Factuary

Indian Insurance Market Data — FY19-20

In FY19-20, 25 general insurersand 5 standalone health insurers reported gross written premium data to IRDAI. General sector total was ₹1.71 lakh crore. Standalone health sector total was ₹11,945 crore. All data sourced from the IRDAI Annual Report for fiscal year 2019-20.

General Insurance — Gross Written Premium (FY19-20)

InsurerGWPMarket Share
New India Assurance₹29,715 crore17.4%
United India Insurance₹17,515 crore10.2%
National Insurance Company₹15,313 crore8.9%
Oriental Insurance Company₹13,996 crore8.2%
ICICI Lombard General Insurance₹13,313 crore7.8%
Bajaj Allianz General Insurance₹12,780 crore7.5%
Agriculture Insurance Company of India₹9,361 crore5.5%
HDFC ERGO General Insurance₹9,308 crore5.4%
IFFCO Tokio General Insurance₹7,961 crore4.7%
Reliance General Insurance₹7,465 crore4.4%
Tata AIG General Insurance₹7,385 crore4.3%
SBI General Insurance₹6,797 crore4.0%
Chola MS General Insurance₹4,398 crore2.6%
Royal Sundaram General Insurance₹3,667 crore2.1%
Universal Sompo General Insurance₹2,859 crore1.7%
Shriram General Insurance₹2,466 crore1.4%
Digit General Insurance₹1,768 crore1.0%
Liberty General Insurance₹1,531 crore0.9%
Magma General Insurance₹1,225 crore0.7%
ECGC₹1,075 crore0.6%
Zurich Kotak General Insurance₹433 crore0.3%
Acko General Insurance₹373 crore0.2%
Raheja QBE General Insurance₹158 crore0.1%
Navi General Insurance₹158 crore0.1%
Zuno General Insurance₹146 crore0.1%
Total (25 insurers)₹1.71 lakh crore100%

Standalone Health Insurance — Gross Written Premium (FY19-20)

InsurerGWPMarket Share
Star Health Insurance₹6,865 crore57.5%
Care Health Insurance₹2,389 crore20.0%
Niva Bupa Health Insurance₹1,243 crore10.4%
Aditya Birla Health Insurance₹872 crore7.3%
ManipalCigna Health Insurance₹576 crore4.8%
Total (5 insurers)₹11,945 crore100%

Incurred Claim Ratio — General & Health Insurers (FY19-20)

ICR = net claims incurred ÷ net premiums earned. Sorted lowest first within each type.

InsurerTypeICR
Acko General Insurancegeneral60.33%
Shriram General Insurancegeneral65.04%
Navi General Insurancegeneral66.52%
Zurich Kotak General Insurancegeneral68.80%
Bajaj Allianz General Insurancegeneral70.74%
SBI General Insurancegeneral71.12%
Liberty General Insurancegeneral72.42%
ICICI Lombard General Insurancegeneral72.86%
Universal Sompo General Insurancegeneral73.41%
Chola MS General Insurancegeneral74.99%
Digit General Insurancegeneral75.00%
Raheja QBE General Insurancegeneral75.19%
HDFC ERGO General Insurancegeneral77.20%
Tata AIG General Insurancegeneral77.44%
Reliance General Insurancegeneral83.65%
Magma General Insurancegeneral84.35%
Royal Sundaram General Insurancegeneral85.03%
IFFCO Tokio General Insurancegeneral88.61%
New India Assurancegeneral91.43%
United India Insurancegeneral101.46%
Oriental Insurance Companygeneral102.34%
National Insurance Companygeneral105.86%
Zuno General Insurancegeneral114.70%
ECGCgeneral115.34%
Agriculture Insurance Company of Indiageneral115.42%
Aditya Birla Health Insurancehealth49.08%
Niva Bupa Health Insurancehealth53.51%
Care Health Insurancehealth59.13%
ManipalCigna Health Insurancehealth61.64%
Star Health Insurancehealth65.91%

Other Financial Years

Source: IRDAI Annual Report 2019-20. GWP data from IRDAI Statement 3 (life) and Statement 7/10 (general/health). ICR from IRDAI NL-20 quarterly disclosures for the annual period ending March 2020.