The Indian insurance market

Photo credit: US Gov / CIA World Factbook

Insurance market features

Regulatory authority: Insurance Regulatory and Development Authority
Gross premiums (2003): 15 593.9 millions USD
Insurance density (2003): 14.8 USD
Penetration rate (2003): 2.6%

2003 insurance market structure

Class of business	Public Sector	Private Sector	Total
Non life insurance	5	8	13
Life insurance	1	12	13
Reinsurance	1	0	1
Total	7	20	27

Identity

Area: 3 287 590 Km²
Population (2003): 1 056 300 000 inhabitants
GDP (2003): 601 billion USD
GDP per capita(2003): 569 USD
GDP growth rate (2003): 7.1%
Inflation rate (2003): 3.9 %
Main economic sectors:textile industries, mining exploitation, chemical industries, precious stones and jewels production, agriculture

Major towns

(in number of inhabitants)

Mumbai: 19 000 000
Calcutta: 13 000 000
New Delhi (capital): 12 300 000
Chennai: 4 000 000

2003 non life insurance figures

Split by company

in millions USD

	Gross premiums	Net premiums	Net claims	Loss ratio*
Public sector
NEW INDIA	1 057.3	772.5	593.0	76.8%
UNITED	652.4	459.7	418.6	91.1%
NATIONAL	630.5	468.1	355.8	76.0%
ORIENTAL	630.1	417.1	322.2	77.2%
ECGC	82.3	80.5	73.4	91.2%
Total	3 052.6	2 197.9	1 763.0	80.2%
Private sector
BAJAJ ALLIANZ	65.1	39.7	23.4	58.9%
TATA-AIG	51.4	27.8	13.2	47.5%
IFFCO-TOKIO	46.9	15.4	6.3	40.9%
ICIC-LOMBARD	46.5	9.8	3.9	39.8%
RELIANCE	40.8	4.2	4.2	100%
ROYAL SUNDARAM	40.5	24.0	12.9	53.8%
CHOLAMANDALAM MS	3.2	1.0	0.1	10%
HDFC CHUBB	2.1	1.4	0.2	14.3%
Total	296.5	123.3	64.2	52.1%
Grand total	3 349.1	2 321.2	1 827.2	78.7%

* Loss ratio = net claims / net premiums

Market share by sector and by company

Non life gross premiums : 2002-2003


Public sector		Private sector

Split by class of business

Non life gross premiums: 2002-2003

2003 Life premiums split by company

in millions USD

Companies	Gross premiums
LIFE INSURANCE CORPORATION	12 001.0
ICICI-PRUDENTIAL LIFE	91.7
HDFC STANDARD LIFE	32.7
BIRAL SUN LIFE	31.6
MAX NEW YORK LIFE	21.2
SBI LIFE	15.9
TATA-AIG	15.8
ALLIANZ BAJAJ LIFE	15.2
OM KOTAK LIFE	8.9
ING VYSYA LIFE	4.6
AVIVA	3.0
METLIFE INDIA INSURANCE	1.7
AMP SANMAR	1.4
TOTAL	12 244.7

Exchange rate USD/INR as at 31/12	2000	2001	2002	2003
Exchange rate USD/INR as at 31/12	47.256	48.485	47.925	45.519

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Tue, 14/05/2013 - 10:03

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