Globally, India ranks 11th in terms of total life and non-life premiums. The Indian insurance market [4] country occupied the 17th position in the same ranking in 2006.
Over the period 2006 to 2018, India’s world market share almost doubled from 1.09% to almost 2%.
Indian insurance market: Evolution of the main insurance highlights (2019-2018)
Highlights* | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 |
---|---|---|---|---|---|---|---|---|---|---|
Total premiums (in millions USD) | 66 645 | 73 627 | 65 270 | 64 082 | 65 439 | 65 839 | 69 869 | 84 232 | 93 676 | 97 368 |
Life premiums (in millions USD) | 58 956 | 64248 | 55118 | 52 558 | 52 488 | 52 332 | 55 335 | 64 487 | 70 519 | 73 018 |
Non-life premiums (in millions USD) | 7 689 | 9 379 | 10 152 | 11 524 | 12 951 | 13 507 | 14 534 | 19 745 | 23 157 | 24 350 |
Global insurance market share | 1.62% | 1.69% | 1.43% | 1.39% | 1.42% | 1.38% | 1.52% | 1.79% | 1.92% | 1.87% |
Insurance market density (in USD) | 54.70 | 59.65 | 52.22 | 50.62 | 51.08 | 50.80 | 53.33 | 63.57 | 69.96 | 71.97 |
Insurance penetration rate (%) | 4.71% | 4.38% | 3.90% | 3.52% | 3.49% | 3.31% | 3.36% | 3.55% | 3.56% | 3.56% |
Number of insurance companies | 44 | 48 | 49 | 52 | 52 | 53 | 54 | 62 | 68 | 70 |
* * Highlights as at 31 March. The fiscal year runs from 1 April of the year Y to 31 March of Y+1.
Source: IRDAI
Indian insurance market: Life and non-life premiums in 2018
In billion USD
Life premiums | Non life premiums | Total | % of life premiums | Regional market shares | Global market shares | |
---|---|---|---|---|---|---|
China | 313.365 | 261.512 | 574.877 | 54.51% | 34.22% | 11.07% |
Japan | 334.243 | 106.405 | 440.648 | 75.85% | 26.23% | 8.49% |
South Korea | 98.072 | 80.951 | 179.024 | 54.78% | 10.66% | 3.45% |
Taiwan | 102.044 | 19.864 | 121.908 | 83.71% | 7.26% | 2.35% |
India* | 73.018 | 24.350 | 97.368 | 74.99% | 5.80% | 1.87% |
Asia | 1 060.947 | 532.053 | 1 593 | 66.6% | - | 30.67% |
World | 2 820.175 | 2 373.050 | 5 193. 225 | 54.3% | - | - |
* Premiums as at 31 March 2019 for India and as at 31 December 2018 for the other countries, Asia and world
Source: Sigma and IRDAI
Read also | Indian insurance market structure [5]
India-China: A comparative analysis of insurance markets
Inde | Chine | |||||
---|---|---|---|---|---|---|
2014 | 2018 | 2014/2018 evolution | 2014 | 2018 | 2014/2018 evolution | |
Population* | 1 296 000 000 | 1 353 000 000 | 4.40% | 1 364 000 000 | 1 393 000 000 | 2.13% |
GDP* (in million USD) | 2 039 000 | 2 719 000 | 33.35% | 10 439 000 | 13 608 000 | 30.36% |
GDP annual growth rate* | 7.44% | 6.81% | -8.10% | 7.30% | 6.57% | -10.00% |
Total premiums** (in million USD) | 65 840 | 97 368 | 47.89% | 328 440 | 574 877 | 75.03% |
Global insurance market share | 1.38% | 1.87% | 35.51% | 6.87% | 11.07% | 61.14% |
Insurance density (in USD) | 50.8 | 71.97 | 41.67% | 240.79 | 412.69 | 71.39% |
Insurance penetration rate (%) | 3.31% | 3.56% | 7.55% | 3.15% | 4.22% | 34.27% |
Number of insurance companies | 53 | 70 | 32.08% | 136 | 195 | 43.38% |
The year ends on 31 March of the year (Y+1) for India and on 31 décembre of the year (Y) for China
* Source: Wordl Bank ** Source: IRDAI for India