INDIAN INSURANCE INDUSTRY AT A GLANCE IN 2022 - 2023 India is the second-largest insurance technology market in the Asia-Pacific region, and accounts for 35% of the US$ 3.66 billion insurance -focused venture investments. India is the ninth-largest life insurance market globally. India’s Insurance industry is one of the main sectors experiencing rapid growth in recent times. This upward growth of the insurance industry can be attributed to growing incomes and increasing awareness among the populace. India’s life insurance market in the world is growing at a rate of 32-34% each year.
India has 57 insurance companies out of which 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.
Market sizeLife insurance industry in India raked in 18% more premiums in FY23 compared to the year before. Life insurers collected Rs. 3.71 lakh crore (US$ 44.85 billion) as the first-year premium in FY23 as against Rs. 3.14 lakh crore (US$ 37.96 billion) in FY22.
Life insurance Corporation of India received close to Rs. 2.31 lakh crore (US$ 27.93 billion) as premium in FY23 compared to Rs. 1.99 lakh crore (US$ 24.06 billion) in FY22.
Among the private players, SBI Life, HDFC Life and ICICI Prudential Life led the industry in premium collection. SBI Life collected Rs. 29,600 crore (US$ 3.58 billion) premium in FY 2023 while HDFC Life and ICICI Prudential Life received Rs. 28,900 crore (US$ 3.49 billion) and Rs. 17,000 crore (US$ 2.05 billion), respectively.
Future ProspectsThe Indian Insurance market is expected to reach US$ 200 billion by 2027. As per the Insurance Regulatory and Development Authority of India (IRDAI), India will be the sixth-largest insurance market within a decade, following Germany, Canada, Italy and South Korea. Premiums from India’s life insurance industry is expected to reach Rs. 24 lakh crore (US$ 317.98 billion) by FY31.
