Insurance Domain Current Context_M1

Latest Trends
2018 Market Report
1. LIC Market Share : 73%
2. Private Life Insurers : 27%
3. Up to 49% of the FDI is
allowed under the automatic
route.
4. Smartphone Damage
Insurance sales were $140
million in 2020.
• The property segment contributed gross written
premiums of $ 3.7 bn in 2017, equating to 15.3% of the
market's aggregate value.
• Motor insurance has been compulsory in India since
1988.
• According to the reports, the number of new cars sold
annually increased with a CAGR of 6% between 2013
and 2017, to reach a total of 3.2 mn in 2017.
• Cars are one of the major transportation methods in
India, making it one of the largest segments.
• The market share of private sector companies in the
non-life insurance market rose from 13.12% in FY03 to
54.72% in FY19 (up to Feb 2019).
• LIC contributed to 71% while Private life insurers
contributed to 29% of the total market share up to 31
October 2018.
• Furthermore, LIC contributed to 73% (1,387,893 policies)
while Private life insurers contributed to 27% (516,129
policies) of the total market share of the number of
policies issued during October 2018.