Summary
Non-Life Insurance in India industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- The non-life insurance market consists of the general insurance market segmented into motor, property, liability and other insurance. The other segment is made up of non-life insurance products including health, travel, and accident cover among others. The value of the non-life insurance market is shown in terms of gross premium incomes. Gross premium income is defined as the insurer’s premium income for the year from its policies, calculated without reduction for reinsurance premiums paid or payable by the insurer.
- The Indian non-life insurance market had total gross written premiums of $32.4 million in 2022, representing a compound annual growth rate (CAGR) of 8.5% between 2017 and 2022.
- The Motor segment accounted for market's the largest proportion in 2022, with total gross written premiums of $11.5 million, equivalent to 35.5% of the market's overall value.
- The performance of the market is forecast to decelerate, with an anticipated CAGR of 6.4% for the five-year period 2022 - 2027, which is expected to drive the market to a value of $44.1million by the end of 2027.India’s insurance penetration was pegged at 4.2% in 2021, with life insurance penetration at 3.2% and non-life insurance penetration at 1%. In 2021, the Union Cabinet approved an investment of $804.71 million into entities, offering export insurance cover to facilitate additional exports worth $75.11 billion over the next five years. Along with these various other initiatives have been taken by the government which can drive the market.
Scope
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in India
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in India
- Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the India non-life insurance market with five year forecasts by both value and volume
Reasons to Buy
- What was the size of the India non-life insurance market by value in 2022?
- What will be the size of the India non-life insurance market in 2027?
- What factors are affecting the strength of competition in the India non-life insurance market?
- How has the market performed over the last five years?
- Who are the top competitors in India's non-life insurance market?
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Table of Contents
1 Executive Summary
1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive landscape
2 Market Overview
2.1. Market definition
2.2. Market analysis
3 Market Data
3.1. Market value
4 Market Segmentation
4.1. Category segmentation
4.2. Geography segmentation
5 Market Outlook
5.1. Market value forecast
6 Five Forces Analysis
6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry
7 Competitive Landscape
7.1. Market share
7.2. Who are the leading players?
7.3. What strategies do leading players follow?
7.4. Are there any companies currently posing a threat to leading players?
7.5. What has been the rationale behind recent M&A activity?
7.6. How has the COVID-19 outbreak impacted the market?
8 Company Profiles
8.1. ICICI Lombard General Insurance Co Ltd
8.2. National Insurance Company Ltd
8.3. The New India Assurance Co Ltd
8.4. United India Insurance Co Ltd
9 Macroeconomic Indicators
9.1. Country data
10 Appendix
10.1. Methodology
10.2. Industry associations
10.3. Related MarketLine research
10.4. About MarketLine
List of Tables
Table 1: India non-life insurance market value: $ billion, 2017-22(e)
Table 2: India non–life insurance market category segmentation: % share, by value, 2017–2022(e)
Table 3: India non-life insurance market category segmentation: $ billion, 2017-2022
Table 4: India non–life insurance market geography segmentation: $ billion, 2022(e)
Table 5: India non-life insurance market value forecast: $ billion, 2022-27
Table 6: India non-life insurance market share: % share, by value, 2022(e)
Table 7: ICICI Lombard General Insurance Co Ltd: key facts
Table 8: ICICI Lombard General Insurance Co Ltd: Annual Financial Ratios
Table 9: ICICI Lombard General Insurance Co Ltd: Key Employees
Table 10: National Insurance Company Ltd: key facts
Table 11: National Insurance Company Ltd: Key Employees
Table 12: The New India Assurance Co Ltd: key facts
Table 13: The New India Assurance Co Ltd: Annual Financial Ratios
Table 14: The New India Assurance Co Ltd: Key Employees
Table 15: The New India Assurance Co Ltd: Key Employees Continued
Table 16: United India Insurance Co Ltd: key facts
Table 17: United India Insurance Co Ltd: Key Employees
Table 18: United India Insurance Co Ltd: Key Employees Continued
Table 19: India size of population (million), 2018–22
Table 20: India gdp (constant 2005 prices, $ billion), 2018–22
Table 21: India gdp (current prices, $ billion), 2018–22
Table 22: India inflation, 2018–22
Table 23: India consumer price index (absolute), 2018–22
Table 24: India exchange rate, 2017–21
List of Figures
Figure 1: India non-life insurance market value: $ billion, 2017-22(e)
Figure 2: India non-life insurance market category segmentation: $ billion, 2017-2022
Figure 3: India non–life insurance market geography segmentation: % share, by value, 2022(e)
Figure 4: India non-life insurance market value forecast: $ billion, 2022-27
Figure 5: Forces driving competition in the non-life insurance market in India, 2022
Figure 6: Drivers of buyer power in the non-life insurance market in India, 2022
Figure 7: Drivers of supplier power in the non-life insurance market in India, 2022
Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in India, 2022
Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in India, 2022
Figure 10: Drivers of degree of rivalry in the non-life insurance market in India, 2022
Figure 11: India non-life insurance market share: % share, by value, 2022(e)
