From 01.02.2021, we are starting a series on the Insurance sector in India. Every week we will cover something new to understand this market. This week, we are giving information regarding total premium growth of various Life and General Insurance companies in India in the last one decade.
There are two types of Insurance i.e. General and Life Insurance.
A) General Insurance
At present, in India, we have 34 General Insurance companies that are giving insurance services popularly in the field of Fire, Marine, Health, and Motors. A very important term used in the Insurance industry to gauze performance is Gross Written Premium. It means the total premium insurance companies are getting from customers for providing the insurance.
Total Gross Premium as on 31.03.2009 = 30,000 Crores
Total Gross Premium as on 31.03.2019 = 1,70,000 Crores.
Total Gross Premium as on 31.03.2020 = 1,89,000 Crores
This shows that the General Insurance Industry has grown at ~12% in the last 1 year and at almost 18% CAGR in the last decade.
B) Life Insurance (Term Insurance, Whole Life Insurance, Endowment, Moneyback and ULIP)
At present, in India, we have 24 Life Insurance companies.
Total Gross Premium as of 31.03.2009 = 88000 Crores
Total Gross Premium as of 31.03.2019 = 4300000 Crores.
Total Gross Premium as of 31.03.2020 = 4800000 Crores
This shows that the Life Insurance Industry has grown at ~12% in the last 1 year and a staggering 43% CAGR in the last one decade.
Let us see top 5 insurance companies in India in terms of Premium as on 31.12.2020.
Top Life Insurance Companies in India?
1. Life Insurance Company or LIC
2. SBI Life Insurance
3. HDFC Life Insurance
4. ICICI Prudential
5. Max Life
Top General Insurance Companies in India?
1. New India Assurance
2. United India Insurance Company
3.The Oriental Insurance Company
4. ICICI General Insurance
5. Bajaj Insurance