during 2018 the total insurance premium in india increased by 9 3 percent inflation adjusted whereas global total insurance premium increased by 1 5 percent inflation adjusted.
Insurance company market share in india. Top companies in india by market capitalization. Among the life insurers life insurance corporation lic is the sole public sector company. 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. Market share life insurance companies lic of india the only public sector company leads the market with 66 24 share in premium and 74 71 in the number of policies.
Online life insurance sales are expected to grow at approximately 5 of the individual annualized new business premium by 2020 whereas the non life insurance sales are expected to grow at more than 15 of non life retail insurance. Despite this india continues to be an underserved insurance market with a life insurance penetration of 2 6 in fy 2016 as compared to a global average of 3 5 in fy 2016. Lic is the only public sector insurance. This collaboration with the foreign markets has made the insurance sector in india only grow tremendously with a high current market share.
In addition to these there is a sole national re insurer namely general insurance corporation of. Irdai states insurance laws amendment act 2015 provides for enhancement of the foreign investment cap in an indian insurance company from 26 to an explicitly composite limit of 49 with the safeguard of indian ownership. 1 india s share in global insurance market was 1 92 percent during 2018. Currently the following have been granted.
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. In the non life insurance sector private companies had a market share of 54 68 in fy 19 as of jan 19. Top 100 companies in india top companies in india by market capitalization companies by market capitalization ranking bse market capitalization. The insurance industry of india has 57 insurance companies 24 are in the life insurance business while 33 are non life insurers.
India allowed private companies in insurance sector in 2000 setting a limit on fdi to 26 which was increased to 49 in 2014. There are six public sector insurers in the non life insurance segment. In the life insurance sector private companies had a market share of 33 74 in fy 19 as of jan 19. What were the main trends in the insurance and reinsurance markets over the last 12 months.
Hdfc life leads the market in terms of premium with 6 97 share and sbi life leads with 5 32 in terms of the number of policies among the private insurers. 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. The online insurance market in india henceforth referred to as the market studied is expected to reach a value of approximately inr 220 billion by 2024.
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