Market Share Of General Insurance Companies In India 2017
Sector wise market share upto november 2017 figure 1 with the number of private insurers rising in last one year market share of private sector has increased from 41 74 in november 2016 to almost 44 innovember2017.
Market share of general insurance companies in india 2017. In financial year 2019 private insurers overtook the public insurers in india s general insurance sector in terms of the market share with almost 48 percent compared to around 41 percent share. In life insurance segment private players had a market share of 31 3. The market share of private sector companies in the non life insurance market rose from 15 per cent in fy04 to 56 per cent in fy21 till april 2020. In 2018 there was a growth of 32 5 in the policy volumes when compared to 2017.
The first year premium collection of rs. In the life insurance sector private companies had a market share of 33 74 in fy 19 as of jan 19. Icici lombard continued to be the largest private sector general insurance company with a market share of 8 55 per cent bajaj allianz the second largest private sector general insurance company which underwrote a total premium of rs 11 059 crore reported an increase in market share from 6 27 per cent in 2017 18 to 6 53 per cent during. It offers products to cover risks associated with health motor home travel crop weather liability property marine and specialty lines.
General insurance in india indiastat helps you to find out comprehensive research data about state wise general insurance insurance agents miscellaneous insurance insurance penetration country wise growth statistics details figures. 1 34 551 68 crores is an all time high in the history of lic of india. The one and only public sector insurer in india life insurance corporation of india lic was able to register a growth of 13 46 rise in first year premium income in the financial year 2017 18. The overall market for insurance is expected to be 280 bn by 2020.
It is the biggest amongst the pvt sector general insurance companies in india with a market share of about 16 8. Overall insurance penetration premiums as per cent of gdp in india reached 3 69 per cent in 2017 from 2 71 per cent in 2001. In the non life insurance sector private companies had a market share of 54 68 in fy 19 as of jan 19. Gross premiums in india reached 94 48 bn in fy 18.
With 71 07 per cent share market share in fy17 lic continues to be the market leader followed by icici prudential. As of november 30 2017 new india assurance co ltd has the highest market share in the non life insurance market at 15 6 per cent followed by national insurance company 11 17 per cent united.
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