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| Population (1): 1.44 billion inhabitants | |
| GDP (1): 3 567.5billion USD | |
| GDP per capita (1): 2 480.8 USD | |
| GDP growth rate (1): 8.2% | |
| Inflation rate (1): 5.6% |
(1) Source: World Bank / 2023 data
Insurance sector in India: main indicators
| 2024 | |
| Turnover | 134 344 million USD |
| Penetration rate | 3.76% |
| Insurance density | 93.29 USD |
Read also | Insurance companies in India
India insurance market structure
| Market players | Total |
| Non-life insurance companies | 25 |
| Life insurance companies | 26 |
| Reinsurance companies | 12 |
| Stand-Alone Health Insurers (1) | 8 |
| Specialized companies | 2 |
| Total | 73 |
Data as of 31/03/2024
(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 (2020-2024)
Figures in millions USD| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Non-life | 25 107 | 27 085 | 29 177 | 31 264 | 34 752 |
| Life | 76 090 | 85 641 | 91 508 | 95 182 | 99 592 |
| Total | 101 197 | 112 726 | 120 685 | 126 446 | 134 344 |
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 31/03/2024: 1 INR = 0,012 USD, 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
Insurance sector in India: Turnover by class of business (2020-2024)
Figures in millions USD| Class of business | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 shares |
|---|---|---|---|---|---|---|
| Motor | 9 164 | 9 240 | 9 311 | 9 892 | 11 014 | 8.20% |
| Health | 7 557 | 8 690 | 10 643 | 11 886 | 14 003 | 10.42% |
| Fire | 2 090 | 2 741 | 2 849 | 2 913 | 3 080 | 2.29% |
| Marine | 470 | 476 | 551 | 615 | 611 | 4.50% |
| Other risks | 5 826 | 5 938 | 5 823 | 5 958 | 6 044 | 25.87% |
| Non-life total | 25 107 | 27 085 | 29 177 | 31 264 | 34 752 | 25.02% |
| Life total | 76 090 | 85 641 | 91 508 | 95 182 | 99 592 | 74.13% |
| Grand total | 101 197 | 112 726 | 120 685 | 126 446 | 134 344 | 100.00% |
Insurance sector in India: Net loss ratio 2024 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 | 261 364 | 3 136 | 166 306 | 1 996 | 63.63% |
| Specialized companies | 69 157 | 830 | 46 045 | 553 | 66.58% |
| Private companies | 955 478 | 11 466 | 730 846 | 8 770 | 76.49% |
| Public companies | 801 922 | 9 623 | 779 708 | 9 356 | 97.23% |
| Non-life total | 2 087 863 | 25 054 | 1 722 905 | 20 675 | 82.52% |
Source: Insurance Regulatory and Development Authority of India (IRDAI)
