Insurance Companies

The Indian insurance industry comprises of 62 insurance companies out of which 24 are Life Insurers, and 23 are Non-life/ General Insurers, 6 are standalone health insurers & 9 are Re-insurers. Of the 62 insurance companies currently operating in India, 8 insurance companies are public sector insurance companies and the remaining 54 insurers are private insurance companies. Other stakeholders in the Indian Insurance market comprise of intermediaries such as Agents (individual and corporate), Brokers (direct, composite and reinsurance), Insurance web aggregators, Surveyors, Insurance Repositories, Insurance marketing firms, third party administrators, etc.

Indian Insurance Industry accounted a total real premium growth rate of 8% (inflation adjusted) in the life insurance business and 12.9% (inflation adjusted) in the non life insurance arena accounting to a total of 9.1% being the overall industry growth. The share of life insurance business in India was at 77.95%, while that of non-life insurance business was at 22.05%. In the life insurance business. India is ranked 10th and in non life insurance business it ranked 15th among the 88 countries as per Swiss Re. Insurance industry with the widening of FDI from 26% to 49% is witnessing a massive growth in terms of premium volume, and it has the immense potential to grow at the fastest pace in the forthcoming years.

Source: IRDAI Annual Report 2016-17

Life Insurance Industry is amongst the fastest growing sectors in India. There are total of 24 Life Insurance Companies in India offering customized life insurance products. With the liberalization in the insurance sector since 2000, it has become feasible for private players to enter in the market with FDI allowed up to 26% earlier. But with the recent enactment of Insurance Laws (Amendment) Act 2015, the cap for FDI has been raised from 26% to 49% subject to safeguarding of Indian ownership and control.

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General Insurance business in India comprise of 30 general insurance companies presently offering non-life insurance products like Health Insurance, Motor Insurance, Home Insurance, Travel insurance,Fire Insurance, etc. Out of 30 General insurers 4 are public insurance companies , 6 standalone Health Insurers ,18 mainstream private general insurance companies and remaining 2specialized insurers focusing on Export Credit and Agriculture Insurance specifically. General Insurance Industry is a major contributor to the country’s economy.

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