Trade Analytics
Insurance
The total market size of the insurance sector in India is projected to touch US$ 350-400 billion by 2020.

Insurance Industry Market Growth in India – Infographic

Latest update: December, 2016

LIC Continues to Dominate Life Insurance Segment

  • As of 2016, life insurance sector has 29 private players in comparison to only four in FY02
  • With 70.4 per cent share market share in FY16, LIC continues to be the market leader, followed by SBI (5.1 per cent), ICICI (4.9 per cent) and HDFC (4.1 per cent)

Life Insurance Market Appears Vibrant

  • The life insurance market grew from US$ 10.5 billion in FY02 to US$ 27.5 billion in FY16
  • Over FY02–FY16, life insurance premiums expanded at a CAGR of 7.5 per cent.
  • The life insurance industry has the potential to grow 2-2.5 times by 2020 in spite of multiple challenges supported by long-term trends and fundamentals underlying household savings.

 

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