General and Health Insurance Products
Introduction
The insurance industry of India has 57 insurance companies 24 are in the life insurance business, while 34 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. There are six public sector insurers in the non-life insurance segment. In addition to these, there is a sole national re-insurer, namely General Insurance Corporation of India (GIC Re). Other stakeholders in the Indian Insurance market include agents (individual and corporate), brokers, surveyors and third-party administrators servicing health insurance claims.
Market Size
In India, the overall market size of the insurance sector is expected to US$ 280 billion in 2020.
The life insurance industry is expected to increase at a CAGR of 5.3% between 2019 and 2023. India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%. In terms of insurance density, India’s overall density stood at US$ 78 in FY21.
In the first half of FY22, the life insurance industry recorded growth rate of 5.8% compared with 0.8% in the same period last year
In September 2021, new premiums of life insurers registered 22.2% growth in September 2021, up from 2.9% in September 2020.
Between April 2021 and September 2021, gross premiums written off by non-life insurers reached Rs. 108,705.3 crore (US$ 14.47 billion), an increase of 12.8% over the same period in FY21. In October 2021, total premium earned by the non-life insurance segment stood at Rs. 17,679.98 crore (US$ 2.38 billion), as compared to the Rs. 15,906.71 crore (US$ 2.14 billion) recorded in October 2020.
The market share of private sector companies in the general and health insurance market increased from 47.97% in FY19 to 48.03% in FY20. In the life insurance segment, private players held a market share of 33.78% in premium underwritten services in FY20.
In FY22*, premiums from new businesses of life insurance companies in India stood at US$ 20.7 billion and renewable premium stood at US$ 53.7 billion.
Road Ahead
The future looks promising for the life insurance industry with several changes in regulatory framework which will lead to further change in the way the industry conducts its business and engages with its customers.
The overall insurance industry is expected to reach US$ 280 billion by the end of 2020. Life insurance industry in the country is expected to increase by 14-15% annually for the next three to five years.
The scope of IoT in Indian insurance market continues to go beyond telematics and customer risk assessment. Currently, there are 110+ InsurTech start-ups operating in India.
Demographic factors such as growing middle class, young insurable population and growing awareness of the need for protection and retirement planning will support the growth of Indian life insurance.
Fundupay General and Health Insurance Products.
We, at Fundupay have tie ups with industry’s renowned insurers who are offering us best of industry products in General and Health Insurance products.
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- Vehicle Insurance with unique features
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We are working on these structures of policy and will be available in market with banks and other agency partners in short time.
