List of Top Insurance Companies in India
The insurance industry of India has 57 insurance companies 24 are within the life assurance business, while 33 are non-life insurers. Among the life insurers, life assurance Corporation (LIC) is the sole public sector company.
There are six public sector insurers within the non-life insurance segment. additionally to those, there’s a sole national re-insurer, namely General Insurance Corporation of India (GIC Re).
Other stakeholders within the Indian Insurance market include agents (individual and corporate), brokers, surveyors, and third-party administrators servicing insurance claims.
In India, the general market size of the insurance sector is predicted to US$ 280 billion in 2020.
The government’s policy of insuring the uninsured has gradually pushed insurance penetration within the country and therefore the proliferation of insurance schemes.
Post-liberalisation, India’s insurance industry has recorded significant growth.
The gross premium collected by life assurance companies in India increased from Rs. 2.56 trillion (US$ 39.7 billion) in FY12 to Rs. 7.31 trillion (US$ 94.7 billion) in FY20. During FY12-FY20, premium from the new professional life insurance companies in India increased at a 15% CAGR to succeed in Rs. 2.13 trillion (US$ 37 billion) in FY20.(Source IBEF)
The Indian insurance market had total gross written premiums of $ 96.9 bn in 2017, representing a CAGR of 12.3% between 2013 and 2017. The CAGR of the market during 2017–22 is predicted to be 4.9%. India accounts for six .1% of the Asia-Pacific insurance market price.
The Indian life assurance market grew by 13.2% in 2017 to succeed in a worth of $ 92.1 bn, it’s expected to account for 35% of India’s total savings by 2020. India accounts for six .8% of the Asia-Pacific life assurance market price. Whereas, the Indian non-life insurance market grew by 21.6% in 2017 to succeed in a worth of $ 24.5 bn.
Life Insurance Corporation of India popularly known as LIC is the largest life insurance company in India owned by the Government of India
Indian life assurance markets are often categorized into two sub-segments namely, life assurance which contributed to 69.3%, and Pension/ annuity which contributed to 30.7% of the entire market share by value.
There are more than 2.5,000+ Insurance Companies in India and over 140,000+ Insurance Companies in the United States.
The top 10 real estate companies in India are the following:
- Life Insurance Corporation of India
- Max Life Insurance Company
- HDFC Life Insurance Company
- ICICI Prudential Life Insurance
- Tata AIA Life Insurance Company
- Bharti AXA Life Insurance Company
- Bajaj Allianz Life Insurance Company
- SBI Life Insurance Company
- Reliance Nippon Life Insurance Company
- AEGON Life Insurance Company
Let’s have a look at the list of Insurance Companies in India with their key decision-maker contact information.
Care Insurance
Industry: Insurance
Number of employees: 201–500
Location: Gurgaon, Haryana
Care Insurance is an Insurance company and has headquarters in Gurgaon, Haryana. Care Insurance has 201–500 employees.
Ageas Federal Life Insurance
Industry: Insurance
Number of employees: 201–500
Location: Mumbai, Maharashtra
Ageas Federal Life Insurance is an Insurance company and has headquarters in Mumbai, Maharashtra. Ageas Federal Life Insurance has 201–500 employees.
Max Bupa
Industry: Insurance
Number of employees: 1001–5000
Location: New Delhi, Delhi, India
Max Bupa is an Insurance company and has headquarters in New Delhi, Delhi, India. Max Bupa has 1001–5000 employees. Max Bupa specializes in insurance. Max Bupa was founded in 2008. Max Bupa is a privately held company. Max Bupa has raised $12501204.
Max Life Insurance Co Limited
Industry: Insurance
Number of employees: 10,001+
Location: Gurugram, Haryana
Max Life Insurance Co Limited is an Insurance company and has headquarters in Gurugram, Haryana. Max Life Insurance Co Limited has 10,001+ employees. Max Life Insurance Co Limited was founded in 2000.
Idbi Federal Life Insurance Co
Industry: Insurance
Number of employees: 1001–5000
Location: Mumbai, Maharashtra, India
Idbi Federal Life Insurance Co is an Insurance company and has headquarters in Mumbai, Maharashtra, India. Idbi Federal Life Insurance Co has 1001–5000 employees. Idbi Federal Life Insurance Co was founded in 2008. Idbi Federal Life Insurance Co is a privately held company. Idbi Federal Life Insurance Co has raised $81881160.
For the complete list of Insurance companies in India, you may check this link.
This article originally published on EasyLeadzes.
