Indian Insurance Market
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Indian Insurance Market

IRDA - Indian Insurance Market

  

The insurance industry of India consists of 52 insurance companies of which 24 are in life insurance business and 28 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company.

 

Out of 28 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 52 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 3.30% of GDP in FY 2014-15. Per capita premium underwritten i.e. insurance density in India during FY 2014-15 is US$ 55.0.

 

Here are some performance highlights of the Indian insurance industry.

 

Life Insurance Business Performance:

2014-15

2013-14

Public Sector

Private Sector

Public Sector

Private Sector

Premium Underwritten (Rs in Crores)  

239667.65

88433.49

236942.30

77340.90

New Policies Issued (in Lakhs)  

201.71

57.37

345.12

63.60

Number of Offices  

4877

6156

4839

6193

Benefits Paid (Rs in Crores)  

144125

67054

158081

58380

Individual Death Claims (Number of Policies)  

755901

121927

760334

125027

Individual Death Claims Amount Paid (Rs in Crores)

9055.18

2733.49

8475.26

2385.33

Group Death Claims (Number of lives)  

273794

192989

267296

158682

Group Death Claims Amount Paid (Rs in Crores) 

2037.27

1483.55

1882.83

1222.25

Individual Death Claims (Figures in per cent of policies)

98.19

89.40

98.14

88.31

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

99.64

91.20

99.65

90.45

No. of Grievances reported during the year  

80944

198048

85284

289336

Grievances resolved during the year  

80944

193119

85828

288836

Grievance Resolved (in percent)

100.00

97.51

100.64

99.83

 

Non-Life Insurance Business Performance:

2014-15

2013-14

Public Sector

Private Sector

Public Sector

Private Sector

Premium Underwritten (Rs in Crores)

42549.48

35090.09

38599.71

32010.30

New Policies Issued (in Lakhs)  

677.82

504.97

600.06

424.47

Number of Offices  

8207

2200

7869

2003

Net Incurred Claims  (Rs in Crores)  

31567.75

19430.46

27817.96

17874.11

Number of Grievances reported during the year  

15860

44828

17658

45677

Grievances Resolved During the Year  

16105

43318

18083

45653

Grievance Resolved (in percent)

101.54

96.63

102.40

99.95

 

Stand Alone Health Insurance Companies

2014-15

2013-14

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

 

1469

 

1017

 

N.A.

 

63.96%

 

1091

 

675

Loss

147

 

67.21%

Apollo Munich Health Insurance

803

 

655

 

N.A.

 

60.03%

 

692

 

543

Loss

85

 

65.59%

Max Bupa Health Insurance

372

 

315

 

N.A.

 

55.16%

 

309

 

238

Loss

158

 

59.07%

Religare Health Insurance

275

 

154

N.A.

 

61.13%

 

152

 

N.A.

Loss

94

 

79.92%

Cigna TTK Health Insurance

21

 

6

 

N.A.

 

64.33%

 

.34

 

N.A.

Loss

62.74

 

N.A.

Specialised Insurer in Agriculture

2014-15

2013-14

1

 

2

 

 

3

 

4

 

5

6

7

8

Agriculture Insurance Co. Ltd.

2740

 

1598

Loss

158

 

108.47%

 

3395

 

1648

Profit

32

 

104.65%

 

 

Specialised Insurer in export credit insurance

2014-15

2013-14

1

 

2

 

3

 

4

 

5

6

7

8

Export Credit Guarantee Corporation of  India Limited

1362

 

1019

loss

291.91

 

114%

1304

 

907

Profit

61.86

 

82.22%

 

Source: Annual Report (2014-15 & 2013-14)

 

 

 

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