India’s insurance market has had consistent, fast growth since 2000, which has resulted in the present segmentation of the market into two main segments: life insurance and non-life insurance. The organization is the Insurance Regulatory Development Authority of India.
Overview India’s insurance market has had consistent, fast growth since 2000, which has resulted in the present segmentation of the market into two main segments: life insurance and non-life insurance. Regulatory Development Authority for Insurance in India is the
Launch of Novel and Creative Products A pandemic gives insurers the chance to adapt to shifting consumer demands and acts as a testing ground for innovative product development. Many more individuals are now aware of the pandemic, and 30–40% are looking into health insurance choices. Severa
With a 58.8% market share in first premium income for the fiscal year that ended in March 2024, Life Insurance Corporation (LIC) continued to occupy a dominant position in the Indian insurance industry.
The management laid forth strategies to strengthen its position against private competitors and expand into Tier-2, Tier-3, and rural areas.
“We’re determined to increase our visibility in Tier-2, Tier-3, and rural regions. To cover every panchayat, we sent out about 6,000 probationary officers in August 2023. “We will further intensify our agency transfer project, Jeevan Suraksha,” the management said on a May 28, 2024, post-earnings analyst conference call.
According to information from the Insurance Regulatory and Development Authority of India (IRDAI), as of March 2024, LIC’s market share in individual single premium was 58.8%, far larger than that of private competitors, who only held a 12.1 percent share. LIC held an astounding 72.3 percent market share in group business and 38.44 percent of individual business.