India General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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India General Insurance Market Report Overview
The gross written premium of the India general insurance market was INR2.7 trillion in 2022 and is expected to achieve a CAGR of more than 8% during 2023-2027. The India general insurance market research report provides in-depth market analysis, information, and insights into the India’s general insurance segment. It also provides values for key performance indicators such as gross written premium, loss ratio, retail, and commercial split, premium by line of business, and reinsurance premiums during the review period and forecast period.
India General Insurance Market Outlook, 2022-2027 (INR Trillion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of The India economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and 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 (2022) | INR2.7 trillion |
CAGR | >8% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Property
· Motor · Liability · Financial Lines · MAT · Non-Life PA&H · Miscellaneous |
Key Distribution Channel | · Direct Marketing
· E-Commerce · Insurance Brokers · Bancassurance · Agencies · Other Distribution Channels |
Leading Companies | · New India Insurance
· ICICI Lombard · United India · Oriental · AIC · Bajaj Allianz General · HDFC ERGO · National Insurance · Others |
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India General Insurance Market Trends
ESG, personalization and hyper-personalization, inclusive insurance, gig insurance, and pet insurance are some of the key trends driving the India general insurance market.
Gig Insurance: The growth of the gig economy in India has led to an increased demand for gig insurance as more individuals engage in freelance, part-time or temporary work arrangements. The insurers ICICI Lombard, Bajaj Allianz General, and HDFC Ergo offer gig insurance products. Insurers are introducing flexible and on-demand insurance policies to align with the dynamic nature of gig work. Various companies, such as Bajaj Allianz General, offer customized policies that allow gig workers to select coverage options based on their specific needs and duration of work. Gig insurance policies in India also provide income protection and business interruption coverage to safeguard gig workers’ earnings in the case of accidents, illnesses or other unforeseen events. For instance, HDFC Ergo’s gig-economy insurance covers loss of income and provides financial support during periods of temporary work discontinuation.
Pet Insurance: Pet insurance is witnessing significant growth in India due to the increasing number of pet owners recognizing the need for healthcare and financial protection for their pets. Insurers offering pet insurance in India provide comprehensive coverage for a wide range of veterinary expenses, including routine check-ups, vaccinations, surgeries, hospitalization, and even critical illness treatments. For example, Bajaj Allianz General’s dog and cat Insurance policies cover medical expenses, including surgeries and treatments. Insurers are going beyond traditional coverage by offering value-added services that enhance the overall well-being of pets. For instance, Future Generali India provides access to services, such as pet concierge, behavioral training, and an emergency helpline; ensuring comprehensive support and assistance for pet owners.
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India General Insurance Market Segmentation by Line of Business
The key lines of business in the India general insurance market are property, motor, liability, financial lines, MAT, non-life PA&H, and miscellaneous. In 2022, general insurance PA&H accounted for the highest India general insurance market share. The growth of PA&H insurance in India can also be attributed to increasing awareness and demand among individuals. Premium collection from PA&H insurance is expected to remain strong over the next five years.
India General Insurance Market Analysis by Lines of Business, 2022 (%)
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India General Insurance Market Segmentation by Distribution Channel
The key distribution channels in the India life insurance industry are insurance brokers, agencies, e-commerce, bancassurance, direct marketing, and others. In 2022, insurance brokers were the largest distribution channel in India’s general insurance market. Agencies which include individual general insurance agents and stand-alone health insurance agents, were the second-prominent distribution channel.
India General Insurance Market Analysis by Distribution Channel, 2021 (%)
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India General Insurance Market - Competitive Landscape
The leading general insurance companies in the India general insurance market are New India Assurance, ICICI Lombard, United India, Oriental, AIC, Bajaj Allianz General, HDFC ERGO, National Insurance, Star Health, and TATA AIG General among others. In 2021, New India Assurance was the leading general insurer in India.
India General Insurance Market Analysis by Companies, 2021 (%)
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Segments Covered in the Report
India General Insurance Market Lines of Business Outlook (Value, INR Trillion, 2018-2027)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- Non-Life PA&H
- Miscellaneous
India General Insurance Market Distribution Channel Outlook (Value, INR Trillion, 2018-2027)
- Direct Marketing
- E-Commerce
- Insurance Brokers
- Bancassurance
- Agencies
- Other Distribution Channels
Scope
This report provides a comprehensive analysis of the general insurance segment in India –
- It provides historical values for the India general insurance segment for the report’s review period and projected figures for the forecast period.
- It offers a detailed analysis of the key categories in India’s general insurance segment and market forecasts until 2027.
- It profiles the top general insurance companies in India and outlines the key regulations affecting them.
Key Highlights
• Key insights and dynamics of the Indian general insurance segment.
• A comprehensive overview of the Indian economy, government initiatives, and investment opportunities.
• The Indian insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• The Indian general insurance industry’s market structure giving details of lines of business.
• The Indian general reinsurance business’ market structure giving details of premium ceded along with cession rates.
• Distribution channels deployed by the Indian general insurers.
• Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the India general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in The India general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
- Gain insights into key regulations governing India’s general insurance industry, and their impact on companies and the industry’s future.
United India
National Insurance
The Oriental
ICICI Lombard
Bajaj Allianz
Agriculture Insurance Company of India
HDFC Ergo
Table of Contents
Frequently asked questions
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What was the India general insurance market gross written premium in 2022?
The gross written premium of the India general insurance market was INR2.7 trillion in 2022.
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What is India’s general insurance market growth rate?
The general insurance market in India is expected to achieve a CAGR of more than 8% during 2023-2027.
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Which LoB held the highest share of the India general insurance market?
In 2022, the general insurance PA&H line of business segment held the highest share in the India general insurance market.
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Which was the most preferred distribution channel in the India general insurance market?
Insurance brokers were the most preferred distribution channel in the India general insurance market.
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Which are the leading companies in the India general insurance industry?
The leading insurance companies in India’s general insurance industry are New India Assurance, ICICI Lombard, United India, Oriental, AIC, Bajaj Allianz General, HDFC ERGO, National Insurance, Star Health, and TATA AIG General among others.
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