HANDBOOK ON INDIAN INSURANCE STATISTICS 2021-22

SUMMARY
CONTENTS
Table No. Particulars
A Summary of Indian Insurance Sector
B Summary of Indian Life Insurance Sector
C Summary of Indian General Insurance Sector
D International Comparison of Insurance Penetration
E International Comparison of Insurance Density
 A. SUMMARY OF INDIAN INSURANCE SECTOR

Particular Remarks Unit 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22

PROFILE
Number of Companies
As on 31st March Nos.
(including Stand-alone Health Insurers & Reinsurers) 53 53 54 55 59 60 58 57 56
Number of Foreign Reinsurers' Branches As on 31st March Nos. 7 9 10 10 10 11
Number of Offices of Insurers As on 31st March Nos. 20904 21440 21874 22095 22312 22857 22704 22308 21835
Insurance Penetration# FY Per cent 3.9 3.3 3.44 3.49 3.69 3.70 3.76 4.2 4.2
Insurance Density# FY US $ 52 55 54.7 59.7 73 74 78 78 91
BUSINESS FIGURES
Number of New Policies Issued FY Lakhs 1,456.95 1,461.32 1,524.99 1,807.19 1,989.68 2,198.26 2,703.56 2,748.60 2,947.83
Total Premium FY ₹Crore 394,235.66 415,253.44 466,276.16 549,447.61 612,247.12 680,614.80 765,103.19 830,813.34 916,616.94
Market Share of PSUs (including Specialized) FY Per cent 72 70 69 68 65 61 61 59 57
EXPENSES
Commission expenses FY ₹Crore 25,470.06 24,672.68 26,053.18 28,675.39 35,332.39 40,017.24 45,085.65 48,403.58 52,818.41
Operating expenses FY ₹Crore 53,716.08 57,065.53 62,022.59 71,733.23 74,432.13 79,754.36 95,965.93 99,703.73 112,890.31
Claims (benefit paid of Life Insurers and net incurred
FY ₹Crore 265,574.25 266,147.06 268,955.90 317,002.01 363,604.99 430,729.30 459,856.96 510,322.30 639,655.70
claims (within India) of non-life insurers)
Others
Assets Under Management (including Reinsurers &
As on 31st March ₹Crore 2,107,001.62 2,419,666.54 2,690,194.01 3,076,536.75 3,457,989.00 3,847,474.17 4,252,929.75 4,913,274.82 5,436,727.38
FRBs)
Profit after tax As on 31st March ₹Crore 12,236.89 12,250.44 10,653.92 8,573.27 15,420.79 9,119.02 6,233.92 12,513.16 4,894.56
Paid-up Capital (including Reinsurers) As on 31st March ₹Crore 36,178.72 37,743.86 39,294.85 40,084.76 42,235.06 45,279.94 50,325.89 62,065.80 74,279.38
Assigned Capital of Branches of Foreign Reinsurers As on 31st March ₹Crore 1117.81 2570.35 5657.27 8,667.49 10,377.66 14,477.29
REDRESSEL OF CONSUMER GRIEVANCES
No of grievances reported during the year FY Nos. 437,955 339,680 263,784 172,951 198,362 206,025 215,205 199,063 220,341
No. of grievances resolved during the year FY Nos. 438,400 333,486 270,086 173,824 197,548 207,188 212,342 201,617 219,515
Resolution rate$ FY Per cent 99.54 97.60 99.30 99.41 99.07 99.67 98.36 99.51 99.18
No. of complaints reported with the Ombudsmen at
FY Nos. 26,315 21,484 26,177 27,627 25,478 22,664 23,817 26,297 40,947
difference centres
No. of Complaints disposed by Ombudsmen FY Nos. 25,299 24,319 30,266 27,990 17,225 21,967 29,816 30,596 40,527
Disposal rate$ FY Per cent 69.68 74.85 91.83 92.32 61.94 66.07 84.95 87.37 89.33
# Source: Swiss Re-sigma reports
$ Resolution (Disposal) rate is grievances (complaints) resolved (disposed) as a percent of grievances (complaints) reported during the year and outstanding at the start of the year.
 B. SUMMARY OF INDIAN LIFE INSURANCE SECTOR
Particulars Remarks Unit 2013-14 2014-15 2015-16
PROFILE
Number of Companies As on 31st March Nos. 24 24 24
Number of Life Offices As on 31st March Nos. 11032 11033 11071
Insurance Penetration# FY Per cent 3.1 2.6 2.72
Insurance Density# FY US $ 41.0 44.0 43.2
BUSINESS FIGURES
Number of New Policies Issued FY Lakhs 408.72 259.08 267.38
New Business Premium FY ₹Crore 120,325.22 113,329.52 138,765.99
Total Premium FY ₹Crore 314,301.66 328,102.01 366,943.23
Market share of LIC
FY Per cent 75 73 73
(based on Total Premium)
Individual Business in Force -
FY Lakhs 3,348 3,263 3,271
Number of policies
Individual Business in Force - Sum
FY ₹Crore 6,646,516.31 7,553,045.10 8,494,501.78
Assured

INSURANCE AGENTS
Number of Insurance Agents As on 31st March Nos. 2,188,500 2,067,907 2,016,565
EXPENSES
Commission Expenses* FY ₹Crore 20,846.37 19,460.68 20,266.69
Operating Expenses FY ₹Crore 37,465.41 36,859.16 38,777.89
POLICYHOLDERS' SERVICES
No. of claims submitted/intimated
FY Nos. 873,094 869,332 869,619
(Individual-death)
No of claims submitted/intimated
FY Nos. 411,647 452,625 530,949
(Group-death)
Amount Claimed/intimated
FY ₹Crore 11,533.28 12,516.94 13,386.39
(Individual)
Amount Claimed/intimated (Group) FY ₹Crore 3,174 3,589 4,892
Total Benefits Paid FY ₹Crore 216,395.63 210,915.03 204,453.50
CHANNEL-WISE NEW BUSINESS - AMOUNT OF PREMIUM (INDIVIDUAL PLUS GROUP)
Individual agents FY ₹Crore 48,831.45 41,246.70 41,175.78
Corporate agents-Banks FY ₹Crore 11,327.20 12,830.52 15,253.83
Corporate agents-Others FY ₹Crore 1,252.36 1,421.01 1,582.02
Brokers FY ₹Crore 1,267.42 1,451.03 1,441.65
Direct selling FY ₹Crore 57,477.59 56,218.38 78,970.87
MI Agents FY ₹Crore 17.19 21.26
Common Service Centres(CSCs) FY ₹Crore 0.32 1.00
Web-aggregators FY ₹Crore 0.03
IMF FY ₹Crore 0.03
On-line FY ₹Crore 302.83
Point of sale FY ₹Crore
Others if any FY ₹Crore -1.13
Total FY ₹Crore 120,156.02 113,185.15 138,748.17
Referrals FY ₹Crore 19.64 7.98 14.61
CHANNEL WISE-NEW BUSINESS - NO. OF LIVES COVERED (INDIVIDUAL PLUS GROUP)
Individual agents FY Lakhs 484.37 285.89 248.01
Corporate agents-Banks FY Lakhs 56.10 69.00 85.16
Corporate agents-Others FY Lakhs 53.23 344.16 288.74
Brokers FY Lakhs 41.09 57.94 87.62
Direct selling FY Lakhs 713.68 725.22 1270.20
Common Service Centres(CSCs) FY Lakhs 0.02 0.08
MI Agents FY Lakhs 5.08 5.49
Web Aggregators FY Lakhs 0.00
IMF FY Lakhs 0.00
Online FY Lakhs 2.05
Point of sale FY Lakhs
Others if any FY Lakhs 0.01
Total FY Lakhs 1348.47 1487.31 1987.36
Referrals FY Lakhs 0.13 0.09 0.11
REGION WISE DISTRIBUTION OF OFFICES
Metro As on 31st March Nos. 1048 1083 1667
Urban As on 31st March Nos. 2543 2489 3525
Semi-urban As on 31st March Nos. 5381
Rural As on 31st March Nos. 498
Unclassified As on 31st March Nos. 7441 7461 -
Total As on 31st March Nos. 11032 11033 11071
ASSETS UNDER MANAGEMENT
Life Fund As on 31st March ₹Crore 1,288,224.97 1,495,309.14 1,697,452.94
Pension & General Annuity & Group
As on 31 March
st
₹Crore 337,579.44 389,472.57 464,203.35
fund
Unit ULIP Fund As on 31st March ₹Crore 331,661.16 362,740.47 340,412.00
Total Fund As on 31st March ₹Crore 1,957,465.57 2,247,522.18 2,502,068.29
PROFIT AND PAID-UP CAPITAL
Profit /Loss after tax As on 31st March ₹Crore 7,587.83 7,611.31 7,415.43
Paid up Capital As on 31st March ₹Crore 25,938.51 26,239.55 26,691.46
REDRESSEL OF CONSUMER GRIEVANCES
No. of grievances reported during
FY Nos. 374,620 278,992 204,701
the year
No. of grievances resolved during
FY Nos. 374,664 274,063 209,875
the year
Resolution rate$ FY Per cent 99.69 97.82 99.56
No. of complaints reported with the
FY Nos. 17,512 14,339 17,257
Ombudsmen at difference centres
 C. SUMMARY OF INDIAN GENERAL INSURANCE SECTOR
Particulars Remarks Unit 2013-14 2014-15 2015-16 2016-17
PROFILE
Number of Companies
(including Stand-alone Health Insurers & As on 31st March
Reinsurers) Nos. 29 29 30 31
Number of Foreign Reinsurers' Branches As on 31st March Nos. 7
Number of Offices of Insurers As on 31st March Nos. 9,872 10,407 10,803 11,141
Insurance Penetration# FY Per cent 0.80 0.70 0.72 0.77
Insurance Density# FY US $ 11.0 11.0 11.5 13.2
BUSINESS FIGURES
Number of New Policies Issued FY Lakhs 1,048.23 1,202.24 1,257.61 1,542.63
Gross Direct Premium (Within & Outside India) FY ₹Crore 79,934.00 87,151.43 99,332.93 130,970.99
Market Share of PSUs (including Specialized)
Per cent 55.83 55.09 54.50 53.44
(Basis GDP within India)
SEGMENT WISE GROSS DIRECT PREMIUM (WITHIN INDIA )
Fire FY ₹Crore 7,362.63 8,056.54 8,731.46 9,538.01
Marine FY ₹Crore 3,161.80 3,020.06 2,984.38 2,917.47
Motor FY ₹Crore 33,822.75 37,379.32 42,300.86 50,250.53
Health FY ₹Crore 19,634.30 22,636.57 27,457.30 34,526.61
Others FY ₹Crore 13,572.34 13,593.24 14,905.37 30,895.72
Total FY ₹Crore 77,553.81 84,685.73 96,379.37 128,128.34
NET RETENTIONS OF NON-LIFE INSURERS, INDIAN REINSURERS AND FRBs IN INDIA (AS A PERCENTAGE OF GROSS PREMIUM)
Fire FY Per cent 69.24 64.54 63.01 57.03
Marine Cargo FY Per cent 85.99 81.59 81.01 85.19
Marine Hull FY Per cent 31.94 35.47 44.51 20.03
Motor FY Per cent 100.00 99.67 99.20 97.02
Engineering FY Per cent 71.07 71.80 67.23 68.25
Aviation FY Per cent 1.00 38.91 27.15 27.85
Miscellaneous FY Per cent 89.43 88.14 84.28 78.83
Total FY Per cent 90.32 89.57 87.72 83.17
INCURRED CLAIMS RATIO
Fire FY Per cent 76.54 73.78 74.44 84.38
Marine FY Per cent 63.37 67.44 72.05 74.98
Motor FY Per cent 79.50 77.14 81.18 88.17
Health FY Per cent 97.05 96.93 98.46 101.05
Others FY Per cent 72.96 73.91 75.91 81.91
Total FY Per cent 81.98 81.70 85.06 90.91
Underwriting Experience FY ₹Crore -7,640.81 -10,576.00 -14,958.96 -19,663.53
Assets Under Management As on 31st March ₹Crore 149,536.05 172,144.36 188,125.72 222,343.65
Income from investments As on 31 March
st
₹Crore 14,319.00 16,607.00 19,077.82 21,730.28
Profit after tax As on 31 March
st
₹Crore 4,649.06 4,639.13 3,238.49 845.38
Paid-up Capital of General, Health and Reinsurers As on 31 March
st
₹Crore 10,240.21 11,504.31 12,603.39 13,127.82
Assigned Capital of Branches of Foreign Reinsurers As on 31 March
st
₹Crore 1,117.81
EXPENSES
Commission expenses FY ₹Crore 4,623.69 5,212.00 5,786.49 6,601.66

Operating expenses related to Insurance business FY ₹Crore 16,250.67 20,206.37 23,244.70 25,594.35

REDRESSEL OF CONSUMER GRIEVANCES

No of grievances reported during the year FY Nos. 63,335 60,688 59,083 52,104

No. of grievances resolved during the year FY Nos. 63,736 59,423 60,211 52,289
Resolution rate$ FY Per cent 98.71 96.59 98.41 98.52
No. of complaints reported with the Ombudsmen at
FY Nos. 8,803 7,145 8,920 10,883
difference centres
No. of Complaints disposed by Ombudsmen FY Nos. 9,627 8,653 10,621 10,613
Disposal rate$ FY Per cent 66.77 72.49 93.95 91.75
# Source: Swiss Re-sigma reports
 D: INTERNATIONAL COMPARISON OF INSURANC

2013 2014 2015

Country* Non- Non-
Life Total Life Non-Life Total Life
Life Life

Australia 3.00 2.10 5.20 3.80 2.20 6.00 3.50 2.20

Brazil 2.20 1.80 4.00 2.10 1.90 3.90 2.10 1.80
France 5.70 3.20 9.00 5.90 3.10 9.10 6.20 3.10
Germany 3.10 3.60 6.70 3.10 3.40 6.50 2.90 3.40
Russia 0.10 1.20 1.30 0.20 1.20 1.40 0.20 1.20
South Africa 12.70 2.70 15.40 11.40 2.70 14.00 12.00 2.70
Switzerland 5.30 4.40 9.60 5.10 4.10 9.20 5.10 4.10
United Kingdom 8.80 2.80 11.50 8.00 2.60 10.60 7.50 2.40
United States 3.20 4.30 7.50 3.00 4.30 7.30 3.10 4.20
Hong Kong 11.70 1.50 13.20 12.70 1.40 14.20 13.30 1.50
India# 3.10 0.80 3.90 2.60 0.70 3.30 2.72 0.72
Japan# 8.80 2.30 11.10 8.40 2.40 10.80 8.30 2.60
Malaysia# 3.20 1.70 4.80 3.10 1.70 4.80 3.40 1.70
Pakistan 0.50 0.30 0.70 0.50 0.30 0.80 0.50 0.30
PR China 1.60 1.40 3.00 1.70 1.50 3.20 2.00 1.60
Singapore 4.40 1.60 5.90 5.00 1.60 6.70 5.60 1.70
South Korea# 7.50 4.40 11.90 7.20 4.10 11.30 7.30 4.10
Sri Lanka 0.50 0.70 1.10 0.50 0.70 1.10 0.50 0.70
Taiwan 14.50 3.10 17.60 15.60 3.30 18.90 15.70 3.20
Thailand 3.80 1.70 5.50 3.60 2.20 5.80 3.70 1.80
World 3.50 2.80 6.30 3.40 2.70 6.20 3.50 2.80
* data relates to Calendar year
# data relates to financial year
Note: Insurance penetration is measured as ratio of premium to GDP.
 E: INTERNATIONAL COMPARISON

2013 2014 2015

Country*
Life Non-Life Total Life Non-Life Total Life Non-Life
Australia 2056 1472 3528 2382 1354 3736 1830 1128
Brazil 246 197 443 222 200 422 178 154
France 2391 1345 3736 2552 1350 3902 2263 1129
Germany 1392 1585 2977 1437 1617 3054 1181 1381
Russia 19 180 199 20 161 181 15 102
South Africa 844 181 1025 748 176 925 688 155
Switzerland 4211 3490 7701 4391 3542 7934 4079 3292
United Kingdom 3474 1087 4561 3638 1185 4823 3292 1067
United States 1684 2296 3979 1657 2360 4017 1719 2377
Hong Kong 4445 557 5002 5071 575 5647 5655 616
India# 41 11 52 44 11 55 43 12
Japan# 3346 861 4207 2926 852 3778 2717 837
Malaysia# 341 176 518 338 186 524 316 157
Pakistan 6 3 9 7 4 11 8 4
PR China 110 91 201 127 109 235 153 128
Singapore 2388 863 3251 2840 919 3759 2932 894
South Korea# 1816 1079 2895 2014 1149 3163 1940 1094
Sri Lanka 16 21 36 17 23 40 19 25
Taiwan 3204 682 3886 3371 701 4072 3397 698
Thailand 214 96 310 198 125 323 215 104
World 366 285 652 368 294 662 346 276
* data relates to Calendar year
# data relates to financial year.
^Rounding off difference