Life Insurance in India - A Statistical Analysis

Indian Statistics

Growth in LIC's Policies
Year No of Policies, in millions Sum assured, in Rs. crore 69-70 14.0 6348.1 74-75 18.8 11852.2 79-80 22.1 19242.6 89-90 40.4 94823.2 95-96 71.0 295758.0 96-97 77.8 344619.3 97-98 85.0 400747.9 98-99 91.7 459201.04

Growth in India's Life Funds
Year Figures, in Rs. crore 69-70 1611.0 74-75 3033.8 79-80 5818.0 89-90 23471.8 95-96 72780.0 96-97 87760 97-98 105832.9 98-99 127389.1

Growth in LIC's Claims
Year Claims (Death + Maturity) 75-76 165.9 78-79 232.9 81-82 376.6 85-86 728.8 89-90 1196.9 93-94 2725.3 97-98 6677.0 98-99 7583.18
LIC's Rural Thrust
Year No of policies (lakhs)   Sum Assured (in Rs crore)   Total Rural %share Total Rural %share 1961  14.6 5.3 36.5 598.8 182.6 30.5 1970 14.0 4.6 33.0 1025.8 251.8 24.5 1980 21.0 5.9 28.2 2733.1 603.8 22.1 1990 73.9 30.5 41.2 23219.5 8086.4 34.8 1998 133.1 68.4 51.4 63617.7 27550.7 43.3

LIC's Portfolio of Do-Good Investments (figures in Rs. crore)

31.3.87 31.3.96 31.3.97 31.3.98 31.3.99 State Govt. Securities 1683 7545 8906 10471 12928 Electricity 2603 7580 8214 9153 10591 Housing 1872 8731 10967 12242 14207 Water Supply & Sewage 718 1881 2028 2264 2508 State Road Transport 108 477 540 551 671

Performance of Indian General Insurance Companies (figures in Rs. crore)

GIC National New India Oriental United India 98-99 99-2K 98-99 99-2K 98-99 99-2K 98-99 99-2K 98-99 99-2K Volume of Business 1269.74 1399.89 1646.80 1715.76 2402.34 2697.19 1558.23 1742.19 1776.91 1914.54 Profit / Loss (-) -101.63 -229.53 -212.85 -231.91 13.18 -177.98 -257.26 -298.50 -128.04 -276.63 Interest , Dividend and rent income (net) 592.07 649.61 296.30 332.36 551.51 613.30 324.35 359.29 389.45 427.04 Net Profit after tax 372.61 313.60 79.88 96.53 375.00 287.29 54.57 57.85 192.10 121.59

 

Growth At A Glance (Figures in million Rs.)

1996/97 1997/98 1998/99 1999/00 2000/01   Capital & Funds 85,011 100,492 118,819 133,694 164,322   Investments 144,74 168,282 191,683 220,109 238,498   Total Assets 187,576 215,720 245,572 279,202 308,045   Technical Reserves 37,729 40,898 46,216 51,050 55,504   Gross Direct   Premium 73,479 80,856 91,575 99,822 107,719   Net Premium Income 67,33 73,571 84,025 93,634 102,721   Investment Income   & Profit Less Outgo 17,203 20,077 21,536 24,917 27,150   Profit Before Tax 10,919 16,236 14,670 11,526 7,292

Statistics (Indian & Global)

This section gives the users important and detailed statistics of the Indian as well as the Global insurance industry. These statistics would give important insights of where the respective markets are headed for.

·         The global life insurance market stands at $1,521.2 billion while the non-life insurance market is placed at $922.4 billion.

·         The United States itself accounts for about one-third of the $2443.6 billion global insurance market and Japan stands next with a 20.62% share.

·         India takes the 23rd position with US $9.933 billion annual premium collections and a meagre 0.41% share.

·         Out of one billion people in India, only 35 million people are covered by insurance.

·         India's life insurance premium as a percentage of GDP is just 1.77 per cent.

·         The income derived by GIC and its subsidiary companies through investment was Rs.2491.76 crore and the investible funds generated was Rs.2843 crore in 1999-2000.

·         Indian insurance market is set to touch $25 billion by 2010, on the assumption of a 7 per cent real annual growth in GDP.

Global Industry Statistics

Global Insurance Scenario (Figures in Percent)
Country (Total in 1999: $2,128.7 billion) (Total in 2000: $2,244.3 billion)   North America 34.5 37.32   Europe 31.4 31.93   Asia 29.1 26.46   Oceania 1.9 1.59   Latin America 1.8 1.67   Africa 1.3 1.03

Top 10 Markets (Total Premium, figures in $billion)
Country 1999 2000   United States 688.5 865.3   Japan 490.6 504.0   United Kingdom 158.0 237.0   Germany 136.7 123.7   France 128.9 121.9   South Korea 56.7 58.3   Italy 47.7 63.1   Canada 46.3 46.6   Netherlands 34.2 36.5

Emerging Markets (Total Premium, figures in $billion)
Taiwan 17.3   China 13.4   India 7.2   Hong Kong 6.1   Israel 5.8   Singapore 5.0

Total premiums by Country, 2000

Country Premiums (USD millions) Share of world market (in %) *Premiums in % of GDP *Premiums per capita (in USD)   United States 865327 35.41 8.76 3152.1   Japan 14 504005 20.62 10.92 3973.3   United Kingdom 236960 9.7 15.78 3759.2   Germany + 123722 5.06 6.54 1491.4   France + 121910 4.99 9.4 2051.1   Italy 63062 2.58 5.8 1084.3   South Korea 14 58348 2.39 13.05 1234.1   Canada 11 46587 1.91 6.56 1516.8   Spain 37617 1.54 6.73 954.2   Netherlands 36450 1.49 9.87 2290.2   India 14* 9933 0.41 2.32 9.9

         * estimated
         11 Life business: net premiums
         14 Financial year 01.4.2000–31.3.2001
         + provisional

World Life and Non-Life Insurance Premiums, 1990-2000 (Figures in $billion)
Year Non-life * Life Total 1990 648.4 707.2 1,355.7 1991 670.7 743.6 1,414.3 1992 697.5 768.4 1,465.9 1993 792.1 1,010.4 1,802.7 1994 846.6 1,121.1 1,967.7 1995 906.7 1,236.6 2,143.4 1996 909.1 1,196.7 2,105.8 1997 896.8 1,231.7 2,128.6 1998 891.3 1,275.0 2,166.4 1999 912.7 1,424.2 2,336.9 2000 922.4 1,521.2 2,443.6

Source- BimaOnline