India’s Leading BFSI and FinTech Companies 2023

India’s Leading BFSI and FinTech Companies 2023 | 27 [ INDIAN INSURANCE SECTOR OVERVIEW ] NON-LIFE INSURANCE In recent years, India’s non-life insurance industry is driven by the growing demand for associated sectors such as the automobile industry, and the heal thcare industry. India’s non-life insurance sector is ranked 14th in the world with a share of 0.8% in global non- life insurance market for 2021. The penetration and density of non-life insurance in India stood at 1% and 22 USD respectively for 2021. As of Mar’22, there were 31 non-life Net Premium earned - Total non-life sector split (%) Source: IRDAI Net Premium earned - Private sector split (%) Source: IRDAI insurance providers including stand-alone health insurers & reinsurers. Net premium earned by total non-life insurers (public & private) reported growth of 7.9% in FY22. The rise in net premium earned was largely driven by private sector which reported 15.5% rise in net premiumearned in FY22 as against five-year low of 0.9% by public sector non-life insurers. Amongs t segment s , mar i ne and health insurance segments reported 18.4% and 16.9% rise in net premium earned for FY22. The increased marine insurance premium amidst geo-political tensions and low base effect led to substantial rise in net premium earned, which remained at five- year high. Dun & Bradstreet