17,000 crore (US$ 2.05 billion), respectively.Īccording to the latest data released by the insurance regulator – the Insurance Regulatory and Development Authority of India - LIC improved its market share by 67.72% as of October, a gain of 447 basis points (bps). 29,600 crore (US$ 3.58 billion) premium in FY 2023 while HDFC Life and ICICI Prudential Life received Rs. The instability of the covid-19 pandemic highlighted the necessity for consumers to invest in products that would increase financial security, one of them being life insurance.Īmong the private players, SBI Life, HDFC Life and ICICI Prudential Life led the industry in premium collection. Today, rapid digitization, product innovation and progressive regulation policies have made it possible for consumers to buy insurance through multiple distribution channels with the click of a button. Insurance Industry was largely dominated by offline channels like corporate agents, offline brokers or banks. The growth of the insurance market is being supported by important government initiatives, strong democratic factors, conducive regulatory environment, increased partnerships, product innovations, and vibrant distribution channels. The Insurance Regulatory and Development Authority India (IRDA) is vigilant and progressive and is determined to achieve its mission of ‘Insurance for all by 2047’, with aggressive plans to address the industry’s challenges. These developments have opened new avenues of growth for the industry while ensuring that insurers stay relevant with changing times and the latest digital disruptions. The insurance industry has undergone numerous transformations in terms of new developments, modified regulations, proposals for amendments and growth in 2022. Other stakeholders in the Indian Insurance market include agents (individual and corporate), brokers, surveyors and third-party administrators servicing health insurance claims. In addition to these, there is a sole national re-insurer, namely General Insurance Corporation of India (GIC Re). There are six public sector insurers in the non-life insurance segment. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. The insurance industry of India has 57 insurance companies - 24 are in the life insurance business, while 34 are non-life insurers. Foreign Direct Investment (FDI) in the industry under the automatic method is allowed up to 26% and licensing of the industry is monitored by the insurance regulator the Insurance Regulatory and Development Authority of India (IRDAI). In recent years the industry has been experiencing fierce competition among its peers which has led to new and innovative products within the industry. India is the fifth largest life insurance market in the world's emerging insurance markets, growing at a rate of 32-34% each year. This upward growth of the insurance industry can be attributed to growing incomes and increasing awareness in the industry. India’s Insurance industry is one of the premium sectors experiencing upward growth.
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