India

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%.

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

Information for India can be seen in:

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%.