Factuary

Indian Insurance Market Data — FY20-21

In FY20-21, 25 general insurersand 5 standalone health insurers reported gross written premium data to IRDAI. General sector total was ₹1.79 lakh crore. Standalone health sector total was ₹15,755 crore. All data sourced from the IRDAI Annual Report for fiscal year 2020-21.

General Insurance — Gross Written Premium (FY20-21)

InsurerGWPMarket Share
New India Assurance₹31,573 crore17.6%
United India Insurance₹16,705 crore9.3%
National Insurance Company₹14,186 crore7.9%
ICICI Lombard General Insurance₹14,003 crore7.8%
Oriental Insurance Company₹12,747 crore7.1%
Bajaj Allianz General Insurance₹12,570 crore7.0%
HDFC ERGO General Insurance₹12,295 crore6.9%
Agriculture Insurance Company of India₹12,053 crore6.7%
IFFCO Tokio General Insurance₹8,411 crore4.7%
Reliance General Insurance₹8,310 crore4.6%
SBI General Insurance₹8,265 crore4.6%
Tata AIG General Insurance₹8,042 crore4.5%
Chola MS General Insurance₹4,388 crore2.4%
Universal Sompo General Insurance₹3,052 crore1.7%
Royal Sundaram General Insurance₹2,822 crore1.6%
Digit General Insurance₹2,418 crore1.3%
Shriram General Insurance₹2,139 crore1.2%
Liberty General Insurance₹1,446 crore0.8%
Magma General Insurance₹1,284 crore0.7%
ECGC₹1,062 crore0.6%
Zurich Kotak General Insurance₹544 crore0.3%
Acko General Insurance₹422 crore0.2%
Raheja QBE General Insurance₹272 crore0.2%
Zuno General Insurance₹219 crore0.1%
Navi General Insurance₹104 crore0.1%
Total (25 insurers)₹1.79 lakh crore100%

Standalone Health Insurance — Gross Written Premium (FY20-21)

InsurerGWPMarket Share
Star Health Insurance₹9,389 crore59.6%
Care Health Insurance₹2,560 crore16.2%
Niva Bupa Health Insurance₹1,751 crore11.1%
Aditya Birla Health Insurance₹1,301 crore8.3%
ManipalCigna Health Insurance₹755 crore4.8%
Total (5 insurers)₹15,755 crore100%

Incurred Claim Ratio — General & Health Insurers (FY20-21)

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

InsurerTypeICR
Liberty General Insurancegeneral63.47%
Navi General Insurancegeneral63.71%
Zurich Kotak General Insurancegeneral66.99%
Bajaj Allianz General Insurancegeneral68.45%
ICICI Lombard General Insurancegeneral68.61%
Tata AIG General Insurancegeneral68.67%
Chola MS General Insurancegeneral72.44%
Digit General Insurancegeneral74.03%
SBI General Insurancegeneral74.11%
HDFC ERGO General Insurancegeneral75.75%
Shriram General Insurancegeneral78.54%
Reliance General Insurancegeneral79.58%
Magma General Insurancegeneral79.64%
Royal Sundaram General Insurancegeneral80.40%
New India Assurancegeneral84.19%
IFFCO Tokio General Insurancegeneral85.10%
Acko General Insurancegeneral85.76%
National Insurance Companygeneral86.23%
Raheja QBE General Insurancegeneral86.98%
United India Insurancegeneral88.45%
Universal Sompo General Insurancegeneral90.44%
Agriculture Insurance Company of Indiageneral92.38%
Oriental Insurance Companygeneral95.33%
Zuno General Insurancegeneral102.01%
ECGCgeneral106.92%
Aditya Birla Health Insurancehealth49.99%
Care Health Insurancehealth55.15%
Niva Bupa Health Insurancehealth56.09%
ManipalCigna Health Insurancehealth61.13%
Star Health Insurancehealth94.44%

Other Financial Years

Source: IRDAI Annual Report 2020-21. 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 2021.