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Insurance sector clocks 11% CAGR
Representational image
As more consumers opt for better health coverage, the insurance industry in India continues to enjoy an upswing with private players gaining a tract in the market.
New Delhi: As more consumers opt for better health coverage, the insurance industry in India continues to enjoy an upswing with private players gaining a tract in the market.
As per Anand Rathi research report, life insurance sector has clocked in an impressive 11 per cent CAGR over Financial Year 2011-2020. According to the report, owing to factors such as better customer service and innovation products, private players have been gaining market share in life insurance with an increase upto 50 per cent in FY 2021, in comparison to 3 per cent in FY2014 on an Annual Premium Equivalent (APE) basis.
Amongst private insurers, companies such as HDFC Life and SBI Life gained market shares, whereas Max was constant and ICICI-Prudential Life Insurance has lost market share in the last five years. The four private insurers constitute around 60 per cent of the life insurance market share. Even with surge in life insurance in India, its premia as percentage of GDP remains at a low of 3 per cent.
