The Indian insurance market

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Crédit photo: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Insurance Regulatory and Development Authority
  • Premiums (2005-2006): 25.024 billion USD
  • Insurance density (2005-2006): 22.84 USD
  • Penetration rate (2005-2006): 3.14%

Market structure in 2005

  • State-owned life company: 1
  • State-owned non life companies: 4
  • Private life companies: 15
  • Private non life companies: 11
  • Reinsurance company: 1

Identity

  • Area: 3 287 590 Km2
  • Population (2006): 1 095 352 000 inhabitants
  • GDP (2006): 796.1 billion USD
  • GDP per capita (2006): 762 USD
  • GDP growth rate (2006): 8.5%
  • Inflation rate (2006): 5.3%
  • Main economic sectors: agriculture, textile, chemicals, steel, services

Major cities

(in millions of inhabitants)
  • Mumbai: 18
  • Kolkata: 14.6
  • New Delhi (capital): 13.8
 

Non Life gross premiums: 2004-2006

in millions USD
 FireMarineMiscellaneousTotal
 2004/052005/062004/052005/062004/052005/062004/052005/06
State-owned
New india
178.076244.13456.99577.285715.449934.230950.5201 255.649
Oriental
111.501124.17253.13974.597516.573599.851681.213798.620
National
121.363108.31656.72438.891679.679635.168857.766782.375
United India
133.388142.80555.03345.126476.241510.028664.662697.959
Sub-total
544.328 619.427 221.891 235.899 2 387.942 2 679.277 3 154.161 3 534.603
Private
ICICI Lombard
62.62968.24518.62918.962116.002262.982197.260350.189
Bajaj Allianz
49.53077.74310.14812.019132.559191.716192.237281.478
IFFCO Tokio
39.00258.2506.96810.20566.137129.048112.107197.503
Tata AIG
18.89625.7239.22110.59273.06590.384101.182126.699
Royal Sundaram
14.22320.2963.7924.04656.63477.12674.649101.468
Cholamandalam
10.78516.1123.5893.76123.83028.83838.20448.711
HDFC Chubb
0.4081.2870.1120.38039.12442.53939.64444.206
Reliance General
12.09410.5662.8662.37621.53722.97136.49735.913
Sub-total
207.567 278.222 168.080 62.341 528.888 845.604 791.780 1 186.167
Grand total
751.895897.649389.971298.2402 916.8303 524.8813 945.9414 720.770

Non life market share by company: 2005-2006

Non life companies' results: 2004-2006

in millions USD
 Net premiumsNet claims payableNet profits*
 2004/052005/062004/052005/062004/052005/06
State-owned
New india
879.257960.763655.751803.542180.108189.283
Oriental
500.681553.199430.785456.800106.48073.935
National
639.313593.584510.948626.17931.878-13.196
United India
490.442492.442451.135451.94071.851100.163
Private
ICICI Lombard
72.435162.36034.93486.11712.16012.061
Bajaj Allianz
108.191154.57751.09090.70517.37218.106
IFFCO Tokio
52.993105.81826.91453.9975.3365.329
Tata AIG
58.63874.50428.32735.4295.5075.942
Royal Sundaram
45.51265.68125.66835.7651.2072.243
Cholamandalam
20.19621.80312.35215.247-753.950-55.309
HDFC Chubb
30.30431.78317.86217.639-1.803106.195
Reliance General
13.98612.2878.6597.6191.6274.661
Total
402.259628.816205.808342.52240.65448.396
* Before tax

Life turnover by company: 2004-2005

RankCompaniesFigures in INRFigures in USD
1
LIC709 019.016 004.9
2
ICICI Prudential23 638.2533.5
3
Bajaj Allianz10 016.8226.1
4
Birla Sun Life9 154.7206.6
5
HDFC Standard Life6 866.3154.9
6
SBI Life6 011.8135.7
7
Tata AIG4 970.4112.1
8
Kotak Life4 661.6105.2
9
Max New york4 134.393.3
10
ING Vysya3 388.676.4
Total
781 861.7 17 648.7
Exchange rate USD/INR
2004/05
2005/06
44.3
45.2
0
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Wed, 15/05/2013 - 15:41
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