The India non-life insurance market size reached around USD 87.42 Billion in 2024. The market is projected to grow at a CAGR of 16.10% between 2025 and 2034 to reach nearly USD 388.99 Billion by 2034. The market growth can be attributed to the growing demand for health and motor insurance products offered by public and private companies. Moreover, the rising risk of natural disasters posed to buildings can fuel the market growth amid the increasing adoption of home insurance products.
Base Year
Historical Period
Forecast Period
Burgeoning consumer disposable incomes and product diversification by existing non-life insurance companies in India are significantly driving the demand for travel insurance. Reportedly, around 60% of Indians travelling abroad/domestically preferred travel insurance in 2023. As private sector providers step up its policy offerings to cater to the increasing demand for travel insurance, the India non-life insurance market revenue is expected to grow considerably in the forecast period.
Comprehensive insurance plans enable travellers to meet unforeseen expenses, whereas flexible plans enable them to customise their insurance policies as per their individual requirements and trip budget. 48% of Indian travellers prefer taking comprehensive travel insurance plans, followed by flexible plans (39%). Insurance providers are responding to the growing demand for both flexible and comprehensive insurance plans by introducing customisable plans to appeal to a wider customer base.
The increasing interest in domestic and international travel, rising customer awareness regarding the importance of financial protection during travel, and the availability of affordable and customised solutions are significantly boosting the popularity of travel insurance. As per industry reports, travel insurance companies in India generated a premium of INR 906 crore in 2023. This highlights a strong upward trend in insurance uptake across various non-life categories such as travel.
Compound Annual Growth Rate
16.1%
Value in USD Billion
2025-2034
India Non-Life Insurance Market Outlook
*this image is indicative*
|
India Non-Life Insurance Market Report Summary |
Description |
Value |
|
Base Year |
USD Billion |
2024 |
|
Historical Period |
USD Billion |
2018-2024 |
|
Forecast Period |
USD Billion |
2025-2034 |
|
Market Size 2024 |
USD Billion |
87.42 |
|
Market Size 2034 |
USD Billion |
388.99 |
|
CAGR 2018-2024 |
Percentage |
XX% |
|
CAGR 2025-2034 |
Percentage |
16.10% |
|
CAGR 2025-2034 - Market by Region |
West and Central India |
14.2% |
|
CAGR 2025-2034 - Market by Region |
South India |
13.9% |
|
CAGR 2025-2034 - Market by End User |
Individual |
14.1% |
|
CAGR 2025-2034 - Market by Distribution Channel |
Direct Sales |
14.4% |
|
Market Share by Country 2024 |
South India |
22.3% |
Dubai (25%), Maldives (24%), Singapore (21%), Switzerland (18%), and Bali (15%) have emerged as the most popular overseas destination for Indian travellers, who are willing to spend up to INR 6 lakhs on their foreign vacations. In the coming years, 48% of Indian travellers are expected to increase their budgetary allocation for overseas travel, and 37% of them are expected to increase the duration of international trips. This is expected to favourably shape the India non-life insurance market dynamics.
Around 62% of Indian travellers consider travel insurance a mandatory part of trip planning, and 45% of them use online portals to research the best policy for themselves. Cleanliness, comfort, and convenience have emerged as the topmost priorities of travellers while undertaking domestic/foreign trips, and the medical and accidental expenditure coverage provided by insurance plans plays a key role in influencing their final purchasing decision. Around 39% of Indian travellers prefer a customisable and flexible travel insurance plan, which is increasing the India non-life insurance market revenue. Over the forecast period, the growth of online travel insurance platforms is expected to significantly increase the growth rate of the market in India.
Reducing premiums for home insurance; increasing demand for health and motor insurance; rising adoption of crop insurance plans; and increasing threat of data breaches are the major factors favouring the India non-life insurance market growth.
The average reconstruction cost of a basic facility is around INR 1,200-1,500 per square foot. Rising incidences of natural disasters are expected to prompt more consumers to purchase low-cost home insurance plans in the coming years, due to the growth of disposable income levels and growth of financial awareness.
In 2022, the premiums for motor and health insurance plans increased by 26.2%, which was almost double from 2021 (12.2%). Together, they accounted for 66% of gross direct premiums for insurance companies in 2022. Hence, the sustained growth in healthcare costs and rising vehicle ownership rates among individuals are fuelling the India non-life insurance market revenue.
As weather patterns are becoming increasingly unpredictable, farmers are recognising the importance of crop insurance products for mitigating risks. Government subsidies and initiatives have enhanced policy accessibility for farmers, which is driving their adoption. The growing awareness of crop insurance products is leading to the non-life insurance market growth in India.
The rising threats of data breaches are driving the demand for cyber insurance solutions. Corporate organisations are increasingly turning to customised cyber insurance solutions for mitigating financial losses from online risks. With rapid digitalisation of business operations, IT companies are seeking policy coverage for reputation damage, legal liabilities, and data loss, which is favourably impacting the market dynamics.
Only 1 in 20 households in India purchase a home insurance. Every time there is a natural calamity, the sale of house insurance products begins to rise. For instance, after 2018 Kerala Floods, home insurance policies for covering fire protection surged by 34%. Similarly, post the occurrence of cyclone Amphan in West Bengal in 2020, premium incomes increased to 27% y-o-y. However, due to increasing consumer awareness regarding the harmful effects of climate change and the risks of fire hazards, the India non-life insurance market value is expected to increase steadily. Annually, over 5,000 cases of fire hazards are reported in Mumbai, with cities like Bengaluru and Delhi reporting 2,500 cases annually. This is expected to favourably shape the market dynamics in the coming years.
The EMR’s report titled “India Non-Life Insurance Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Breakup by Insurance Type
Breakup by Service Provider
Breakup by End User
Breakup by Distribution Channel
Breakup by Region
Based on region, the market is segmented into East India, West and Central India, North India, and South India. Over the forecast period of 2025-2034, the demand for non-life insurance in West and Central India is expected to grow at a CAGR of 14.2% due to the rising demand for motor vehicle insurance products. East India is expected to grow at a CAGR of 13.9% due to the increasing incidence of natural disasters caused by climate change.
Based on distribution channel, the market is divided into direct sales, banks, and agents or brokers, among others. The India non-life insurance market analysis suggests that direct sales are expected to grow at a CAGR of 14.4% between 2025 and 2034 as the levels of financial awareness among the middle-class population soars.
|
CAGR 2025-2034 - Market by |
Distribution Channel |
|
Direct Sales |
14.4% |
|
Banks |
XX% |
|
Agents or Brokers |
XX% |
|
Others |
XX% |
Major players are expanding their online sales channels and focusing on providing personalised products through data analytics. They are also making substantial investments to boost their technological capabilities to improve customer engagement, simplify claims processes, and enhance product offerings like health, motor, and property insurance. This is expected to fuel the India non-life insurance market expansion in the coming years.
ICICI Lombard General Insurance Company Limited was established in October 2000 and is based in Mumbai, Maharashtra. It is amongst India’s leading general insurance companies which provides insurance for fires, motor vehicles, crops, and other items through various distribution channels.
Reliance Capital Limited was established in 1986 and is based in Mumbai, Maharashtra. It is a financial services company that specialises in offering wealth management services and general insurance solutions.
The Oriental Insurance Company Ltd. was established in 1947 and is based in New Delhi. It is one of India’s top 5 general insurance companies with nearly 1000 offices and over 10,000 employees.
United India Insurance Company Ltd. was established in February 1938 and is based in Chennai, Tamil Nadu. It is a public-sector company which is engaged in distributing various insurance products to around 1.38 crore customers.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players included in the India non-life insurance market report are Bajaj Allianz General Insurance Company, HDFC ERGO General Insurance Company Limited, TATA AIG General Insurance Company Limited, The New India Assurance Co. Ltd., SBI General Insurance Company Limited, and Acko Technology and Service Private Limited, among others.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2024, the market reached an approximate value of USD 87.42 Billion.
The market is projected to grow at a CAGR of 16.10% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 388.99 Billion by 2034.
The different regions considered in the market report include East India, West and Central India, North India, and South India.
The different types of non-life insurance include property insurance, liability insurance, motor insurance, health insurance, and travel insurance, among others.
The different end users of non-life insurance in the market include individuals and corporates.
The different types of service providers are public insurance providers and private insurance providers.
Key players in the market are ICICI Lombard General Insurance Company Limited, Bajaj Allianz General Insurance Company, HDFC ERGO General Insurance Company Limited, TATA AIG General Insurance Company Limited, The New India Assurance Co. Ltd., The Oriental Insurance Company Ltd., United India Insurance Company Ltd., Reliance Capital Limited, SBI General Insurance Company Limited, and Acko Technology and Service Private Limited, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Insurance Type |
|
| Breakup by Service Provider |
|
| Breakup by End User |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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