The Indian insurance market

Crédit photo: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Insurance Regulatory Authority of India (IRDA)
  • Life and non life premiums:
    49 billion USD
  • Insurance density (2009): 42.93 USD
  • Penetration rate (2009): 4.22%

Market structure in 2009

  • Insurance companies: 43

Identity

  • Area: 3 287 590 Km2
  • Population (2008):
    1 139 964 932 inhabitants
  • GDP (2008): 1 159 billion USD
  • GDP per capita (2008): 1 017 USD
  • GDP growth rate (2008): 6.1%
  • Inflation rate (2008): 6.2%
  • Main economic sectors: agriculture, mining exploitation, textile industry, chemical industry, software industry

Major cities

(in number of inhabitants)
  • New Delhi (capital):
    22 400 000
  • Mumbai: 22 300 000
  • Kolkata: 16 000 000
 

Premiums' growth of the top ten non life companies: 2005-2009

in USD
 200520062007200820092009
market shares
2009
combined ratio
New India
1 165 561 7441 271 888 5141 366 646 7561 541 555 8761 237 574 94319.2%116.2%
National
870 352 460792 493 794881 003 0241 007 905 682823 514 44512.8%121.6%
United India
672 514 664706 986 198805 416 854937 133 736820 048 50912.7%100.4%
Oriental
705 881 620808 949 457925 583 556977 392 626781 733 43012.2%121.9%
ICICI Lombard
199 589 624354 718 926688 081 612828 764 272652 169 15110.1%97.3%
Bajaj Allianz
194 510 008285 120 189411 213 166596 407 952502 117 8937.8%91.5%
Reliance General
36 927 71236 378 153209 993 044487 772 852367 082 4965.7%103.3%
IFFCO Tokio
113 432 576200 058 552263 454 692282 714 390263 407 3024.1%95.7%
AIC
125 556 048124 561 503129 987 034209 278 566159 770 4482.5%69%
Tata AIG
102 378 016128 339 829163 568 610196 129 584157 945 4642.5%95.8%
Others*
272 054 092326 282 877401 487 216573 162 296668 942 90110.4%83.3%
Non life total
4 458 758 564 5 035 777 992 6 246 435 564 7 638 217 832 6 434 306 982 100% 105.6%
* In 2009: Others include 11 non life companies

Premiums' growth of the top ten life companies: 2005-2009

in USD
 200520062007200820092009 shares
LIC
17 159 073 03620 346 536 50229 424 817 76837 537 371 49430 152 117 26870.9%
ICICI Prudential
539 896 488954 901 3051 821 570 2983 398 401 6362 943 787 3746.9%
Bajaj Allianz
228 783 712702 235 2781 230 474 2482 437 162 6862 036 720 4844.8%
SBI Life
137 309 512240 979 212674 138 3981 408 908 2841 382 559 5703.3%
HDFC Standard
156 826 292351 816 831657 421 2741 217 555 1361 066 751 0732.5%
Reliance Life
24 336 02050 245 461231 272 732808 295 264945 567 9182.2%
Birla Sunlife
209 093 348282 294 288408 998 642820 010 814877 524 0032.1%
Max New York
94 427 412176 619 933345 364 456680 278 760739 436 7421.7%
Tata AIG
113 523 936197 250 579314 724 836512 815 310526 695 7501.2%
Kotak Mahindra
106 470 944139 356 585223 641 602423 799 684449 189 5231.1%
Others*
154 295 620284 524 083596 238 7181 214 064 2781 397 031 0033.3%
Life total
18 924 036 320 23 726 760 057 35 928 662 972 50 458 663 346 42 517 380 708 100%
* In 2009: Others include 12 life companies

Premiums' growth per class of business: 2007-2009

in USD
 2007200820092009 shares
Non life
Fire
1 014 887 344931 460 152697 458 2761.4%
Marine*
390 253 456468 882 624391 227 1110.8%
Motor
2 550 602 1883 273 159 2742 646 071 5235.4%
Health
759 710 6441 268 715 1261 273 871 4212.6%
Personal accident
153 239 536194 282 662174 349 2330.4%
TPL
125 309 370154 339 528128 722 7160.3%
Miscellaneous accident
1 252 433 0261 347 378 4661 122 606 7022.3%
Life
Life
35 928 662 97250 458 663 34642 517 380 70886.8%
Total
42 175 098 53658 096 881 17848 951 687 690100%
* Only maritime transportation

Market shares per class of business in 2009

Evolution of the non life market ratios: 2005-2009

Evolution of the losses and premiums of the non life market: 2005-2009

in millions USD
Exchange rate
USD/INR as at 31/12
2005
2006
2007
2008
2009
43.74
44.4676
43.4177
39.89
51.7601
0
Your rating: None
Advertising Program          Terms of Service          Copyright          Useful links          Social networks          Credits