Factuary

Indian Insurance Market Data — FY21-22

In FY21-22, 25 general insurersand 5 standalone health insurers reported gross written premium data to IRDAI. General sector total was ₹1.99 lakh crore. Standalone health sector total was ₹20,867 crore. All data sourced from the IRDAI Annual Report for fiscal year 2021-22.

General Insurance — Gross Written Premium (FY21-22)

InsurerGWPMarket Share
New India Assurance₹35,516 crore17.8%
ICICI Lombard General Insurance₹17,977 crore9.0%
United India Insurance₹15,722 crore7.9%
Oriental Insurance Company₹14,020 crore7.0%
Agriculture Insurance Company of India₹13,940 crore7.0%
Bajaj Allianz General Insurance₹13,689 crore6.9%
HDFC ERGO General Insurance₹13,498 crore6.8%
National Insurance Company₹13,077 crore6.6%
Tata AIG General Insurance₹10,025 crore5.0%
Reliance General Insurance₹9,409 crore4.7%
SBI General Insurance₹9,166 crore4.6%
IFFCO Tokio General Insurance₹8,453 crore4.2%
Chola MS General Insurance₹4,824 crore2.4%
Digit General Insurance₹4,674 crore2.3%
Universal Sompo General Insurance₹3,456 crore1.7%
Royal Sundaram General Insurance₹2,867 crore1.4%
Magma General Insurance₹1,757 crore0.9%
Shriram General Insurance₹1,753 crore0.9%
Liberty General Insurance₹1,506 crore0.8%
ECGC₹1,107 crore0.6%
Acko General Insurance₹988 crore0.5%
Zurich Kotak General Insurance₹742 crore0.4%
Raheja QBE General Insurance₹376 crore0.2%
Zuno General Insurance₹349 crore0.2%
Navi General Insurance₹107 crore0.1%
Total (25 insurers)₹1.99 lakh crore100%

Standalone Health Insurance — Gross Written Premium (FY21-22)

InsurerGWPMarket Share
Star Health Insurance₹11,463 crore54.9%
Care Health Insurance₹3,881 crore18.6%
Niva Bupa Health Insurance₹2,810 crore13.5%
Aditya Birla Health Insurance₹1,727 crore8.3%
ManipalCigna Health Insurance₹986 crore4.7%
Total (5 insurers)₹20,867 crore100%

Incurred Claim Ratio — General & Health Insurers (FY21-22)

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

InsurerTypeICR
ECGCgeneral61.92%
Generali Central Insurance (formerly Future Generali)general62.00%
Navi General Insurancegeneral66.29%
Liberty General Insurancegeneral66.74%
Chola MS General Insurancegeneral67.06%
Magma General Insurancegeneral68.65%
Shriram General Insurancegeneral72.35%
Bajaj Allianz General Insurancegeneral72.96%
Digit General Insurancegeneral74.02%
Tata AIG General Insurancegeneral75.01%
ICICI Lombard General Insurancegeneral75.06%
Zurich Kotak General Insurancegeneral77.01%
Reliance General Insurancegeneral77.53%
Universal Sompo General Insurancegeneral77.77%
Acko General Insurancegeneral80.61%
Raheja QBE General Insurancegeneral81.21%
HDFC ERGO General Insurancegeneral84.04%
Royal Sundaram General Insurancegeneral84.21%
SBI General Insurancegeneral86.31%
IFFCO Tokio General Insurancegeneral94.69%
Agriculture Insurance Company of Indiageneral96.41%
Zuno General Insurancegeneral96.71%
United India Insurancegeneral98.57%
New India Assurancegeneral101.23%
National Insurance Companygeneral104.05%
Oriental Insurance Companygeneral109.68%
Niva Bupa Health Insurancehealth62.12%
Care Health Insurancehealth65.07%
Aditya Birla Health Insurancehealth69.56%
ManipalCigna Health Insurancehealth76.17%
Star Health Insurancehealth87.06%

Other Financial Years

Source: IRDAI Annual Report 2021-22. 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 2022.