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Insurance sector in India is one of the oldest organised businesses. However, despite an early history insurance coverage has remained low though liberalisation and regulation has brought various private entities in the market and has led to introduction of new innovative services across the board.
Insurance sector in India is one of the oldest organised businesses. However, despite an early history insurance coverage has remained low though liberalisation and regulation has brought various private entities in the market and has led to introduction of new innovative services across the board.
Insurance sector is largely categorised in three segments of life, general and health insurance, and all these segments are governed under a common independent regulator, the Insurance Regulatory and Development Authority of India (IRDAI). Life insurance is the biggest segment as it accounts for 74.9% of all premiums and remaining 25.1% of total premium is held by combined non-life insurance segment in India. In FY20, life insurance segment recorded total premium of $81.3 Bn and non-life segment recorded premium of $26.7 Bn and this is a testimony of growth in the Indian insurance market.
Life insurance penetration in India is relatively low at just 3.2%, while non-life insurance penetration is at 1%. Despite low penetration levels India still stands as the tenth largest life insurance market in the world and fifteenth largest non-life insurance market in the world. Low penetration and rising presence of global players reflects the growth opportunity. To make Indian market more attractive government has permitted Foreign Direct Investment (FDI) of up to 74% in the sector. Government is also playing dynamic role by providing healthcare insurance coverage to the marginal sections of the society and crop insurance for farmers thereby inducing innovation in the sector. During the recent pandemic regulators and insurance players came aboard to adopt innovative mechanism for delivery of insurance services, which now has fuelled digitization of insurance services.
FICCI, through its National Committee on Insurance, works with several life and non-life insurance players to formulate measures for improving the adoption of insurance solutions, enhancing standardisation and innovation in insurance offerings and encouraging technology adoption as a tool for transformation of this sector. Support from the Government and the Regulator is very evident in market development and innovation and FICCI Insurance Committee provides regular feedback to the authorities on areas such as product design, product distribution, pricing, underwriting, risk management etc.
Team Leader
Anshuman Khanna
Deputy Secretary GeneralTimeline
2023
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2008
Jun
Apr
Event
FINCON 2023
Aug
Press Release
Government is accelerating Ease of Doing Business, Insurance companies must bring Ease of Claims: Anurag Thakur
Press Release
Insurance companies must focus on innovative, simple & transparent products: IRDAI Chairman
Oct
May
Press Release
Focus on making market grow rather than improving market share: IRDAI Chairman
Event
FINCON 2019: 20th Annual Insurance Conference
Jan
Press Release
India Poised to Become Local Reinsurance Hub: IRDAI Chairman T S Vijayan
Press Release
Experts Dissect Core issues Facing Insurance Sector at FINCON 2018
Apr
Event
Interactive Meeting on National Pension System (NPS)
Mar
Press Release
Experts forsee high growth potential for Insurance Industry
Dec
Press Release
Smart Cards & Unique Patient Identifier for policyholders to drive digitization of Health Insurance in India
Nov
Apr
Mar
Jan
Press Release
Insurance is a service, not a product, says IRDA chief at FICCI's 17th Annual Insurance Conference FINCON2016
Event
FICCI's 17th Annual Insurance Conference: 'The Changing Face of the Insurance Industry'
Dec
Press Release
Govt. working towards bringing informal sector under pension scheme, says Chairman, PFRDA
Sep
Press Release
FICCI-Canara HSBC Oriental Bank of Commerce Life Insurance Company survey reveals Consumers' desire for undertaking Need Assessment before buying life insurance products
Mar
Press Release
FICCI comments on the passage of Insurance Amendment Bill in Rajya Sabha
Nov
Event
16th Annual Insurance Conference
Oct
Sep
Press Release
FICCI Comments on the Passage of PFRDA Bill
Oct
Press Release
'Path-breaking' and 'landmark' decisions, say FICCI President, R.V. Kanoria
Press Release
Reaction from Mr. R V Kanoria, President, FICCI on Insurance Sector related measures announced by Finance Minister
Jan
Event
FICCI - City of London roundtable on `Role of insurance companies and pension funds as institutional investors`
Jul
Event
Health Insurance Conference
Apr
Press Release
Insurance industry is expected to reach US$ 350-400 billion in premium income by 2020
Feb
Nov
Event
FICCI's Seminar on Pensions "New Pension Scheme: - Prospects and Challenges"
Oct
Event
New Pension Scheme: Prospects and Challenges
Aug
Event
Seminar on Role of Insurers and Reinsurers in Achieving the Objectives of National Policy on Disaster Management
Jul
Press Release
FICCI Health Services Committee to Discuss the Impact of Withdrawal of Cashless Facility by Public Sector Insurance Companies
Feb
Event
Workshop on Incentivizing Quality:Experiences of Private and Public Health Insurers / Purchasers in Brazil and the US
Jan
Event
FICCI's 13th Conference on Insurance
Dec
Event
12th Conference on Insurance "Doubling the Insurance Penetration: Imperative for Uncertain Times"
May
