Investor Presentaiton
India Non - life Insurance Market - Large Addressable Market
Significantly underpenetrated
Massive growth opportunity in non-life premiums
9.10
Premium as a % of GDP (CY21)
India: US$
30.30 billion
EA*: US$
399.68 billion
World: US$
3863.03 billion
5.20
USA
S. Korea
USA
S. Korea
S. Africa
Japan
UK
2.20
2.20
2.20
1.90
1.70
1.00 I 0.90
0.50
China
Non-Life Insurance Density
(Premium per capita) (CY21) (US$)
Brazil
India
Russia
Indonesia
2,520
1,764
1,039
855
229
154
130
111
22
22
UK
Japan
China
S. Africa
Brazil
Russia
Indonesia
I 221
India
• 4th largest non-life insurance market in Asia and 14th
largest globally in 2021
• Non-life Insurance penetration in India was around 1/4th of
Global Average in 2021
• Operates under a "cash before cover" model
ICICI Lombard
Nibhaye Vaade
*EA-Emerging Asia Market
Source: Sigma 4/2022 Swiss Re
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