Private life insurance companies have gained significant market-share in the individual-policy-buyer business. From 36.5% in FY12, their share has grown to 62.9% in FY22. In contrast, the state-owned insurance behemoth, Life Insurance Corporation of India, lost share in the individual business (from 63.5% to 37.1%).
However, private insurers’ market-share in the group business has hovered between 20% and 24% as LIC accounts for 76% of the market.
Private insurers have a high share of bancassurance in their channel-wise collection of individual premiums.