INDUSTRIES & MARKETS

Non-life insurance in India

 Table of Contents

01 Overview Gross direct premiums of motor insurance in India FY 2023, by segment 20

Value of motor own-damaged insurance gross direct premiums written India FY 2013-2024 21
Penetration of life and non-life insurance in India FY 2002-2023 03
Value of motor third-party insurance gross direct premiums written India FY 2013-2024 22
Density of life and non-life insurance in India FY 2002-2023 04
Gross direct premiums of non-life insurers in India FY 2016-2023 05
05 Other insurances
Market share of non-life insurers in India FY 2024, by type 06
Gross direct premium of non-life insurance collected in India FY 2024, by segment 07 Value of fire insurance gross direct premiums written in India FY 2012-2024 24
Value of marine insurance gross direct premiums written in India FY 2018-2024 25

02 Types of insurers Value of liability insurance gross direct premiums written in India FY 2012-2024 26
Value of aviation insurance gross direct premiums written in India FY 2012-2024 27
Non-life insurance policies issued in India FY 2015-2023, by sector 09
Value of agricultural insurance gross premiums collected in India FY 2017-2023 28
Value of non-life insurance gross direct premiums India FY 2024, by insurer type 10
Number of offices of non-life insurers in India FY 2022, by type 11
06 Key players
Value of gross direct premiums underwritten by general insurers India FY 2013-2024 12
Number of policies sold by stand-alone health insurers India FY 2010-2023 13 Market share of non-life insurers in India FY 2024, by company 30

Number of policies sold by specialized insurers India FY 2011-2023 14 The New India Assurance's gross non-life insurance premiums FY 2013-2022 31
ICICI Lombard's gross direct insurance premium income FY 2018-2024 32

03 Health insurance United India Insurance's gross non-life premiums FY 2002-2023 33

Health insurance penetration rate in India FY 2017-2022, by type of scheme 16

Value of health insurance gross direct premiums written in India FY 2013-2024 17
Distribution of gross health insurance premiums in India FY 2023, by channel 18

04 Motor insurance

1
CHAPTER 01

Overview
 Penetration of life and non-life insurance across India from financial year
2002 to 2023
Penetration of life and non-life insurance in India FY 2002-2023

Life Non-life Industry

6.0%

5.0%
Penetration of insurance

4.0%

3.0%

2.0%

1.0%

0.0%
FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

3 Description: In the financial year 2023, India’s insurance penetration stood at 4 percent, with the majority coming from the life insurance sector. The growth in penetration over the last five years is a positive sign for the overall development
and maturity of the insurance market in India. Read more
Note(s): India; FY 2002 to FY 2023
Source(s): IRDA (India); Various sources (Swiss Re, Sigma, Various Issues)
 Density of life and non-life insurance across India from financial year
2002 to 2023 (premium per capita in U.S dollars)
Density of life and non-life insurance in India FY 2002-2023

Life Non-life Industry

100
Density of insurance (Premium per capita in

90

80

70

60
U.S. dollars)

50

40

30

20

10

0
FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

4 Description: In financial year 2023, the life insurance density in India amounted to about 70 U.S. dollars, while the non-life insurance density was at 22 U.S. dollars. Insurance density is measured as insurance premium (in U.S. dollars) to total
population. Read more
Note(s): India; FY 2002 to FY 2023
Source(s): IRDA (India); Various sources (Swiss Re, Sigma, Various Issues)
 Gross direct premiums of non-life insurers in India from financial year
2016 to 2023 (in billion U.S. dollars)
Gross direct premiums of non-life insurers in India FY 2016-2023

35

31
Direct premiums earned billion U.S. dollars

30
28.14
26.49 26.52

25 24.3
23.4

19.9
20

15
15

10

0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

5 Description: In the financial year 2023, Indian non-life insurers collected over 31 billion U.S. dollars in gross direct premiums. In financial year 2016, gross direct premiums for non-life insurance segment in India were at 15 billion U.S. dollars.
Read more
Note(s): India; FY 2016 to FY 2023
Source(s): India Brand Equity Foundation; IRDA (India); Life Insurance Corporation of India; Various sources (News articles)
 Market share of non-life insurers in India in financial year 2024, by type
Market share of non-life insurers in India FY 2024, by type

Specialised insurers 3.86%

Health insurers 11.43%

General insurers
84.71%

6 Description: In the financial year 2024, general insurers led the non-life insurance market in India with a share of approximately 85 percent. Health insurers had a share of 11.43 percent based on the gross direct premium income
underwritten. Read more
Note(s): India; FY 2024
Source(s): General Insurance Council
 Gross direct premium of non-life insurance collected in India in financial
year 2024, by segment (in billion Indian rupees)
Gross direct premium of non-life insurance collected in India FY 2024, by segment

Value in billion Indian rupees

0 100 200 300 400 500 600 700 800

Health 704.8

Motor 579.28

Others 257.18

Fire 181.55

Personal accident 53.25

Engineering 35.32

Marine 33.53

Liability 29.22

Aviation 7.21

7 Description: In the financial year 2024, the non-life insurance sector in India was led by health insurance segment with a gross direct premium of 704.8 billion Indian rupees. Motor insurance followed closely with a premium of 579.28 billion
Indian rupees, reflecting the vast number of vehicles insured. Read more
Note(s): India; FY 2024
Source(s): General Insurance Council
CHAPTER 02

Types of insurers
 Number of new non-life insurance policies issued across India in financial
year 2016 to 2023, by sector (in millions)
Non-life insurance policies issued in India FY 2015-2023, by sector

Public Private

180

160
Number of policies issued in millions

140

120

100

80

60

40

20

0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

9 Description: In the financial year 2023, almost 170 million private non-life insurance policies were issued across India. Decreasing trend can be seen in public sector with over 60 million non-life insurance policies issued that year. Read more
Note(s): India; FY 2015 to FY 2023; *Data excludes standalone health insurers and specialized insurers. Values were rounded. India's financial year begins in April and ends in March. For example, FY 2023 started in April 2022 and ended in
March [...] Read more
Source(s): IRDA (India)
 Value of non-life insurance gross direct premiums written in India in
financial year 2024, by insurer type (in trillion Indian rupees)
Value of non-life insurance gross direct premiums India FY 2024, by insurer type

3.0

2.5 2.45
Value in trillion Indian rupees

2.0

1.5

1.0

0.5
0.33
0.11
0.0
General insurers Health insurers Specialized insurers

10 Description: In the financial year 2024, Indian general insurers had underwritten gross direct premiums amounting to over 2.45 trillion Indian rupees. Health insurers had underwritten premiums amounting to 0.33 trillion Indian rupees.
Read more
Note(s): India; FY 2024
Source(s): General Insurance Council
 Number of offices of non-life insurers in India in financial year 2022, by
type
Number of offices of non-life insurers in India FY 2022, by type

10,000
9,349
9,000

8,000

7,000
Number of offices

6,000

5,000

4,000

3,000

2,000
1,364
1,000
73
0
General insurers Health insurers Specialized insurers

11 Description: In the financial year 2022, general insurers had the highest number of offices, with 9,349 offices across India. On the other hand, specialized insurers had 73 offices in the same financial year. Read more
Note(s): India; FY 2022
Source(s): General Insurance Council
 Value of gross direct premiums underwritten by general insurers in India
from financial year 2013 to 2024 (in billion Indian rupees)
Value of gross direct premiums underwritten by general insurers India FY 2013-2024

3,000

2,500 2,453.94

2,148.29
Value in billion Indian rupees

2,000 1,847.86
1,698.45
1,640.07
1,499.46
1,500
1,332.14
1,140.23

1,000 873.85
776.41
705.81
630.06
500

0
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

12 Description: In the financial year 2024, general insurers in India had underwritten gross direct premiums amounting to over 2,453 billion Indian rupees. An increasing trend has been noted in gross direct premium income generated by general
insurers in India since fiscal year 2013 to 2023. Read more
Note(s): India; FY 2013 to FY 2023
Source(s): General Insurance Council
 Number of insurance policies sold by stand-alone health insurers across
India from financial year 2010 to 2023 (in millions)
Number of policies sold by stand-alone health insurers India FY 2010-2023

16

13.82
14
12.59
Number of policies sold in millions

12
10.54
10 9.22
8
8

6
6
5
4
4
3 3
2 2 2 2
2

0
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

13 Description: In fiscal year 2023, Indian stand-alone health insurers sold around 13.8 million insurance policies across the country. It was an increase compared to the previous financial year when 12.5 million health insurance policies were sold
in India. Read more
Note(s): India; FY 2010 to FY 2023
Source(s): IRDA (India)
 Number of insurance policies sold by specialized insurers across India
from financial year 2011 to 2023 (in millions)
Number of policies sold by specialized insurers India FY 2011-2023

70

60 57.62
Number of policies sold in millions

50 47.5

41.8
40
33
30

20

12
10 7 8

1 1 1 1 1 1
0
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

14 Description: In fiscal year 2023, Indian specialized insurers sold over 57 million insurance policies across the country. The reason for increase in sold policies from around eight million policies in 2019 was the inclusion of crop insurances under
the Pradhan Mantri Fasal Bima Yojana (PMFBY). Read more
Note(s): India; FY 2011 to FY 2023
Source(s): IRDA (India)
CHAPTER 03

Health insurance
 Health insurance penetration rate in India from financial year 2017 to
2022, by type of scheme
Health insurance penetration rate in India FY 2017-2022, by type of scheme

Retail Group Government

0.4%

0.3% 0.03%
0.02%
Insurance penetration

0.03% 0.02%
0.02% 0.16%
0.2% 0.14%
0.02% 0.13%
0.12%
0.11%
0.09%
0.1%

0.13% 0.13%
0.09% 0.1% 0.1%
0.07%

0.0%
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

16 Description: In the financial year 2022, health insurance penetration in India for group schemes was 0.16 percent. For retail schemes and government schemes, it was 0.13 percent and 0.03 percent respectively. Since 2017, a gradual
increase in insurance penetration has been noted in India. Read more
Note(s): India; FY 2017 to FY 2022
Source(s): Frost & Sullivan; IRDA (India); Medi Assist
 Value of health insurance gross direct premiums written in India from
financial year 2013 to 2024 (in billion Indian rupees)
Value of health insurance gross direct premiums written in India FY 2013-2024

1,200
1,090.06

1,000
906.52
Value in billion Indian rupees

800
735.98

592.76
600
521.01
459.56

400 380.06
311.64
250.37
206.15
200 157.3 178.51

0
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

17 Description: In the financial year 2024, Indian insurers had underwritten gross direct premiums amounting to over 1,090 billion Indian rupees under the health insurance segment. It was an increase from the previous financial year when the
underwritten premiums amounted to nearly 906 billion Indian rupees. Read more
Note(s): India; FY 2013 to FY 2024
Source(s): General Insurance Council
 Distribution of gross health insurance premiums across India in financial
year 2023, by channel
Distribution of gross health insurance premiums in India FY 2023, by channel

Others 1%
Corporate agents 11%

Direct sales 30%

Brokers 28%

Individual agents
30%

18 Description: During the financial year 2023, individual agents and direct sales accounted to 30 percent each of all health insurance sales in India based on gross premiums. Brokers came second with 28 percent of the total insurance
premiums. Read more
Note(s): India; FY 2023
Source(s): IRDA (India)
CHAPTER 04

Motor insurance
 Gross direct premiums of motor insurance in India in financial year 2023,
by segment (in billion Indian rupees)
Gross direct premiums of motor insurance in India FY 2023, by segment

600

494.96
500
Value in billion Indian rupees

400

317.83
300

200

100

0
Motor third party Motor own damage

20 Description: In the financial year 2023, motor third-party insurance had underwritten gross premiums amounting to nearly 495 billion Indian rupees under the motor insurance segment in India. New India Assurance Company Limited was
leading the motor insurance market in India. Read more
Note(s): India; FY 2023
Source(s): IRDA (India)
 Value of motor own-damaged insurance gross direct premiums written in
India from financial year 2013 to 2024 (in billion Indian rupees)
Value of motor own-damaged insurance gross direct premiums written India FY 2013-2024

400
373.25

350
317.84

300 284.29
Value in billion Indian rupees

277.63 281.08 278.38 271.73

251.6
250
227.31
207.55
196.07
200 181.09

150

100

50

0
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

21 Description: In the financial year 2024, Indian insurers had underwritten gross direct premiums amounting to over 373 billion Indian rupees under the motor own-damaged insurance segment. It was an increase from the previous financial
year when the underwritten premiums amounted to nearly 317 billion Indian rupees. Read more
Note(s): India; FY 2013 to FY 2024
Source(s): General Insurance Council
 Value of motor third-party insurance gross direct premiums written in
India from financial year 2013 to 2024 (in billion Indian rupees)
Value of motor third-party insurance gross direct premiums written India FY 2013-2024

600
544.55

495.08
500

426.73 425.16 432.61

Value in billion Indian rupees

400 380.57

329.6

300
266.49

212.93
200 180.06
155.08
128.33

100

0
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

22 Description: In the financial year 2024, Indian insurers had underwritten gross direct premiums amounting to over 544.55 billion Indian rupees under the motor third-party insurance segment. It was an increase from the previous financial
year when the underwritten premiums amounted to nearly 495 billion Indian rupees. Read more
Note(s): India; FY 2013 to FY 2024
Source(s): General Insurance Council
CHAPTER 05

Other insurances
 Value of fire insurance gross direct premiums written in India from the
financial year 2012 to 2024 (in billion Indian rupees)
Value of fire insurance gross direct premiums written in India FY 2012-2024

300

256.59
250 236.79 239.33

215.45
Value in billion Indian rupees

200 186.47

146.6
150 135.7
122.07
113.58
105.17
97.03
100 88.65
73.2

50

0
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

24 Description: In the financial year 2024, Indian insurers had underwritten gross direct premiums amounting to over 256 billion Indian rupees under the fire insurance segment. It was an increase from the previous financial year when the
underwritten premiums amounted to 239 billion Indian rupees. Read more
Note(s): India; FY 2012 to FY 2024
Source(s): General Insurance Council
 Value of marine insurance gross direct premiums written in India from
financial year 2018 to 2024 (in billion Indian rupees)
Value of marine insurance gross direct premiums written in India FY 2018-2024

60

50.57 50.79
50
Value in billion Indian rupees

41.67
40
35.32 34.91
32.41
30 28.94

20

10

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

25 Description: In the financial year 2024, Indian insurers had underwritten gross direct premiums amounting to over 50 billion Indian rupees under the marine insurance segment. It was the same as the previous financial year Read more
Note(s): India; FY 2018 to FY 2024
Source(s): General Insurance Council
 Value of liability insurance gross direct premiums written in India from
financial year 2012 to 2024 (in billion Indian rupees)
Value of liability insurance gross direct premiums written in India FY 2012-2024

60

50 48.62 48.24
Value in billion Indian rupees

41.9
40

30 27.21
26.23
24.21
21.41
19.42 20.05
20
13.62 13.67
10.87 11.87
10

0
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

26 Description: In the financial year 2024, Indian insurers had underwritten gross direct premiums amounting to over 48 billion Indian rupees under the liability insurance segment. It was the same as the previous financial year. Read more
Note(s): India; FY 2012 to FY 2024
Source(s): General Insurance Council
 Value of aviation insurance gross direct premiums written in India from
financial year 2012 to 2024 (in billion Indian rupees)
Value of aviation insurance gross direct premiums written in India FY 2012-2024

14

12 11.46
10.52
9.99
Value in billion Indian rupees

10
8.89
8.52
8.12
8
6.46 6.62
6.3 6.11 6.04
5.97 5.91
6

0
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

27 Description: In the financial year 2024, Indian insurers had underwritten gross direct premiums amounting to over 10.5 billion Indian rupees under the aviation insurance segment. It was an increase from the previous financial year when the
underwritten premiums amounted to 8.89 billion Indian rupees. Read more
Note(s): India; FY 2012 to FY 2024
Source(s): General Insurance Council
 Value of agricultural insurance gross premiums collected in India from
financial year 2017 to 2023 (in billion Indian rupees)
Value of agricultural insurance gross premiums collected in India FY 2017-2023

350
323.62 316.89
296.87 295.98
300
Gross premium in billion Indian rupees

279.01

250 244.68
219.49

200

150

100

50

0
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

28 Description: In the financial year 2023, Indian agriculture insurers had underwritten gross premiums amounting to 279 bilion Indian rupees. This decreased from last financial year when the collected premium amounted to nearly 296 billion
Indian rupees. Gross premiums underwritten by agriculture insurers saw a gradual increase from the financial year 2017 to the financial year 2020. Read more
Note(s): India; FY 2017 to FY 2023
Source(s): Ministry of Agriculture and Farmers Welfare (India); The New Indian Express
CHAPTER 06

Key players
 Market share of non-life insurers in India in the financial year 2024, by
company
Market share of non-life insurers in India FY 2024, by company

Market share
0% 2% 4% 6% 8% 10% 12% 14%
The New India Assurance 12.77%

ICICI Lombard General Insurance 8.55%

Bajaj Allianz General Insurance 7.07%

United India Insurance 6.85%

HDFC Ergo General Insurance 6.41%

The Oriental Insurance 6.31%

Star Health & Allied Insurance 5.26%

National Insurance 5.24%

Tata AIG General Insurance 5.21%

SBI General Insurance 4.33%

Reliance General Insurance 4.03%

Agriculture Insurance Co Of India 3.42%

IFFCO-Tokio General Insurance 3.39%

Go Digit General Insurance 2.74%

Cholamandalam MS General Insurance 2.6%

30 Description: In the fiscal year 2024, the New India Assurance Company held a market share of 12.77 percent based on the gross direct premium underwritten by non-life insurers in India. Following closely was ICICI Lombard General Insurance
Company with a market share of 8.55 percent. Among the standalone health insurers, Star Health and Allied Insurance led the segment, capturing 5.26 percent of the market share. Read more
Note(s): India; FY 2024
Source(s): General Insurance Council
 Value of gross insurance premiums written by The New India Assurance
Company Limited from financial year 2013 to 2022 (in billion Indian rupees)
The New India Assurance's gross non-life insurance premiums FY 2013-2022

350

300
Value in billion Indian rupees

250

200

150

100

50

0
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

31 Description: In the financial year 2022, the New India Assurance Company Limited wrote gross non-life insurance premiums valued at nearly 325 billion Indian rupees. An exponential rise in the value of premiums was seen over the past
decade. The public sector general insurance company was founded by Sir Dorabji Tata in 1919. Read more
Note(s): India; FY 2013 to FY 2022
Source(s): New India Assurance
 Value of gross direct premium income written by ICICI Lombard General Insurance
Company Limited from financial year 2018 to 2024 (in billion Indian rupees)
ICICI Lombard's gross direct insurance premium income FY 2018-2024

300

250
Value in billion Indian rupees

200

150

100

50

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

32 Description: ICICI Lombard General Insurance Company Limited reported almost 247 billion Indian rupees worth of gross non-life insurance premiums during the financial year 2024. This was a significant increase in premiums from the
previous financial year. The company is a subsidiary of ICICI Bank and is headquartered in Mumbai. Read more
Note(s): India; FY 2018 to FY 2024; figures for within and outside India.
Source(s): ICICI Lombard
 Value of gross insurance premiums written by United India Insurance
Company Limited from financial year 2002 to 2023 (in billion Indian rupees)
United India Insurance's gross non-life premiums FY 2002-2023

200

174.3 175.15 177.21

180
164.2 167.05
160.63 157.22
160
Value in billion Indian rupees

140
122.5
120
106.92
97.09
100 92.66
81.79
80
63.77
60 52.39
42.78
37.4
40
27.81 29.7 30.63 29.44 31.55 34.99

20

0
FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
*

33 Description: During the financial year 2023, United India Insurance Company Limited wrote gross non-life insurance premiums valued at over 177 billion Indian rupees. This was an increase in the value of premiums from the previous financial year.
The company is owned by the Government of India and is headquartered in Chennai. Read more
Note(s): India; FY 2002 to FY 2023; figures for within and outside India.; *Includes advance receipts. India's financial year begins in April and ends in March. For example, FY 2020 started in April 2019 and ended in March 2020. One Indian rupee is
[...] Read more
Source(s): United India Insurance Company
 Sources

Frost & Sullivan

General Insurance Council
ICICI Lombard
India Brand Equity Foundation
IRDA (India)
Life Insurance Corporation of India
Medi Assist
Ministry of Agriculture and Farmers Welfare (India)
New India Assurance
The New Indian Express
United India Insurance Company
Various sources (News articles)
Various sources (Swiss Re, Sigma, Various Issues)

34