India’s Leading BFSI and FinTech Companies 2023

24 | India’s Leading BFSI and FinTech Companies 2023 I ndian insurance sector plays a major role in the Indian financial services by meeting range of customer needs as wel l as channelising household savings to the financial market. As per Swiss Re data, India ranks 10th in the global insurance business with a market share of 1.85% in 2021, a slight improvement from 1.78% in 2020. Total insurance premium in India has also shown a robust growth of 13.5% in FY22 as compared to global insurance premium growth of 9% in 2021. INDIAN INSURANCE SECTOR OVERVIEW Whi le the total premium has shown improvement, insurance penetration for India has remained constant at 4.2% in FY22. Insurance penetration in India is significantly lower than developed markets of US, EMEA and Asia Pacific, which points huge scope for further development of insurance sector in the country. Insurance density which represents per capita premium though has shown consistent improvement for India, however, remains low at 91 USD in 2021 as against a global average of close to 900 USD. LIFE INSURANCE SECTOR India is ranked 9th in life insurance business globally for 2021 with a share of 3.2% in global life insurance market. As per Swiss Re data, India’s life insurance penetration and density stood at 3.2% and 69 USD in 2021. As of Mar’22, there are 24 life insurance companies in India with total assets under management (AUM) of INR 49.5 trillion. Dun & Bradstreet