2020 ended on a not so good note for the insurance industry. While life insurers have seen a decline in terms of new business premium collection, nonlife companies witnessed a marginal growth in 2020.
New business premium of life insurance industry has declined by 2% to Rs.1.90 lakh crore in December 2020 as against 1.94 lakh crore in December 2019, shows IRDAI data. The 2% drop in new business premium collection is due to a 5% fall in LIC’s new business premium collection.
State owned LIC accounted for 68% or 1.30 lakh crore of the total new business premium collection of the industry in 2020. However, the new business premium of 23 private life insurers has risen by 7% in 2020 to Rs. 61,042 crore in 2020 compared to Rs. 57,296 crore in 2019.
Among private insurers, SBI Life and HDFC Life registered over 10% growth while ICICI Prudential Life recorded a negative growth of 3%.
Further, the data shows that the industry has sold 30.2 lakh policies in 2020 as against 26.5 lakh in 2019. Experts attributed this to the increase in sale of term insurance policies, which are comparatively cheaper than traditional policies like endowment, money back and ULIPs.
|
Life Insurers |
Up to 31st December, 2019 |
Up to 31st December, 2020 |
Growth in % |
Market Share |
|
Aditya Birla Sun Life |
2519 |
3227 |
28 |
1.69 |
|
Aegon Life |
67 |
46 |
-31 |
0.02 |
|
Aviva Life |
166 |
134 |
-20 |
0.07 |
|
Bajaj Allianz Life |
3660 |
3820 |
4 |
2 |
|
Bharti Axa Life |
616 |
503 |
-18 |
0.26 |
|
Canara HSBC OBC Life |
1148 |
1580 |
38 |
0.83 |
|
Edelweiss Tokio Life |
250 |
264 |
6 |
0.14 |
|
Exide Life |
603 |
454 |
-25 |
0.24 |
|
Future Generali Life |
542 |
272 |
-50 |
0.14 |
|
HDFC Life |
12277 |
13632 |
11 |
7.14 |
|
ICICI Prudential Life |
8173 |
7899 |
-3 |
4.13 |
|
IDBI Federal Life |
392 |
377 |
-4 |
0.2 |
|
India First Life |
1282 |
1371 |
7 |
0.72 |
|
Kotak Mahindra Life |
3501 |
2844 |
-19 |
1.49 |
|
LIC of India |
137035 |
130004 |
-5 |
68.05 |
|
Max Life |
3694 |
4244 |
15 |
2.22 |
|
PNB Met Life |
1244 |
1170 |
-6 |
0.61 |
|
Pramerica Life |
430 |
156 |
-64 |
0.08 |
|
Reliance Nippon Life |
724 |
712 |
-2 |
0.37 |
|
Sahara Life |
0 |
0 |
NA |
0 |
|
SBI Life |
12787 |
14438 |
13 |
7.56 |
|
Shriram Life |
503 |
526 |
5 |
0.28 |
|
Star Union Dai-ichi Life |
547 |
728 |
33 |
0.38 |
|
Tata AIA Life |
2173 |
2644 |
22 |
1.38 |
|
Private Total |
57296 |
61042 |
7 |
31.95 |
|
Grand Total |
194331 |
191046 |
-2 |
100 |
(in crores)
Meanwhile, nonlife insurers have recorded 3% growth in new business premium. New business premium collection of general insurance companies increased to Rs.1.46 lakh crore in December 2020 from Rs.1.42 lakh crore in 2019.
Experts said that the slowdown in growth in new business premium collection is due to nationwide lockdown and disruption in the distribution of policies.
|
Non Life Insurers |
Upto 31st December 2020 |
Upto 31st December 2019 |
Market share |
Growth over the corresponding period of previous year (%) |
|
Acko General Insurance |
276.91 |
279.09 |
0.19 |
-0.78 |
|
Bajaj Allianz General Insurance |
9,793.84 |
10,133.72 |
6.72 |
-3.35 |
|
Bharti AXA General Insurance |
2,428.60 |
2,403.95 |
1.67 |
1.03 |
|
Cholamandalam MS General Insurance |
3,117.84 |
3,273.04 |
2.14 |
-4.74 |
|
NAVI General Insurance |
72.38 |
132.95 |
0.05 |
-45.55 |
|
Edelweiss General Insurance |
153.76 |
91.44 |
0.11 |
68.15 |
|
Future Generali India Insurance |
2,755.24 |
2,405.72 |
1.89 |
14.53 |
|
Go Digit General Insurance |
2,150.89 |
1,607.62 |
1.48 |
33.79 |
|
HDFC Ergo General insurance |
8,745.69 |
6,944.73 |
6 |
25.93 |
|
ICICI Lombard General Insurance |
10,525.07 |
10,132.28 |
7.22 |
3.88 |
|
IFFCO Tokio General Insurance |
6,439.95 |
6,202.08 |
4.42 |
3.84 |
|
Kotak Mahindra General Insurance |
382.31 |
306.88 |
0.26 |
24.58 |
|
Liberty General Insurance |
1,046.05 |
1,125.23 |
0.72 |
-7.04 |
|
Magma HDI General Insurance |
851.85 |
885.34 |
0.58 |
-3.78 |
|
National Insurance |
10,487.25 |
11,055.60 |
7.2 |
-5.14 |
|
Raheja QBE General Insurance |
180.08 |
95.29 |
0.12 |
88.99 |
|
Reliance General Insurance |
6,302.24 |
6,016.04 |
4.33 |
4.76 |
|
Royal Sundaram General Insurance |
2,030.31 |
2,775.62 |
1.39 |
-26.85 |
|
SBI General Insurance |
5,280.13 |
4,849.43 |
3.62 |
8.88 |
|
Shriram General Insurance |
1,558.37 |
1,796.40 |
1.07 |
-13.25 |
|
Tata AIG General Insurance |
6,031.04 |
5,688.23 |
4.14 |
6.03 |
|
The New India Assurance |
21,329.01 |
20,704.39 |
14.64 |
3.02 |
|
The Oriental Insurance |
9,212.47 |
10,076.09 |
6.32 |
-8.57 |
|
United India Insurance |
11,917.02 |
12,547.04 |
8.18 |
-5.02 |
|
Universal Sompo General Insurance |
2,180.24 |
2,309.35 |
1.5 |
-5.59 |
|
General Insurers Total |
1,25,248.55 |
1,23,837.54 |
85.98 |
1.14 |
|
Aditya Birla Health Insurance |
859.32 |
545.73 |
0.59 |
57.46 |
|
HDFC Ergo Health Insurance |
- |
1,621.23 |
- |
NA |
|
ManipalCigna Health Insurance |
528.33 |
415.38 |
0.36 |
27.19 |
|
Max Bupa Health Insurance |
1,150.26 |
833.53 |
0.79 |
38 |
|
Care Health Insurance |
1,755.50 |
1,751.49 |
1.21 |
0.23 |
|
Star Health & Allied Insurance |
6,305.11 |
4,503.00 |
4.33 |
40.02 |
|
Reliance Health Insurance |
-0.01 |
6.07 |
0 |
NA |
|
Stand-alone Pvt Health Insurers |
10,598.52 |
9,676.43 |
7.28 |
9.53 |
|
Agricultural Insurance |
9,115.68 |
7,761.05 |
6.26 |
17.45 |
|
ECGC Limited |
716.07 |
810.05 |
0.49 |
-11.6 |
|
GRAND TOTAL |
1,45,678.82 |
1,42,085.06 |
100 |
2.53 |