Indian Insurance Market in Review — FY2023-24
Data from IRDAI public disclosures — annual period ending 31 March 2024.FY2022-23 review →
₹824393 cr
Total life GWP
₹255582 cr
Total general GWP
₹33119 cr
Total health GWP
3
Below solvency min
of 57 with Q4 data
Life — Top 3 by GWP
| 1 | LIC | ₹475752 cr | 57.7% |
| 2 | SBI Life Insurance | ₹81431 cr | 9.9% |
| 3 | HDFC Life Insurance | ₹63076 cr | 7.7% |
General — Top 3 by GWP
| 1 | New India Assurance | ₹40364 cr | 15.8% |
| 2 | ICICI Lombard General Insurance | ₹24776 cr | 9.7% |
| 3 | Bajaj Allianz General Insurance | ₹20473 cr | 8.0% |
Standalone Health — Top 3 by GWP
| 1 | Star Health Insurance | ₹15254 cr | 46.1% |
| 2 | Care Health Insurance | ₹6864 cr | 20.7% |
| 3 | Niva Bupa Health Insurance | ₹5608 cr | 16.9% |
Claims highlights
- Lowest ICR (general): Kshema General Insurance — -3.00% (Q4 FY23-24)
Source: IRDAI public disclosures — annual period ending 31 March 2024.Full FY2023-24 data → ·FY2022-23 review →