India General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

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Published: May 22, 2024 Report Code: GDIS2854MR-ST

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India General Insurance Market Report Overview

The gross written premium of the Indian general insurance market was INR3 trillion ($36.5 billion) in 2023. The Indian general insurance sector growth peaked in 2022 and slowed down the following year majorly due to a decrease in liability, crop, credit guarantee, and marine, aviation, and transit (MAT) insurance premiums. The growth is anticipated to slow down over 2024–28 at a CAGR of more than 9%, due to elevated interest rates and medical inflation.

The India general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

India General Insurance Market Outlook, 2023-2028 (INR Trillion)

India General Insurance Market Outlook, 2023-2028 (INR Trillion)

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The India general insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Indian economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) INR3 trillion ($36.5 billion)
CAGR (2024-2028) >9%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·       PA&H

·       Motor

·       Property

·       Financial Lines

·       Liability
Key Distribution Channels ·       Insurance Brokers

·       Direct Marketing

·       Bancassurance

·       Agencies
Leading Companies ·       New India Assurance

·       ICICI Lombard

·       United India Insurance

·       HDFC ERGO

·       Oriental Insurance
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India General Insurance Market Trends

Electric vehicles (EVs), insurance for gig workers, and microinsurance are a few of the ongoing trends impacting the Indian general insurance market.

The Indian government has plans to expand the ecosystem for EVs in terms of infrastructure for production and charging. Additionally, the government is encouraging the local production of EVs by offering financial incentives in response to the growing demand for these vehicles. For this purpose, many motor insurance providers are rolling out plans to benefit from the market trend. For instance, In February 2024, Acko introduced an extended battery guarantee plan for EVs with detachable batteries. In response to consumer complaints over battery life and performance, it extended the coverage for the fourth and fifth years of the vehicle or up to 60,000 kilometers. Nearly half of EV owners say that the expense of replacing their batteries is a major concern, according to Acko’s EV report.

India General Insurance Market Segmentation by Lines of Business

PA&H was the leading LoB in the general insurance line of business in 2023

The key lines of business (LoB) in the Indian general insurance industry are PA&H, motor, property, financial lines, and liability among others. The growth of personal accident and health (PA&H) insurance in India can be attributed to the increased awareness of the value of such policies after the COVID-19 pandemic. Additionally, the growing middle-class population, driven by economic growth and urbanization, has fueled the demand for insurance products to protect against unexpected financial burdens, thereby encouraging individuals to benefit from the PA&H insurance plans.

India General Insurance Market Analysis by Lines of Business, 2023 (%)

India General Insurance Market Analysis by Lines of Business, 2023 (%)

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India General Insurance Market Segmentation by Distribution Channels

Insurance Brokers was the most popular channel in 2023

The Indian distribution channel growth over the next five years will be aided by the regulatory reforms. A few of the key distribution channels in the Indian general insurance industry are agencies, bancassurance, direct marketing, and insurance brokers among others.

India General Insurance Market Analysis by Distribution Channels, 2023 (%)

India General Insurance Market Analysis by Distribution Channels, 2023 (%)

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India General Insurance Market - Competitive Landscape

New India Assurance was the largest general insurer in 2022

A few of the leading general insurance companies in India are:

  • New India Assurance
  • ICICI Lombard
  • United India Insurance
  • HDFC ERGO
  • Oriental Insurance

India General Insurance Market Analysis by Companies, 2022 (%)

India General Insurance Market Analysis by Companies, 2022 (%)

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India General Insurance Market - Latest Developments

  • On March 22, 2024, the Official Gazette published Notification No. IRDAI/Reg/11/205/2024 of the IRDAI stipulated regulations aimed at enhancing policyholder protection, refining insurance operations, and promoting sound management practices within the industry.
  • On February 1, 2024, the Ministry of Finance announced the interim Budget 2024– 25 which extended the healthcare coverage under the Ayushman Bharat insurance scheme to all Accredited Social Health Activists (ASHA) and Anganwadi workers and helpers.

Segments Covered in the Report

India General Insurance Lines of Business Outlook (Value, EUR Billion, 2019-2028)

  • PA&H
  • Motor
  • Property
  • Financial Lines
  • Liability

India General Insurance Distribution Channels Outlook (Value, EUR Billion, 2019-2028)

  • Insurance Brokers
  • Direct Marketing
  • Bancassurance
  • Agencies

Scope

This report provides:

  • A comprehensive analysis of the general insurance segment in India.

  • Historical values for the India general insurance segment for the report’s review period and projected figures for the forecast period.

  • Profiles of the top general insurance companies in India and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of India’s general insurance segment.

  • A comprehensive overview of India’s economy, government initiatives, and investment opportunities.

  • India’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.

  • India’s general insurance industry’s market structure gives details of lines of business.

  • India’s general reinsurance business market structure gives details of premium ceded along with cession rates.

  • Distribution channels deployed by India’s general insurers.

  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to India’s general insurance segment.

  • Understand the demand-side dynamics, key market trends, and growth opportunities in India’s general insurance segment.

  • Assess the competitive dynamics in the general insurance segment.

  • Identify growth opportunities and market dynamics in key product categories.

The New India Assurance
United India Insurance
National Insurance
The Oriental Insurance
ICICI Lombard
Bajaj Allianz
Agriculture Insurance Company of India
HDFC Ergo

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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