India Insurance, Companies & Insurance Quote

Insurance in India has undergone numerous changes. Today, the insurance in India is a booming market and the largest insurance company is owned by the government.

At present a $41 billion industry is the insurance industry in India and holds the position of being the fifth largest insurance market that is growing at an annual pace of 32 to 34% as per Life Insurance studies.

Market status

The life insurance industry is the fifth largest in the insurance market with US$ 41 billion and is showing 32 to 34% rapid pace annually. The LIC of India revealed an increase of 83% in March 2010 and the private companies showed a growth of 47%.

As per IRDA, 10.55 million new policies were sold in 2009-2010 and out of which LIC sold 8.52 million, while the private companies with 2.03 million worth policies. March 2010 end showed LIC with 65% market share and the private sector with 35% share.

The total premiums of insurance in India in 2009-10 accounted to US $24.64 billion showing 25.46% increase that is over the premiums of 2008-09 that was US$ 19.64 billion. The income of total premium growth was 18% and is expected to cross US$64.93 billion.

The general insurance also recorded 13.42% increase in gross premiums of 2009-2010. This has US$6.91 billion in 2008-09 and now in 2009-10 it accounted to gross premium of US$7.84 billion and this was a good growth record.

Indian insurance in April-May 2010, of the non-life insurers reached to US$1.59 billion and were more than the earlier year US$1.34 billion registering 19% increase as per IRDA data. The public sectors also showed 13.85% growth in 2009-10. Private players also had 12.82% till March 2010.

The New India insurance had premium amounting to US$294.5 million in 2010 April and May and this showed a growth of 16.34% in comparison to the earlier year US$253.15 million.

Insurance Providers

The insurance business is growing 15 to 20% annually and is currently at Rs. 450 billion. Insurance providers in India is a nascent sector offering wide potential for the worldwide players. The leader is Life Insurance Corporation of India having an alliance of 154 Indian insurance companies, 16 non-Indian companies and 75 provident.

Indian Insurance includes companies such as Bajaj Allianz Life Insurance, Tata AIG Life, Birla Sun Life Insurance, SBI Life, Max New York Life, Kotak Life Insurance, HDFC Standard Life, Reliance Life and ICICI Prudential.