What is Ayushman Bharat scheme
The insurance market consists of the non-life insurance sector and the life insurance sector.
Overall, the Indian insurance market had gross written premiums of $ 96.9 billion in 2017, which corresponds to an annual growth rate of 12.3% between 2013 and 2017. The market's annual return on sales for the 2017-22 period is expected to be 4.9%. India accounts for 6.1% of the Asia Pacific insurance market value.
The Indian life insurance market grew by 13.2% in 2017 to a value of $ 92.1 billion. A share of 35% of total savings in India is expected by 2020. India accounts for 6.8% of the Asia Pacific life insurance market value. The Indian non-life insurance market grew 21.6% in 2017 to a value of $ 24.5 billion.
The Indian life insurance market can be divided into two sub-segments: life insurance with a share of 69.3% and annuity with a value of 30.7% of the total market share.
LIC is the leading provider in the Indian life insurance market and has a market share of 78%. Motor is the largest segment of the non-life insurance market in India, accounting for 63% of the total market value.
The Indian life insurance market had total gross written premiums of $ 72.4 billion in 2017, representing a CAGR of 10.4% between 2013 and 2017, while the Indian non-life market had total gross written premiums of $ 24.5 billion in 2017, representing a CAGR of 18.8% between 2013 and 2017.
The engine segment was the most lucrative in the market in 2017 with gross premium of $ 15.4 billion, representing 63% of the market's total value. The real estate segment contributed $ 3.7 billion in gross written premiums in 2017, representing 15.3% of the market's total value.
In India, car insurance has been compulsory since 1988. According to reports, the number of new cars sold annually rose between 2013 and 2017 at a CAGR of 6% to a total of 3.2 million in 2017. Cars are one of the main modes of transportation in India, making it one of the largest segments.
The market share of private companies in the non-life insurance market rose from 13.12% in the 2003 financial year to 54.72% in the 19 financial year (until February 2019).
LIC contributed 71%, while private life insurers contributed 29% of the total market share as of October 31, 2018.
In addition, LIC contributed 73% (1,387,893 policies) while private life insurers contributed 27% (516,129 policies) of the total market share of the number of policies issued in October 2018.
- The insurance market in India is expected to grow to 250 billion dollars by 2025. It is currently growing at a rate of more than 12%
- By 2022, the Indian life insurance market is expected to be valued at $ 92.1 billion, up 27.2% from 2017
- By 2022, India's non-life insurance market is expected to be worth $ 38.7 billion, up 58% since 2017
Up to 49% of FDI is allowed on the automatic route.
Please refer to the FDI guidelines for further details
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