Overview of General Insurance Companies in India

General Insurance business in India comprises of 23 general insurance companies presently offering non-life insurance products like Health Insurance, Motor Insurance, Home Insurance, Travel insurance, Fire Insurance, etc. Out of the total General insurers, 4 are public insurance companies, 6 standalone Health Insurers, 18 mainstream private general insurance companies and remaining 2 specialized insurers focusing on Export Credit and Agriculture Insurance specifically. General Insurance industry is a major contributor to the country’s economy.

 

The total paid-up capital of general insurance companies and reinsurers as on 31st March, 2016 was Rs 12,064.77 crore. During 2016-17, the general insurers, including re-insurers infused Rs 1,063.05 crore to their equity capital base. Seven newly registered branches of foreign re-insurers infused capital of Rs 1,117.81 crore. For the year 2016-17, the total net profit of non-life insurance industry was Rs 845 crore.

 

During 2016-17, the general insurance business registered a growth rate of premium income in India (inflation adjusted) increased by 12.9%. India’s share in global non-life insurance market stood at 0.83% for Financial Year 2016-17. For the year 2016, the non-life insurance penetration was 0.77% and the non-life insurance density was USD 13.20.

 

The general insurance sector witnesses a premium growth rate of 32.94% for the financial year 2016-17 by underwriting total premium at Rs 1,28,128 crore in India. The Motor business continued to be the largest insurance segment with a share of 39.22% with premium underwritten is Rs 50,250.53 crore. Health segment has also seen a rise with a total share of Rs 34,526.61 crore, having a market share of 26.95%. During 2016-17, public sector non-life insurers issued 852.62 lakh new policies, private sector insurers issued 624.45 lakh policies, specialized insurers issued 48.26 lakh new policies.

Source: IRDAI Annual Report 2016-17