Full description of insurance industry

2.  India ranked 11th among 88 countries in the life
insurance business, with a share of 2 percent during
FY14.
 The country ranked 21st in global non-life insurance
market, with a share of 0.66 per cent in FY
 The market share of private sector companies in the
non-life insurance premium market rose from 9.6 per
cent in FY03 to 41 per cent in FY16.
 In 2015, crop insurance market in India is the largest
in the world and covers around 32 million farmers;
which accounted for nearly 19 per cent of the total
farmers in the country Strong growth in the
automotive industry over the next decade to be a
key driver of motor insurance.

3.  The insurance industry of India consists of 53
insurance companies of which 24 are in life
insurance business and 29 are non-life
insurers
 Insurance Corporation (LIC) is the sole public
sector company
 sole national re-insurer, namely, General
Insurance Corporation of India (GIC Re).

4.  During April 2015 to March 2016 period, the
life insurance industry recorded a new
premium income of ₹ 1.38 trillion
 growth rate of 22.5 per cent
 India’s life insurance sector is the biggest in
the world with about 360 million policies
which are expected to increase at a
Compound Annual Growth Rate (CAGR) of 12-
15 per cent over the next five years
 The insurance industry plans to hike
penetration levels to five per cent by 2020

8.  Emergence of new distribution channels
 Growing market share of private players, In
the life insurance segment, private sector
share in total premiums increased to 27.1
per cent in FY16* from 2.0 per cent in FY03

9. Promote Awareness
Multiple Channels of Distribution
Huge Untapped Market