India’s Leading BFSI and FinTech Companies 2021

41 to nearly double in the coming decade. By then India is also expected to feature among the 10 largest insurance markets in the world. In 2019, India accounted for just about 1.69% of the global insurance market. Although it ranked 11th in the world during the year in terms of insurance premium volumes in US$, it ranked a much lower 42nd in terms of insurance penetration. Indian Insurance Market in the Global Scenario in 2019 India’s total insurance premium (real terms) increased by 6.9% in 2019 whereas global total insurance premium increased by 2.9% (real terms) In India, life insurance business has higher share of 75% in total premium whereas globally, life insurance business has a share of 46% in total premium India ranked 15th in global non- life insurance markets, with a market share of 0.79% in non-life insurance premium India ranked 10th among 88 countries in life insurance, with a market share of 2.73% in 2019 India’s share in global insurance market increased to 1.69% in 2019 from 1.58% in 2018 0 100 200 300 400 500 600 700 0 2 4 6 8 10 12 Brazi l Russia India China South Africa USD % Insurance penetration& density i n BRICS markets i n 2019 Life penetration (%) Non-life penetration (%) Life density (USD) Non-life density (USD) Insurance penetration & density in BRICS ƒ ƒ Amongst BRICS nations, India ranked 4th in terms of total insurance penetration (including both life & non- life) which stood at 3.8% in 2019. ƒ ƒ Only Russia had lower insurance penetration than India, at 1.3%. ƒ ƒ In terms of total insurance density, India had the lowest at US$ 77. ƒ ƒ While insurance density for India’s life insurance sector stood at US$ 58, for non-life insurance sector it stood at a meagre US$ 19. Dun & Bradstreet