India

India Insurance Market Highlights

Market Regulation:

Governed by the IRDAI. Axco’s regulatory monitoring tracks the "Insurance for All by 2047" mission and the 2026 launch of the Bima Sugam digital marketplace.

Non-Life Market Trends:

India is one of the world's fastest-growing markets; Axco’s growth data identifies Health and Motor as the primary GWP drivers in Tier 2 and Tier 3 cities.

Distribution Channels:

Traditional agency models are shifting toward Bancassurance; Axco analysis highlights the role of "Bima Vaahaks" (women-centric workforce) in driving rural penetration.

Key Risks & Outlook:

Penetration remains low relative to GDP; Axco’s outlook suggests that simplified product structures are essential for capturing the burgeoning middle-class market.

Insurance Companies:

Axco Navigator details 57 insurance companies are authorised to write business in India, of which 32 operate in non-life classes and 25 in life-classes.

Insurance Statistics:

Axco reports written premiums in 2024 increased by 4.2% to INR 1,853,435 Mn with motor the largest class of business, accounting for 54% of premiums. Insurance penetration stands at 0.58%.

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s India Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for India includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

What is the Non-Life Insurance market in India?

In 2025, 34 insurers were licensed to write non-life classes of business, according to the regulator. Five of these are public sector companies and seven are specialist health insurers. In addition, there is one domestic reinsurer, GIC Re, 10 branches of foreign non-life reinsurers and Lloyd's India.

Of the five leading companies in the non-life market in 2024-25, three were wholly or partially state-owned companies, New India, United and Oriental. New India is the non-life market leader, with 63% more premium than its nearest competitor. Two private companies, ICICI Lombard and Bajaj Allianz, occupied second and third places respectively.

In the Non-Life (P&C) market, The New India Assurance Company Ltd was the market leader, recording INR 419,922.10 million in written premiums and 13.47% market share in 2025. It was followed by ICICI Lombard General Insurance Company Ltd (INR 268,333.60 million; 8.61% market share) and Bajaj Allianz General Insurance Company Ltd (INR 214,168.10 million; 6.87% market share).

Among the leading non-life insurers, The New India Assurance Company Ltd reported the strongest growth. 34 companies are licensed for non-life business. 

Who are the top non-life insurers in India?

Source: Axco Navigator, India Insurance Market Rankings.

What is the Life Insurance market in India?

The number of authorised life insurers transacting business at the end of 2025 year was 25. The market is dominated by the state-owned former monopoly, the Life Insurance Corporation (LIC), with over 55% of total premium income in the 2024-25 financial year.

In the Life insurance market, Life Insurance Corporation of India was the largest insurer in 2025, generating INR 4,888,489.20 million in written premiums and holding 55.19% market share. It was followed by SBI Life Insurance Co Ltd (INR 849,846.30 million; 9.59% market share) and HDFC Life Insurance Co Ltd (INR 710,449.10 million; 8.02% market share). 25 companies are licensed for life business.

Who are the top life insurers in India?

Source: Axco Navigator, India Insurance Market Rankings.

Country Information

Non-life insurance premiums for fiscal year ending 31 March 2019 were 9.2% higher than in 2017-18. Premiums for PA and healthcare written by non-life insurers were up from the previous period by 20.91%.

There were 34 insurers writing non-life classes of business, according to the regulator. Four of these are public sector companies and six are specialist health insurers. In addition, there is one domestic reinsurer, GIC Re, nine branches of foreign reinsurers and Lloyd's India. Of the five leading companies in the non-life market in 2017-18 four were wholly or partially state-owned companies.

In the budget speech on 1 February 2021, the government announced that it would be raising the maximum limit on foreign shareholding in an insurance company from 49% to 74%.