Factuary

Indian Insurance Market Data — FY23-24

In FY23-24, 26 general insurersand 5 standalone health insurers reported gross written premium data to IRDAI. General sector total was ₹2.56 lakh crore. Standalone health sector total was ₹33,119 crore. All data sourced from the IRDAI Annual Report for fiscal year 2023-24.

General Insurance — Gross Written Premium (FY23-24)

InsurerGWPMarket Share
New India Assurance₹40,364 crore15.8%
ICICI Lombard General Insurance₹24,776 crore9.7%
Bajaj Allianz General Insurance₹20,473 crore8.0%
United India Insurance₹19,853 crore7.8%
Oriental Insurance Company₹18,794 crore7.4%
HDFC ERGO General Insurance₹18,568 crore7.3%
National Insurance Company₹15,180 crore5.9%
Tata AIG General Insurance₹15,091 crore5.9%
SBI General Insurance₹12,554 crore4.9%
Reliance General Insurance₹11,689 crore4.6%
Agriculture Insurance Company of India₹9,941 crore3.9%
IFFCO Tokio General Insurance₹9,835 crore3.8%
Digit General Insurance₹7,941 crore3.1%
Chola MS General Insurance₹7,533 crore2.9%
Universal Sompo General Insurance₹4,622 crore1.8%
Royal Sundaram General Insurance₹3,637 crore1.4%
Magma General Insurance₹3,044 crore1.2%
Shriram General Insurance₹3,036 crore1.2%
Liberty General Insurance₹2,155 crore0.8%
Acko General Insurance₹1,870 crore0.7%
Zurich Kotak General Insurance₹1,587 crore0.6%
ECGC₹1,271 crore0.5%
Zuno General Insurance₹834 crore0.3%
Kshema General Insurance₹569 crore0.2%
Raheja QBE General Insurance₹296 crore0.1%
Navi General Insurance₹70 crore0.0%
Total (26 insurers)₹2.56 lakh crore100%

Standalone Health Insurance — Gross Written Premium (FY23-24)

InsurerGWPMarket Share
Star Health Insurance₹15,254 crore46.1%
Care Health Insurance₹6,864 crore20.7%
Niva Bupa Health Insurance₹5,608 crore16.9%
Aditya Birla Health Insurance₹3,701 crore11.2%
ManipalCigna Health Insurance₹1,691 crore5.1%
Total (5 insurers)₹33,119 crore100%

Incurred Claim Ratio — General & Health Insurers (FY23-24)

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

InsurerTypeICR
Kshema General Insurancegeneral-3.00%
ECGCgeneral54.49%
Navi General Insurancegeneral62.00%
Shriram General Insurancegeneral63.00%
Acko General Insurancegeneral68.21%
Zurich Kotak General Insurancegeneral69.00%
Generali Central Insurance (formerly Future Generali)general70.00%
Digit General Insurancegeneral70.32%
ICICI Lombard General Insurancegeneral70.79%
Tata AIG General Insurancegeneral71.43%
Chola MS General Insurancegeneral71.82%
Liberty General Insurancegeneral72.80%
Bajaj Allianz General Insurancegeneral73.80%
Royal Sundaram General Insurancegeneral77.62%
Raheja QBE General Insurancegeneral77.91%
Agriculture Insurance Company of Indiageneral78.03%
Magma General Insurancegeneral79.88%
Reliance General Insurancegeneral81.06%
SBI General Insurancegeneral81.18%
Universal Sompo General Insurancegeneral81.74%
IFFCO Tokio General Insurancegeneral83.04%
Zuno General Insurancegeneral86.00%
HDFC ERGO General Insurancegeneral87.70%
New India Assurancegeneral93.36%
National Insurance Companygeneral95.90%
United India Insurancegeneral96.50%
Oriental Insurance Companygeneral101.41%
Niva Bupa Health Insurancehealth51.00%
Aditya Birla Health Insurancehealth54.00%
Care Health Insurancehealth57.69%
ManipalCigna Health Insurancehealth63.78%
Star Health Insurancehealth64.13%

Other Financial Years

Source: IRDAI Annual Report 2023-24. 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 2024.