The non-life insurance penetration had gone up from 2.15% in 2001, to 4.60% in 2009. Since then, it exhibited a declining trend till 2014. There was a slight increase in insurance penetration in 2015 reaching 2.72%, while it remained the same in 2016, increased to 2.76% in 2017, and decreased to 2.74% in 2018. The insurance penetration of the non-life insurance sector in the country has gone up from 0.56% in 2001, to 0.97% in 2018 (0.93 in 2017). Its density has gone up from USD 2.4 in 2001, to USD 18 and USD 19 in 2017 and 2018, respectively. The non-life insurance industry recorded a premium income of INR 508,132.03 crore during 2018-2019, as opposed to INR 458,809.44 crores in the previous financial year, registering a growth of 10.75% (9.64% growth in the previous year). While private-sector insurers witnessed 21.37% growth (19.15% growth in the previous year) in their premium income, LIC (Life Insurance Corporation of India) recorded 6.06% growth (5.90% growth in previous year).
The Global “Non-Life Insurance Market” Research report give detailed information with reference to market size, share, trends, growth, cost revenue, capacity, and forecast till 2028. This report also contains the general and in-depth study of the Non-Life Insurance market with all its aspects influencing the growth of the market. This report is a full-scale quantitative survey of the Non-Life Insurance market and provides information for developing strategies to expand the market growth and effectiveness.