May 18, 2015
The state of Maharashtra, of which Mumbai is the capital, has topped the list of regional markets in India in terms of non-life premiums, while New Delhi ranked Number One in non-life insurance density and insurance penetration, for the financial year ended 31 March 2014.
The top five general insurance markets in terms of gross premiums are Maharashtra, Tamil Nadu, Gujarat, Karnataka and New Delhi, reported Press Trust of India citing data from the General Insurance Council (GIC). Maharashtra, with around 1,100 offices set up by the general insurers, generated a total premium of INR177.74 billion (US$2.8 billion) in FY2013-14. The state’s per capita premium was pegged at INR1,600 while insurance penetration was 1.13% during the year.
Tamil Nadu, the second largest general insurance market with around 1,200 offices, has the largest number of general insurance offices in the country. The state generated premiums of INR75.38 billion and had an insurance penetration of 0.90% and density of INR1,050 in 2013-14. New Delhi, with 315 insurance offices, collected total premium of around INR50 billion. It had the highest insurance penetration of 1.34% and density of INR3,228 in 2013-14.
GIC’s Secretary-General, Mr R Chandrasekaran, said: “Traditionally, Maharashtra has been the highest premium-producing state, mainly because of Mumbai being the financial capital of the country. “However, from the GIC data, it seems that many other states, including New Delhi, have started producing premiums due to economic growth, high literacy and more car-owning young people going for motor and health insurance.”