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India

India

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

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Information for India can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Total GWP (USD)
Insurance Penetration (%)
GMT +5:30
New Delhi
INR
1,393.41 mn
6.73%
4.10%
99,520.42
3.22

In 2018 non-life insurance premiums amounted to INR 1.11bn, which was 15.54% higher than in 2016-17. Premiums for PA and healthcare were INR 421.27bn, up by 21.64%.

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%.

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