The insurance industry of India has 57 insurance companies 24 are within the life assurance business, while 33 are non-life insurers. Among the life insurers, life assurance Corporation (LIC) is the sole public sector company.
There are six public sector insurers within the non-life insurance segment. additionally to those, there's a sole national re-insurer, namely General Insurance Corporation of India (GIC Re).
Other stakeholders within the Indian Insurance market include agents (individual and corporate), brokers, surveyors, and third-party administrators servicing insurance claims.
In India, the general market size of the insurance sector is predicted to US$ 280 billion in 2020.
The government's policy of insuring the uninsured has gradually pushed insurance penetration within the country and therefore the proliferation of insurance schemes.
Post-liberalisation, India’s insurance industry has recorded significant growth.
The gross premium collected by life assurance companies in India increased from Rs. 2.56 trillion (US$ 39.7 billion) in FY12 to Rs. 7.31 trillion (US$ 94.7 billion) in FY20. During FY12-FY20, premium from the new professional life insurance companies in India increased at a 15% CAGR to succeed in Rs. 2.13 trillion (US$ 37 billion) in FY20.(Source IBEF)
The Indian insurance market had total gross written premiums of $ 96.9 bn in 2017, representing a CAGR of 12.3% between 2013 and 2017. The CAGR of the market during 2017–22 is predicted to be 4.9%. India accounts for six .1% of the Asia-Pacific insurance market price.
The Indian life assurance market grew by 13.2% in 2017 to succeed in a worth of $ 92.1 bn, it's expected to account for 35% of India's total savings by 2020. India accounts for six .8% of the Asia-Pacific life assurance market price. Whereas, the Indian non-life insurance market grew by 21.6% in 2017 to succeed in a worth of $ 24.5 bn.
Life Insurance Corporation of India popularly known as LIC is the largest life insurance company in India owned by the Government of India
Indian life assurance markets are often categorized into two sub-segments namely, life assurance which contributed to 69.3%, and Pension/ annuity which contributed to 30.7% of the entire market share by value.
There are more than 2.5,000+ Insurance Companies in India and over 140,000+ Insurance Companies in the United States.
The top 10 real estate companies in India are the following:
Life Insurance Corporation of India
Max Life Insurance Company
HDFC Life Insurance Company
ICICI Prudential Life Insurance
Tata AIA Life Insurance Company
Bharti AXA Life Insurance Company
Bajaj Allianz Life Insurance Company
SBI Life Insurance Company
Reliance Nippon Life Insurance Company
AEGON Life Insurance Company
Let's have a look at the list of Insurance Companies in India with their key decision-maker contact information.
Get contact information of Top decision makers like Founder, CEO, CFO, CMO, CTO, Marketing head, HR head, Finance head along with headquarters, no of employees, revenue, founded year, industry in these companies.