This report includes market size and growth opportunities in the general insurance industry of India. It also classifies players in the general Insurance industry and gives a detailed breakup on their market shares and growth rates.

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General Insurance Industry in India
March, 2018

2. Context and Summary
2© Praxis Global Alliance |
• This document is an extract from our research on the General Insurance Industry in India
• In this document, we have assessed the General Insurance industry on the following areas -
• Market size
• Market growth rate
• Player mapping
• Market shares of players

3. Snapshot – General Insurance Industry
30
general insurance players in
the Indian market
$ 20.2B
size of the general insurance
market in India (FY17)
20%
CAGR growth of GI market for
FY11-17
15th
largest general insurance
market in the world
0.8%
insurance penetration in the
Indian GI market (CY16)
1:4
ratio of public companies to
private companies in the GI
market (FY17)
Source: IRDAI, Swiss Re, Praxis analysis 3© Praxis Global Alliance |

4. General Insurance is an INR 127k Cr (FY17) industry growing rapidly at 20% CAGR;
Motor and Health constitute 72% of GWP (FY16)
4© Praxis Global Alliance |
GI market has witnessed a steady growth (20% CAGR) over the
years
Motor is the largest segment with 44% market share and health has
the highest growth rate with 21% y-o-y increase in GWP
44.1% 43.9%
26.7% 28.5%
9.5% 9.1%
3.6% 3.1%
16.1% 15.5%
Segment-wise GWP Distribution in GI
Motor Health Fire Marine Others
FY16FY15
INR 964 BINR 847 B
Source: IRDAI, Praxis analysis
20%
CAGR
Annual Growth
Rate %
(FY15-16)
10%
(1%)
8%
21%
13%
426
529
630
776
847
964
1,272
0
200
400
600
800
1,000
1,200
1,400
FY11 FY12 FY13 FY14 FY15 FY16 FY17
Market Size and Growth of GWP in GI (in INR Billions)

5. However, Indian General Insurance market is underpenetrated as compared to
global peers
5© Praxis Global Alliance |Source: Swiss Re, Praxis Analysis
6.3%
4.3% 4.2%
3.2%
2.6%
2.4%
1.8% 1.7%
0.8%
0%
1%
2%
3%
4%
5%
6%
7%
Insurance Penetration in GI (in %, CY16)
Note: Insurance penetration is % of premium to GDP, Insurance density is ratio of premium to GDP
3,752
2,449
1,782
1,168
1,031
928 882
147 13
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Insurance Density in GI (in $, CY16)
India GI penetration at 0.8% is lower than other countries
India has one of the lowest premium per capita as compared to other
countries

6. GI is an attractive opportunity as it will continue growing rapidly owing to
increasing disposable income, population and internet subscribers
6© Praxis Global Alliance |Source: RBI, IRDA,TRAI, FICCI, World bank, Praxis analysis
Key growth driversGeneral Insurance is expected to grow at 17% CAGR
Disposable income1
Population2
Number of internet
subscribers
3
72
88
0
30
60
90
FY12 FY16
Per Capita GDP (in INR Thousands)
1263
1324
1200
1240
1280
1320
1360
2012 2016
Population (in Millions)
23
343
0
100
200
300
400
FY12 FY16
Number of Internet Subscribers (in Millions)
5%
CAGR
97%
CAGR
1%
CAGR
• Insurance is still considered a
luxury
• Increase in disposable income
• Awareness is increasing with
income
• Youth more aware about
insurance
• Increasing awareness will
drive penetration as young
population grows
• GI distribution is largely offline
today
• Growth in internet is lowering
cost of distribution
“India General Insurance industry can potentially reach a GWP
of INR 3,900B by the year 2025 with a CAGR of 15-16%”
- Indian General Insurance Vision 2025 by FICCI (2013)
0.5
1.3
1.8
3.0
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
80 100 120 140 160 180 200 220
Forecasted GWP as per GDP projections (in INR Trillions)
FY20
FY12
Gross domestic product
Gross written premium
Note: GDP growth rate has been assumed to be 7.5% for FY20 and 7% for FY25
FY25
FY17

7. Classification of players in the GI industry
7© Praxis Global Alliance |
General
Insurance
Industry
Private
Specialized
PSU
Insurer
Public
Stand-alone
Health Insurer
(SAHI)

8. Market overview of the GI industry by players (FY17)
8© Praxis Global Alliance |Source: IRDAI, Praxis Analysis
Note: Others include Magma HDI, Kotak Mahindra, Raheja QBE and HDFC General. Also, Aditya Birla Health is not included in SAHI as it commenced operations in Dec, 2016.
New India, 32.1%
United India, 26.1%
National , 23.6%
Oriental, 18.2%
ICICI-lombard, 20.0%
Bajaj Allianz, 14.2%
HDFC ERGO General, 10.9%
IFFCO-Tokio, 10.2%
Tata-AIG, 7.8%
Reliance General, 7.3%
Cholamandalam, 5.8%
SBI General, 4.9%
Royal Sundaram, 4.1%
Shriram General , 3.8%
Future Generali , 3.4%
Bharti AXA General , 2.4%
Universal Sompo , 2.4%
Liberty, 1.1%
Others, 1.7%
Star Health & Allied Insurance, 50.5%
Apollo MUNICH, 22.2%
Religare, 12.4%
Max BUPA , 10.1%
Cigna TTK, 3.8%
AIC, 84.8%
ECGC, 15.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Public Private Stand-alone Health Insurer Specialized PSU Insurer
Segment-wise Market Distribution by Players (in %, FY17)

9. Detailed break-up of the players in the GI industry (1/2)
9© Praxis Global Alliance |
Name of the Company Ownership Structure GWP Market Share (FY17) GWP Growth Rate (FY16-FY17)
Public 15.0% 25.8%
Public 12.2% 26.5%
Public 11.0% 16.9%
Public 8.5% 29.8%
Private 8.4% 32.6%
Private 6.0% 30.9%
Private 4.6% 72.8%
Private 4.3% 48.6%
Private 3.3% 40.9%
Private 3.1% 41.0%
Private 2.5% 27.8%
Private 2.0% 27.7%
Private 1.7% 29.4%
Private 1.6% 19.2%
Private 1.4% 16.7%
Source: IRDAI

10. Detailed break-up of the players in the GI industry (2/2)
10© Praxis Global Alliance |
Name of the Company Ownership Structure GWP Market Share (FY17) GWP Growth Rate (FY16-FY17)
Private 1.0% 1.8%
Private 1.0% 42.5%
Private 0.5% 43.0%
Private 0.3% 3.8%
Private 0.3% -26.4%
Private 0.1% Started in December, 2016
Private 0.0% 43.0%
Standalone Health Insurer (Private) 2.3% 47.6%
Standalone Health Insurer (Private) 1.0% 27.4%
Standalone Health Insurer (Private) 0.5% 24.8%
Standalone Health Insurer (Private) 0.6% 44.3%
Standalone Health Insurer (Private) 0.2% 54.2%
Standalone Health Insurer (Private) 0.0% Started in October, 2016
Specialised Insurer (Public) 5.6% 28.5%
Specialised Insurer (Public) 1.0% -3.1%
Source: IRDAI

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