Insurance has been one of the main methods of long-term savings of most Indians. The insurance sector caters to this need by not only providing life insurance policies but also savings and endowment schemes.
However, the reach of the industry is still low in India. Annual premiums collected is around 4-5% of India’s GDP. The industry thus has huge growth potential.
As per industry estimates, by the end of the decade, annual first year premium of life insurers is expected to grow 10 times to US$ 300 bn in FY31 from an estimated US$ 30 bn in FY22.
The key driving forces behind the industry are India’s favourable demographics, a growing middle class, rising disposable incomes, and the growing awareness for the need of life insurance.
The industry is regulated by Insurance Regulatory and Development Authority of India (IRDAI). There are around 57 insurance companies in India, most of them in the private sector. They are divided into life and non-life categories.
Among the life insurance companies, Life Insurance Corporation of India (LIC) is the only company in the public sector and is by far the largest.
Among non-life insurance companies, there are six in the public sector. There is also one national public sector re-insurer, General Insurance Corporation of India (GIC Re).
A nascent InsureTech industry is growing rapidly in India due to the start-up boom. As per S&P Global Market Intelligence, India is already the second-largest insurance technology market in the Asia-Pacific region.
The government has taken several measures to support the industry including direct capital infusions in state-run general insurance companies, raising the FDI limit in the industry to 74% and listing LIC on the stock exchanges.
The future looks bring for this economically vital industry in India.
Here’s a list of insurance companies stocks in the Indian market.
Also check out Equitymaster's powerful stock screener to find the top insurance companies in India.
Mar 28, 2023
LIC shares dip to a new all-time low, decline 7% in five days. Here's why.
Feb 2, 2023
Insurance companies face the heat after Nirmala Sitharaman in her Budget speech announced a new tax regime.
Jul 19, 2022
The private insurer reported good set of numbers, registering double-digit growth in all metrics.
Jun 9, 2022
Despite the fall in LIC's stock price, these smaller players are up by more than 10%.
May 2, 2022
The LIC IPO fever is gripping the country. There are many investors who want to participate. But will LIC create long term wealth for its shareholders?
Apr 26, 2022
LIC's board is meeting today to finalise issue details such as price band, issue size, and more for its mega IPO.
Mar 9, 2022
If LIC's IPO is delayed, it would send the government's divestment revenue in this financial year to over a decade low.
Feb 21, 2022
In a surprising turn of events, a poll conducted by Equitymaster suggests retail investors might stay away from LIC's hyped-IPO.
Feb 4, 2022
After the Union Budget 2022, the euphoria around the LIC IPO has become crazier and wilder.
Jan 18, 2022
Tech Mahindra's acquisition of European IT-company fails to excite investors.
Feb 6, 2023
Shares of HDFC Life tumble over 15% in five days. Find out why.
Oct 31, 2022
The stock is down 11% in 2022 and 20% in the last year. Find out why.
Jun 30, 2022
The stocks of private sector insurance companies including HDFC Life Insurance have corrected sharply in recent months owing to a slowdown in new business premium.
Jun 2, 2022
Unlike mutual funds, ULIPs have a complicated cost structure, which doesn't make them so promising.
Apr 27, 2022
In the grey market, shares of LIC are trading with a premium of Rs 20 at Rs 969 per share.
Apr 20, 2022
I'm bearish on these stocks.
Mar 8, 2022
A new law has opened up an investment opportunity in the insurance sector. Which companies make the cut?
Feb 15, 2022
LIC is set to smash all IPO records in Indian market history.
Jan 28, 2022
There is a credible alternative to buying insurance stocks.
Oct 30, 2021
Should you invest in Paytm's IPO given the negative cash flows and its history of losses?