Insurance sector in India is one of the oldest organised businesses. However, despite an early history insurance coverage has remained low though liberalisation and regulation has brought various private entities in the market and has led to introduction of new innovative services across the board.
Insurance sector is largely categorised in three segments of life, general and health insurance, and all these segments are governed under a common independent regulator, the Insurance Regulatory and Development Authority of India (IRDAI). Life insurance is the biggest segment as it accounts for 74.9% of all premiums and remaining 25.1% of total premium is held by combined non-life insurance segment in India. In FY20, life insurance segment recorded total premium of $81.3 Bn and non-life segment recorded premium of $26.7 Bn and this is a testimony of growth in the Indian insurance market.
Life insurance penetration in India is relatively low at just 3.2%, while non-life insurance penetration is at 1%. Despite low penetration levels India still stands as the tenth largest life insurance market in the world and fifteenth largest non-life insurance market in the world. Low penetration and rising presence of global players reflects the growth opportunity. To make Indian market more attractive government has permitted Foreign Direct Investment (FDI) of up to 74% in the sector. Government is also playing dynamic role by providing healthcare insurance coverage to the marginal sections of the society and crop insurance for farmers thereby inducing innovation in the sector. During the recent pandemic regulators and insurance players came aboard to adopt innovative mechanism for delivery of insurance services, which now has fuelled digitization of insurance services.
FICCI, through its National Committee on Insurance, works with several life and non-life insurance players to formulate measures for improving the adoption of insurance solutions, enhancing standardisation and innovation in insurance offerings and encouraging technology adoption as a tool for transformation of this sector. Support from the Government and the Regulator is very evident in market development and innovation and FICCI Insurance Committee provides regular feedback to the authorities on areas such as product design, product distribution, pricing, underwriting, risk management etc.
Team Leader
Anshuman Khanna
Deputy Secretary General
National Insurance Awareness Day 2023
ExploreFINCON 2023
ExploreGovernment is accelerating Ease of Doing Business, Insurance companies must bring Ease of Claims: Anurag Thakur
Insurance companies must focus on innovative, simple & transparent products: IRDAI Chairman
India Insurance - Going from Teens to Twenties
ExploreFocus on making market grow rather than improving market share: IRDAI Chairman
FINCON 2019: 20th Annual Insurance Conference
ExploreIndia Poised to Become Local Reinsurance Hub: IRDAI Chairman T S Vijayan
Experts Dissect Core issues Facing Insurance Sector at FINCON 2018
19th Annual Insurance Conference #FINCON2018
Explore
Employee Pensions in India
ExploreExperts forsee high growth potential for Insurance Industry
BCG-FICCI Insurance Report : The Changing Face of Indian Insurance
ExploreSmart Cards & Unique Patient Identifier for policyholders to drive digitization of Health Insurance in India
Health Insurance in Digital India
Explore
Earth Security Brief - Indian Insurance and Sustainable Development
ExploreInsurance is a service, not a product, says IRDA chief at FICCI's 17th Annual Insurance Conference FINCON2016
The Changing Face of Indian Insurance
ExploreGovt. working towards bringing informal sector under pension scheme, says Chairman, PFRDA
Employee Pensions in India - Current practices, Challenges and Prospects
ExploreFICCI-Canara HSBC Oriental Bank of Commerce Life Insurance Company survey reveals Consumers' desire for undertaking Need Assessment before buying life insurance products
Life Insurance: A Consumers' Perspective
ExploreFICCI comments on the passage of Insurance Amendment Bill in Rajya Sabha
India General Insurance
Explore
Inside Perspective - Putting Life Insurance Back on the Growth Track
Explore
Report on India General Insurance "Vision 2025"
Explore
Report on India Life Insurance: Negotiating The Troublesome Teens
ExploreFICCI Comments on the Passage of PFRDA Bill
'Path-breaking' and 'landmark' decisions, say FICCI President, R.V. Kanoria
Reaction from Mr. R V Kanoria, President, FICCI on Insurance Sector related measures announced by Finance Minister
Insurance industry is expected to reach US$ 350-400 billion in premium income by 2020
India Insurance Turning 10, Going on 20
ExploreFICCI Health Services Committee to Discuss the Impact of Withdrawal of Cashless Facility by Public Sector Insurance Companies