Insurance sector in India
Identity
| Population (1): 1.42 billion inhabitants |  |
| GDP (1): 3 420 billion USD | |
| GDP per capita (1): 2 411 USD | |
| GDP growth rate (1): 7.2% | |
| Inflation rate (1): 6.7% |
(1) Source: World Bank / 2022 data
Insurance sector in India: main indicators
| 2023 | |
| Turnover | 126 446 million USD |
| Penetration rate | 3.7% |
| Insurance density | 89.05 USD |
Read also | Insurance companies in India
India insurance market structure
| Market players | Total |
| Non-life insurance companies | 25 |
| Life insurance companies | 25 |
| Reinsurance companies | 12 |
| Stand-Alone Health Insurers (1) | 5 |
| Specialized companies | 2 |
| Total | 69 |
Data as of 31/03/2023
(1) Companies specializing in health insurance
Insurance Regulatory and Development Authority (IRDAI) | https://irdai.gov.in/ |
Insurance sector in India: evolution of life and non life premiums (2019-2023)
Figures in millions USD| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Life | 24 350 | 25 107 | 27 085 | 29 177 | 31 264 |
| Non-life | 72 965 | 76 090 | 85 641 | 91 508 | 95 182 |
| Total | 97 315 | 101 197 | 112 726 | 120 685 | 126 446 |
Indicators as at 31 March. In India, the financial year begins on 1 April of year Y and ends on 31 March of Y+1.
Exchange rate as at 31/03/2023: 1 INR = 0.01217 USD, at 31/03/2022: 1 INR = 0.01322 USD, at 31/03/2021: 1 INR = 0.01363 USD, at 31/03/2020: 1 INR = 0.01329 USD, at 31/03/2019: 1 INR = 0.01437 USD
Insurance sector in India: Turnover by class of business (2019-2023)
Figures in millions USD| Class of business | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 shares |
|---|---|---|---|---|---|---|
| Motor | 9 272 | 9 164 | 9 240 | 9 311 | 9 892 | 9.53% |
| Health | 7 305 | 7 557 | 8 690 | 10 643 | 11 886 | 7.50% |
| Fire | 1 677 | 2 090 | 2 741 | 2 849 | 2 913 | 1.72% |
| Marine | 465 | 470 | 476 | 551 | 615 | 0.48% |
| Other risks | 5 631 | 5 826 | 5 938 | 5 823 | 5 958 | 5.79% |
| Non-life total | 24 350 | 25 107 | 27 085 | 29 177 | 31 264 | 25.02% |
| Life total | 72 965 | 76 090 | 85 641 | 91 508 | 95 182 | 74.98% |
| Grand total | 97 315 | 101 197 | 112 726 | 120 685 | 126 446 | 100% |
Insurance sector in India: Net loss ratio 2023 by type of non-life insurance company
Figures in millions| Net earned premiums | Net incurred losses | Net loss ratio | |||
|---|---|---|---|---|---|
| In INR | In USD | In INR | In USD | ||
| Stand-Alone Health Insurers | 208 120 | 2 532 | 127 873 | 1 556 | 61.44% |
| Specialized companies | 77 065 | 938 | 56 804 | 691 | 73.71% |
| Private companies | 801 307 | 9 752 | 602 016 | 7 327 | 75.13% |
| Public companies | 713 458 | 8 683 | 706 435 | 8 597 | 99.02% |
| Non-life total | 1 799 950 | 21 905 | 1 493 128 | 18 171 | 82.95% |
Insurance sector in India: Net loss ratio 2023 by non-life class of business
Figures in millions| Net earned premiums | Net incurred losses | Net loss ratio | |||
|---|---|---|---|---|---|
| In INR | In USD | In INR | In USD | ||
| Fire | 89 071 | 1 084 | 51 656 | 629 | 57.99% |
| Marine | 28 736 | 350 | 21 588 | 263 | 75.13% |
| Motor | 686 423 | 8 354 | 579 913 | 7 057 | 84.48% |
| Health | 791 148 | 9 628 | 690 430 | 8 402 | 87.27% |
| Other risks | 204 572 | 2 489 | 149 541 | 1 820 | 73.10% |
| Non-life total | 1 799 950 | 21 905 | 1 493 128 | 18 171 | 82.95% |
Source: Insurance Regulatory and Development Authority of India (IRDAI)
