India’s Leading BFSI Companies 2020

XLV The above figure shows insurance penetration in developing countries for 2018. An increase of 2.1% in total real premium growth observed in 2018 over the previous year. This was mainly due to 7.1% growth in non-life segment. However, life insurance segment declined by 2% over the same period. Indian scenario Indian life insurance business grew by 7.7% and stood at USD 73.74 billion USD and Non-life insurance grew by 14.0% and stood at USD 26.1 billion. Indian life insurance business and non-life insurance businesses were ranked 10th and 15th respectively, out of 88 countries surveyed by Swiss Re. Indian Insurance market: Penetration and density 0.00 1.00 2.00 3.00 4.00 5.00 6.00 0.0 20.0 40.0 60.0 80.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 % USD Non-life Density (USD) Life Density (USD) Life Penetration (%) Non-life penetration (%) • Life insurance density remained stagnant in 2018 over a base of 18%of 2017. Non-life insurance density registered a growth of 6% in 2018 over a base 36% in 2017. Life insurers penetration however declined by 1% in 2018 over a base of 1% growth in 2017. Non-life insurers’ penetration increased by 4% in 2018 over a base of 21% in 2017. • At the end of March 2019, 70 insurers are operational in India; of which 24 are life insurers, 27 are general insurers, 7 are standalone health insurers and 12 are re-insurers including foreign re-insurers branches and Lloyd’s India. Life Insurance • Indian life insurance sector has grown by 10.8% in fiscal 2019 and stood at INR 5.08 trillion in fiscal 2019. Total premium in public sector (LIC) grew by 6.1%, whereas private sector witnessed a growth of 21.4% as compared to FY18; which was a result of single premium segment growing bywhopping 40%. Renewal premiums constitutes ~58% of overall life insurance premium income, whereas first year premium and single premium constitute 14% and 28% respectively. All sectors grew in a range of ~10- 11% compared to FY18. • LIC’s market share declined from 69.36% in FY18 to 66.42% in FY19 and private insurers gained market share from 30.64% in FY18 to 33.58% in FY19. Private insurers issued 72.44 lakh new policies which was 5.61% higher than FY18, and LIC issued 214.04 new policies, with a growth rate of mere 0.31%. 0 50 100 150 200 250 300 350 First year premium Single premium Renewal premium First year premium Single premium Renewal premium 2018 2019 ` '000 cr LIC Private sector Dun & Bradstreet