In the Tableau dashboard shown below, we have summarised the segment-wise Gross Direct Premium written by General Insurance industry in India (India GI GWP).
We have sourced the data published by General Insurance Council of India and presented them in an interactive Tableau dashboard, showing both growth trends and segment-wise split of GWP since 1-Apr-2022. And, we plan to update it regularly in future.
This webpage is best viewed on a laptop screen.
The Tableau dashboard is void of any actuarial analysis and/or opinions whatsoever.

• Top Left Section (Summary + LoB split charts)

• The top left section of the Tableau dashboard shows segment-wise premium (LoB) breakdown of General Insurance industry in India.
• The pie chart on the right shows segment-wise (LoB) breakdown of the overall Selected Period (top section of the graph).
  • Pro tip: Hover on any of the LoB pie to get further breakdown into constituent segments. For instance, hovering over Motor shows breakdown of Motor by Motor Own Damage and Motor Third Party Liability. This tooltip also shows the total Motor premium in the centre of the pie chart.

• Bottom left section (Growth rate chart)

• The bottom left section of the Tableau dashboard shows the monthly growth rate of General Insurance GWP in India (monthly growth rate).
• X-axis shows FY period (Apr-Mar). So, for instance Dec-2023 will be shown as Dec-2024 (since it is part of FY2023-24)
• The default view is month-on-month growth.
  • Pro tip: Default monthly growth rate can be edited to show Quarter-on-Quarter growth rate as well. To view the quarterly growth rate chart, simply click on the “-” button next to the x-axis.
  • Pro tip: The user can click on any of the months (or quarters) and all the other charts and tables will get filtered to show data for the selected period(s).

• Right section (Market share table)

• The right section of the Tableau dashboard shows a list of all the insurers and their respective market share for the respective columns.
• The “Market share” table shows market share on overall basis under “Grand Total” column.
• This table also shows market share of each of the General Insurance companies in India for the respective Line of Business under respective column headers.
  • Pro tip: The user can click on any of the General Insurance Company name, and the charts on the left will get updated for the respective selected company.
  • Pro tip: Multiple insurers can also be selected (using “Ctrl” key) to get a comparison of say Insurtech players (Digit, Acko, etc.) vs non-Insurtech players.

General Insurance industry overview

Total General Insurance premiums in India during FY2023-24 was Rs.2.9 lakh crore (US$34billion). This is less than 1% of India’s GDP. Of these, Health and Motor portfolios together make up for 70% of the total premiums.

Total Health insurance premiums in India during FY2023-24 was Rs. 1 lakh crore (US$12 billion). Of these, almost half were Group Health insurance premium  (including Health policies bought by the employers in India on behalf of their employees).

General Insurance industry growth rate and market share

General insurance industry in India grew by 13% in FY2023-24 compared to FY2022-23, primarily driven by growth in Health insurance premiums @ 20% (y-o-y). Motor insurance premiums grew by 13% during the same period.
While most segments registered robust growth, Crop insurance premiums shrunk by 4% during FY2023-24 totalling Rs.30,715 crores. AIC (Agriculture Insurance Co.) controls almost a third of the Crop Insurance market share.

New India Assurance Co.(NIA) is the market leader with c.13% market share, followed by ICICI Lombard with c.9% market share, making ICICI Lombard the largest Private General Insurer in India.

While PSUs control more than a third of overall GI market share, they have been laggard in terms of growth.

On the other hand, some of the private insurers registered robust growth with Kotak Mahindra General Insurance growing at almost 40% during FY2023-24.
Similarly, Bajaj Allianz General Insurance grew by 33% during FY2023-24 consolidating its market share to 7%, led primarily by its Health portfolio where they have doubled their revenue compared to previous financial year.
IPO-bound Go Digit General Insurance also registered robust growth of around 30%, partially offset by shrinking of its Liability portfolio by almost 80%.

Overall, the General Insurance industry seems to be growing at a healthy rate (faster than India GDP), led by digital innovation and insurtech startups (/MGAs) such as Plum, Onsurity, etc further fuelling growth in Health Insurance premiums.