India Life and Non Life Insurance Market Size & Share | 2031
India Life and Non Life Insurance Market Size & Share | 2031
Segments - India Life and Non-life Insurance Market by Insurance Types (Life Insurance and Non-life Insurance), Distribution Channels (Brokers, Banks, Direct, and Others), and Country - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :BFSI-3984
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Report Description
India Life and Non Life Insurance Market Outlook
The India Life and Non-life Insurance Market size was valued at XX Billion in 2022 and is likely to reach USD XX Billion by 2031 expanding at a CAGR of 3.23% during 2023 – 2031. The growth of the market is attributed to the growing formation of innovative insurance services that address a variety of risks linked with the current situation in the country.
Life insurance can be described as a contract between an insurance company and policy holder (insured) that the former promises to pay a beneficiary amount on the demise of the later.
Under the contract, a specified sum of money is liable to pay by the company to the family or beneficiary as mentioned in the contract upon the death of the policy holder. However, non-life insurance is a type of insurance that compensates the insured for financial losses caused by unprecedented events or accidents such as accidental fire.
General insurance, property insurance, and casualty insurance are major terms that come under the category of non-life insurance. Any sort of insurance that is not included in life insurance can be classified as non-life insurance. Non-life insurance policies cover a person's finances in the case of a health crisis or asset loss whereas life insurance is related to providing beneficiary amount to the family in the case of the policyholder's death.
According to Insurance Regulatory and Development Authority of India, in life insurance business India ranked tenth in the world. India's stake in global life insurance market was 2.73 % during 2019, which was increased by 9.63 % than previous year. In non-life insurance business, India ranked 15th in the world. During 2019, India's stake in global non-life insurance market was 0.79 %, which was increased by 7.98 % than previous year.
The COVID-19 pandemic outbreak had considerably impacted the India life and non-life insurance market. During the pandemic, the percentage of newly issued policies declined due to low purchasing power of consumers. However, adoption of life insurance policies increased during the pandemic because of rising consumer awareness about benefits offered by the life insurance policy.
India Life and Non Life Insurance Market Trends, Drivers, Restraints, and Opportunities
- Increasing regulatory policies along with better management of insurance policy claims is one of the key factor driving the market.
- Rising rate of working class population in the country is projected to boost the market during the forecast period.
- Surging number of frauds in insurance sector acts as a major challenge that can restrict the market growth in the coming years.
- Lack of awareness about insurance policies in ruler area of the country is expected to hamper the market growth during the projected timeline.
- Escalating technological advancement in the insurance sector such as digitalization is anticipated to create significant growth opportunities for the market.
Scope of India Life and Non Life Insurance Market Report
The report on the India life and non-life insurance market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Life and Non-life Insurance Market - India Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Insurance Types (Life Insurance and Non-life Insurance) and Distribution Channels (Brokers, Banks, Direct, and Others) |
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Country |
India |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
General Insurance Corp. of India; ICICI Prudential Life Insurance Co. Ltd.; Life Insurance Corp. of India; HDFC Life Insurance Co. Ltd.; and SBI Life Insurance Co. Ltd. |
India Life and Non Life Insurance Market Segment Insights
Rising consumer awareness drives the life insurance segment
On the basis of insurance types, the India life and non-life insurance market is bifurcated into life insurance and non-life insurance. The life insurance segment is projected to register a significant growth during the projected period owing to the rising consumer awareness regarding the importance and benefits of life insurance policy. However, the non-life insurance segment is anticipated to expand at a substantial growth rate in the coming years attributed to the surging number of policy holders for their assets, such as car, home, and others.
Banks segment to grow at high CAGR
In terms of distribution channels, the market is segregated into brokers, banks, direct, and others. The banks segment is estimated to expand at high CAGR during the forecast period owing to the increased penetration of internet banking and applications across the country.
On the other hand, the broker segment is anticipated to register significant growth during the projected period attributed to the rising number of insurance policies purchase with the broker assistance. Additionally, the broker assist the consumer during the entire process of policy purchasing as well as gives insights to the consumer about insurance policy, which is a major driver of the segment.
Segments
The India life and non-life insurance market has been segmented on the basis of
Insurance Types
- Life Insurance
- Non-life Insurance
Distribution Channels
- Brokers
- Banks
- Direct
- Others
Country
- India
Key Players
- General Insurance Corp. of India
- ICICI Prudential Life Insurance Co. Ltd.
- Life Insurance Corp. of India
- HDFC Life Insurance Co. Ltd.
- SBI Life Insurance Co. Ltd.
Competitive Landscape
Key players competing in the India life and non-life insurance market are General Insurance Corp. of India; ICICI Prudential Life Insurance Co. Ltd.; Life Insurance Corp. of India; HDFC Life Insurance Co. Ltd.; and SBI Life Insurance Co. Ltd. Companies are focusing on adapting technology in their insurance sector to maintain their competitive position in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquire new buyers.
For instance, in November 2021, ICICI Lombard General Insurance Company Limited collaborated with Vega Helmet Corp. to deliver a personal accidental policy on every online purchase of Vega Helmet. This initiative was taken to inculcate the habit of protection and increase road safety awareness. In August 2021, PhonePe announced that it has received primary approval from Insurance Regulatory and Development Authority of India to act as agent or broker for general and life insurance products. As an effect of the approval, PhonePe can now offer insurance advice to its 300+ million consumers.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Life and Non-life Insurance Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Life and Non-life Insurance Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Life and Non-life Insurance Market - Supply Chain
4.5. Global Life and Non-life Insurance Market Forecast
4.5.1. Life and Non-life Insurance Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Life and Non-life Insurance Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Life and Non-life Insurance Market Absolute $ Opportunity
5. Global Life and Non-life Insurance Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Life and Non-life Insurance Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Life and Non-life Insurance Demand Share Forecast, 2019-2026
6. North America Life and Non-life Insurance Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Life and Non-life Insurance Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Life and Non-life Insurance Demand Share Forecast, 2019-2026
7. Latin America Life and Non-life Insurance Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Life and Non-life Insurance Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Life and Non-life Insurance Demand Share Forecast, 2019-2026
8. Europe Life and Non-life Insurance Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe Life and Non-life Insurance Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Life and Non-life Insurance Demand Share Forecast, 2019-2026
9. Asia Pacific Life and Non-life Insurance Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Life and Non-life Insurance Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Life and Non-life Insurance Demand Share Forecast, 2019-2026
10. Middle East & Africa Life and Non-life Insurance Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Life and Non-life Insurance Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Life and Non-life Insurance Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Life and Non-life Insurance Market: Market Share Analysis
11.2. Life and Non-life Insurance Distributors and Customers
11.3. Life and Non-life Insurance Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. General Insurance Corp. of India
11.4.2. ICICI Prudential Life Insurance Co. Ltd.
11.4.3. Life Insurance Corp. of India
11.4.4. HDFC Life Insurance Co. Ltd.
11.4.5. SBI Life Insurance Co. Ltd.
Methodology
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