It has been a while since we reported the Top Life Insurance Companies in India. According to data released by IRDA, Government owned LIC continues to be the Top Life Insurer with 50% market share on the basis of APE (Annualized Premium Equivalent) year till date. The combined market share of listed players in the Private Sector – SBI Life, ICICI Prudential Life, HDFC Life and Max Life on an individual basis stood at ~63.2% as at Jul 2020. Tata AIA, Bajaj Allianz and Birla Sun Life are also getting firmly positioned amongst the 5-7th largest private insurers.
The following Chart Shows the Market Share of all the Life Insurance Companies operating in India
IRDAI has already formed a working committee for studying the feasibility of allowing life insurers to offer indemnity based health policies. The committee has members from both life and non life industry. We believe life insurance companies have better reach and distribution network to tap into this opportunity posing a loss of business for non-life insurers.