Overview of General Insurance Companies in India

General Insurance business in India comprises of 27 general insurance companies presently offering non-life insurance products like Health Insurance, Motor Insurance, Home Insurance, Travel insurance, Fire Insurance, etc. Out of the total General insurers, 4 are public insurance companies, 6 standalone Health Insurers, 15 mainstream private general insurance companies and remaining 2 specialized insurers focusing on Export Credit and Agriculture Insurance specifically. General Insurance industry is a major contributor to the country’s economy.

The total paid-up capital of general insurance companies and reinsurers as on 31st March, 2017 was Rs 14,246 crore. During 2017-18, the general insurers, including re-insurers infused Rs 3,295 crore to their equity capital base. The total paid up capital of general, standalone health and reinsurers as on 31st March, 2018 is Rs 17541 crore. For the year 2017-18, the total net profit of non-life insurance industry was Rs 6908.80 crore.

During this financial year, the general insurance business registered a growth rate of premium income in India (inflation adjusted) increased by 16.7%. India’s share in global non-life insurance market stood at 1.11% for Financial Year 2017-18. For the year 2017, the non-life insurance penetration was 0.93% and the non-life insurance density was USD 18.

The general insurance sector witnesses a premium growth rate of 17.59% for the financial year 2017-18 by underwriting total premium at Rs 150,662 crore in India. The Motor business continued to be the largest insurance segment with a share of 39.32% with premium underwritten is Rs 59,246.11 crore. Health segment has also seen a rise with a total share of Rs 41,981 crore, having a market share of 27.86%. During 2017-18, public sector non-life insurers issued 803.12 lakh new policies, private sector insurers issued 787.13 lakh policies, & specialized insurers issued 117.46 lakh new policies.

Source: IRDAI Annual Report 2017-18