Note: Sample Data 2006
InsuranceFigure 2.29
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Figure 2.29


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India's Insurance Market

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In 2004, India was the fifth largest insurance market in Asia. In 2004, Indian insurance premium size increased by 17.2% to USD21 billion .


Liberalization of the insurance market, increasing competition, the introduction of innovative products and rising income, all led to the phenomenal growth in total insurance premiums in 2004. In India, both domestic and foreign private players are allowed to operate insurance businesses. Public players, which had a monopoly in the insurance business, have started facing stiff competition from private companies.

In 2010, India was the fourth largest insurance market in Asia and its insurance premiums increased by 22% to USD78.3 billion (Figure 2.29) . In 2010, India’s GDP growth was 8.4%, and was world’s second most populous country. Insurance penetration was 5.1% and insurance density was USD64.4 in 2010.


The accumulated total investments held by the Indian insurance sector was INR15,126 billion (USD339 billion) in 2010.


For the financial year ending 2011 (April 1, 2011- March 31, 2012), the total insurance premiums of India declined by 1.5% y-o-y.


India's Life Insurance Market

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Life insurance contribution in the total insurance business was 79.6% in 2004, marginally up from 79.5 % 2003. Similar to other Asian markets, life insurance contribution in the total insurance business was significantly high in India in 2010 at 86.5%.

The life insurance premium in 2010 increased by 21% to USD67.8 billion. Life insurance penetration was 4.4% and life insurance density in India was at USD55.7.


According to Insurance Regulatory and Development Authority (IRDA), for the fiscal year 2011, life insurance industry recorded  a decrease of 1.5% y-o-y. Life insurance growth rate declined, due to India adopting new strict regulations, regarding governing the sales of unit-linked products in India.


India's Non-Life Insurance Market

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In 2004, non-life insurance held 20.37% of the total business.


In 2010 the total non-life premium in India increased by 28% to USD10.5 billion. The non-life insurance held 13.5% of the total business in 2010. The poor growth in non-life insurance business is mainly due to the low awareness level and the tariff structure. A premium tariff still widely applies to non-life insurance, restricting its growth. The non-life insurance penetration was 0.7% and the insurance density in India USD8.7 was for non-life insurance.


According to IRDA, in 2011, the non-life insurance industry registered a growth of 24.1%, up from a growth of 22.9% in 2010. The growth in non-life premiums was due to rising motor premiums across different vehicle categories.


Motor segment continued to be the largest non-life insurance segment in 2011. Fire and Marine segments increased by 19.2% and 14.1% respectively in 2011.


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