Factuary

Indian Insurance Market Data — FY22-23

In FY22-23, 25 general insurersand 5 standalone health insurers reported gross written premium data to IRDAI. General sector total was ₹2.30 lakh crore. Standalone health sector total was ₹26,244 crore. All data sourced from the IRDAI Annual Report for fiscal year 2022-23.

General Insurance — Gross Written Premium (FY22-23)

InsurerGWPMarket Share
New India Assurance₹37,482 crore16.3%
ICICI Lombard General Insurance₹21,025 crore9.2%
United India Insurance₹17,644 crore7.7%
HDFC ERGO General Insurance₹16,636 crore7.2%
Oriental Insurance Company₹15,993 crore7.0%
Bajaj Allianz General Insurance₹15,337 crore6.7%
National Insurance Company₹15,206 crore6.6%
Agriculture Insurance Company of India₹14,620 crore6.4%
Tata AIG General Insurance₹13,176 crore5.7%
SBI General Insurance₹10,828 crore4.7%
Reliance General Insurance₹10,339 crore4.5%
IFFCO Tokio General Insurance₹9,871 crore4.3%
Digit General Insurance₹6,160 crore2.7%
Chola MS General Insurance₹6,156 crore2.7%
Universal Sompo General Insurance₹4,103 crore1.8%
Royal Sundaram General Insurance₹3,380 crore1.5%
Magma General Insurance₹2,534 crore1.1%
Shriram General Insurance₹2,266 crore1.0%
Liberty General Insurance₹1,957 crore0.9%
Acko General Insurance₹1,509 crore0.7%
ECGC₹1,198 crore0.5%
Zurich Kotak General Insurance₹1,134 crore0.5%
Zuno General Insurance₹534 crore0.2%
Raheja QBE General Insurance₹380 crore0.2%
Navi General Insurance₹71 crore0.0%
Total (25 insurers)₹2.30 lakh crore100%

Standalone Health Insurance — Gross Written Premium (FY22-23)

InsurerGWPMarket Share
Star Health Insurance₹12,952 crore49.4%
Care Health Insurance₹5,142 crore19.6%
Niva Bupa Health Insurance₹4,073 crore15.5%
Aditya Birla Health Insurance₹2,717 crore10.4%
ManipalCigna Health Insurance₹1,360 crore5.2%
Total (5 insurers)₹26,244 crore100%

Incurred Claim Ratio — General & Health Insurers (FY22-23)

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

InsurerTypeICR
ECGCgeneral-74.70%
Generali Central Insurance (formerly Future Generali)general61.00%
Digit General Insurancegeneral67.23%
Shriram General Insurancegeneral68.33%
Zurich Kotak General Insurancegeneral69.50%
Chola MS General Insurancegeneral70.82%
Liberty General Insurancegeneral72.30%
Magma General Insurancegeneral72.62%
Tata AIG General Insurancegeneral73.60%
Bajaj Allianz General Insurancegeneral74.53%
Royal Sundaram General Insurancegeneral76.99%
Reliance General Insurancegeneral77.20%
Universal Sompo General Insurancegeneral78.18%
Raheja QBE General Insurancegeneral78.48%
SBI General Insurancegeneral78.73%
HDFC ERGO General Insurancegeneral79.94%
Acko General Insurancegeneral80.08%
ICICI Lombard General Insurancegeneral80.79%
Zuno General Insurancegeneral82.21%
Agriculture Insurance Company of Indiageneral86.59%
IFFCO Tokio General Insurancegeneral92.66%
United India Insurancegeneral92.85%
New India Assurancegeneral96.59%
National Insurance Companygeneral100.85%
Navi General Insurancegeneral105.00%
Oriental Insurance Companygeneral114.57%
Care Health Insurancehealth53.82%
Niva Bupa Health Insurancehealth54.05%
Star Health Insurancehealth61.99%
ManipalCigna Health Insurancehealth64.66%
Aditya Birla Health Insurancehealth64.68%

Other Financial Years

Source: IRDAI Annual Report 2022-23. 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 2023.