Indian Insurance Market
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Indian Insurance Market

IRDA - Indian Insurance Market

 

The insurance industry of India consists of 53 insurance companies of which 24 are in life insurance business and 29 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company.

 

Out of 29 non-life insurance companies, there are six public sector insurers, which include two specialised insurers namely Agriculture Insurance Company Ltd for Crop Insurance and Export Credit Guarantee Corporation of India for Credit Insurance.  Moreover, there are 5 private sector insurers are registered to underwrite policies exclusively in Health, Personal Accident and Travel insurance segments. They are Star Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance Company Ltd, Max Bupa Health Insurance Company Ltd, Religare Health Insurance Company Ltd and Cigna TTK Health Insurance Company Ltd.

 

In addition to 53 insurance companies, there is sole national re-insurer, namely, General Insurance Corporation of India. Other stakeholders in Indian Insurance market include approved insurance agents, licensed Corporate Agents, Brokers, Common Service Centres, Web-Aggregators, Surveyors and Third Party Administrators Servicing Health Insurance claims.

 

Insurance Laws (Amendment) Act, 2015 provides for enhancement of the Foreign Investment Cap in an Indian Insurance Company from 26% to an Explicitly Composite Limit of 49% with the safeguard of Indian Ownership and Control.

 

Insurance penetration of India i.e. Premium collected by Indian insurers is 3.44% of GDP in FY 2015-16. Per capita premium underwritten i.e. insurance density in India during FY 2015-16 is US$ 54.7.

 

Here are some performance highlights of the Indian insurance industry.

 

Life Insurance Business Performance:

2015-16

2014-15

Public Sector

Private Sector

Public Sector

Private Sector

Premium Underwritten (Rs in Crores) 

266444.21

100499.02

239667.65

88433.49

New Policies Issued (in Lakhs) 

205.47

61.92

201.71

57.37

Number of Offices 

4892

6179

4877

6156

Benefits Paid (Rs in Crores) 

141201.05

60565.05

144125

67054

Individual Death Claims (Number of Policies) 

761983

114697

755901

121927

Individual Death Claims Amount Paid (Rs in Crores)

9690.17

2946.49

9055.18

2733.49

Group Death Claims (Number of lives) 

247504

297833

273794

192989

Group Death Claims Amount Paid (Rs in Crores) 

2494.03

2303.00

2037.27

1483.55

Individual Death Claims (Figures in per cent of policies)

98.33

91.48

98.19

89.40

Group Death Claims (Figures in per cent of lives covered) 

99.69

94.65

99.64

91.20

No. of Grievances reported during the year 

64750

139951

80944

198048

Grievances resolved during the year 

64750

145125

80944

193119

Grievance Resolved (in percent)

100

103.69

100.00

97.51

 

Non-Life Insurance Business Performance:

2015-16

2014-15

Public Sector

Private Sector

Public Sector

Private Sector

Premium Underwritten (Rs in Crores)

47691

39694

42549.48

35090.09

New Policies Issued (in Lakhs) 

671.32

549.44

677.82

504.97

Number of Offices 

8414

2389

8207

2200

Net Incurred Claims  (Rs in Crores) 

38104.27

21764.44

31567.75

19430.46

Number of Grievances reported during the year 

17808

41802

15860

44828

Grievances Resolved During the Year 

17718

42493

16105

43318

Grievance Resolved (in percent)

99.49

101.65

101.54

96.63

 

Stand Alone Health Insurance Companies

2015-16

2014-15

Gross Direct Premium (Rs in Crores)

Net earned premium (Rs in Crores)

U/W Profit / Loss

(Rs in Crores)

Net incurred claim ratio

Gross Direct Premium (Rs in Crores)

Net

earned premium (Rs in Crores)

U/W Profit / Loss

(Rs in Crores)

Net

incurred claim ratio

1

2

3

4

5

6

7

8

Star Health and Allied Insurance

2007

 

1513

 

N.A.

 

53.81%

 

1469

 

1017

 

N.A.

 

63.96%

Apollo Munich Health Insurance

1022

 

774

 

N.A.

 

64.61

803

 

655

 

N.A.

 

60.03%

Max Bupa Health Insurance

476

 

393

 

N.A.

 

59.53

372

 

315

 

N.A.

 

55.16%

Religare Health Insurance

503

287

N.A.

  57.25

275

 

154

N.A.

 

61.13%

Cigna TTK Health Insurance

143

 

70

 

N.A.

 

78.66

21

 

6

 

N.A.

 

64.33%

Specialised Insurer in Agriculture

2015-16

2014-15

1

 

2

 

 

3

 

4

 

5

6

7

8

Agriculture Insurance Co. Ltd.

3521

 

1862

 

61.66

 

99.66

2740

 

1598

Loss

158

 

108.47%

 

 

Specialised Insurer in export credit insurance

2015-16

2014-15

1

 

2

 

3

 

4

 

5

6

7

8

Export Credit Guarantee Corporation of  India Limited

1321

 

 

979

 

Loss

250

 

102

1362

 

1019

loss

291.91

 

114%

 

Source: Annual Report (2015-16 & 2014-15)

 

 

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