Context

This public dataset contains data concerning the public and private insurance companies provided by IRDAI(Insurance Regulatory and Development Authority of India) from 2013-2022. This is a multi-index data and can be a great practice to hone manipulation of pandas multi-index dataframes. Mainly, the business of the companies (total premiums and number of policies), subscription information(number of people subscribed), Claims incurred and the Network hospitals enrolled by Third Party Administrators are attributes focused by the dataset.

Content

The Excel file contains the following data | Table No.| Contents| | --- | --- | |**A**|**III.A: HEALTH INSURANCE BUSINESS OF GENERAL AND HEALTH INSURERS**| |62| Health Insurance - Number of Policies, Number of Persons Covered and Gross Premium| |63| Personal Accident Insurance - Number of Policies, Number of Persons Covered and Gross Premium| |64| Overseas Travel Insurance - Number of Policies, Number of Persons Covered and Gross Premium| |65| Domestic Travel Insurance - Number of Policies, Number of Persons Covered and Gross Premium| |66| Health Insurance - Net Premium Earned, Incurred Claims and Incurred Claims Ratio| |67| Personal Accident Insurance - Net Premium Earned, Incurred Claims and Incurred Claims Ratio| |68| Overseas Travel Insurance - Net Earned Premium, Incurred Claims and Incurred Claims Ratio| |69| Domestic Travel Insurance - Net Earned Premium, Incurred Claims and Incurred Claims Ratio| |70| Details of Claims Development and Aging - Health Insurance Business| |71| State-wise Health Insurance Business| |72| State-wise Individual Health Insurance Business| |73| State-wise Personal Accident Insurance Business| |74| State-wise Overseas Insurance Business| |75| State-wise Domestic Insurance Business| |76| State-wise Claims Settlement under Health Insurance Business| |**B**|**III.B: HEALTH INSURANCE BUSINESS OF LIFE INSURERS**| |77| Health Insurance Business in respect of Products offered by Life Insurers - New Busienss| |78| Health Insurance Business in respect of Products offered by Life insurers - Renewal Business| |79| Health Insurance Business in respect of Riders attached to Life Insurance Products - New Business| |80| Health Insurance Business in respect of Riders attached to Life Insurance Products - Renewal Business| |**C**|**III.C: OTHERS**| |81| Network Hospital Enrolled by TPAs| |82| State-wise Details on Number of Network Providers |

Comprehensive dataset containing 45,895 verified Insurance company businesses in India with complete contact information, ratings, reviews, and location data.

Comprehensive dataset containing 14,366 verified Health insurance agency businesses in India with complete contact information, ratings, reviews, and location data.

Public health insurance coverage in India before and after PM-JAY: repeated cross-sectional analysis of nationally representative survey dataThe National Family Health Survey (NFHS), India data is publicly available data set and can be accessed on request. It can be downloaded upon registration from the Demographic and Health Survey (DHS) website upon registration at The DHS Program - Request Access To Datasets. We have used data from the fourth and fifth round of NFHS, which can be accessed after registration from the link given here for NFHS 4 and NFHS 5 https://dhsprogram.com/data/dataset/India_Standard-DHS_2015.cfm?flag=0 and here https://dhsprogram.com/data/dataset/India_Standard-DHS_2020.cfm?flag=0 respectively. These datasets (HR file) have been used to obtain this combined dataset of a paper entitled "Public health insurance coverage in India before and after PM-JAY: repeated cross-sectional analysis of nationally representative survey data" submitted to BMJ Global Health August 2023.

India Number of Registered Company: Active: Private: Services: Insurance data was reported at 1,211.000 Unit in Mar 2025. This records a decrease from the previous number of 1,215.000 Unit for Feb 2025. India Number of Registered Company: Active: Private: Services: Insurance data is updated monthly, averaging 884.000 Unit from Mar 2015 (Median) to Mar 2025, with 116 observations. The data reached an all-time high of 1,383.000 Unit in Apr 2024 and a record low of 630.000 Unit in Mar 2015. India Number of Registered Company: Active: Private: Services: Insurance data remains active status in CEIC and is reported by Ministry of Corporate Affairs. The data is categorized under India Premium Database’s Investment – Table IN.OC003: Registered Company: At Work: Active Company: Number of Company.

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Insurance Analytics Market Size 2025-2029

The insurance analytics market size is valued to increase by USD 16.12 billion, at a CAGR of 16.7% from 2024 to 2029. Increasing government regulations on mandatory insurance coverage in developing countries will drive the insurance analytics market.

Market Insights

North America dominated the market and accounted for a 36% growth during the 2025-2029.
By Deployment - Cloud segment was valued at USD 4.41 billion in 2023
By Component - Tools segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 328.64 million 
Market Future Opportunities 2024: USD 16123.20 million
CAGR from 2024 to 2029 : 16.7%

Market Summary

The market is experiencing significant growth due to the increasing adoption of data-driven decision-making in the insurance industry and the expanding regulatory landscape. In developing countries, mandatory insurance coverage is becoming more prevalent, leading to an influx of data and the need for advanced analytics to manage risk and optimize operations. Furthermore, the integration of diverse data sources, including social media, IoT, and satellite imagery, is adding complexity to the analytics process. For instance, a global logistics company uses insurance analytics to optimize its supply chain by identifying potential risks and implementing preventative measures. By analyzing historical data on weather patterns, traffic, and other external factors, the company can proactively reroute shipments and minimize disruptions.
Additionally, compliance with regulations such as the European Union's General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA) requires insurers to invest in advanced analytics solutions to ensure data security and privacy. Despite these opportunities, challenges remain. The complexity of integrating and managing vast amounts of data from various sources can be a significant barrier to entry for smaller insurers. Additionally, the need for real-time analytics and the ability to make accurate predictions requires significant computational power and expertise. As the market continues to evolve, insurers that can effectively harness the power of data analytics will gain a competitive edge.

What will be the size of the Insurance Analytics Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

The market is a dynamic and ever-evolving landscape, driven by advancements in technology and the growing demand for data-driven insights. According to recent studies, the market is projected to grow by over 15% annually, underscoring its significance in the insurance industry. This growth can be attributed to the increasing adoption of advanced analytics techniques such as machine learning, artificial intelligence, and predictive modeling. One trend that is gaining traction is the use of analytics for solvency II compliance. With the implementation of this regulation, insurers are under pressure to ensure adequate capital and manage risk more effectively.
Analytics tools enable them to do just that, by providing real-time risk assessments, predictive modeling, and capital adequacy modeling. This not only helps insurers meet regulatory requirements but also enhances their risk management capabilities. Another area where analytics is making a significant impact is in customer churn prediction. By analyzing customer data, insurers can identify patterns and trends that indicate potential churn. This enables them to proactively engage with customers and offer personalized solutions, thereby reducing churn and improving customer satisfaction. In conclusion, the market is a critical driver of innovation and growth in the insurance industry.
Its ability to provide actionable insights and enable data-driven decision-making is transforming the way insurers operate, from risk management and compliance to product strategy and customer engagement.

Unpacking the Insurance Analytics Market Landscape

In the dynamic and competitive insurance industry, analytics plays a pivotal role in driving business success. Actuarial data science, with its advanced pricing optimization techniques, enables insurers to set premiums that align with risk profiles, resulting in a 15% increase in underwriting profitability. Risk assessment algorithms, fueled by data mining techniques and real-time risk assessment, improve loss reserving models by 20%, ensuring accurate claim payouts and enhancing customer trust. Data security protocols safeguard sensitive information, reducing the risk of fraud by 30%, as detected by fraud detection systems and claims processing automation. Insurance technology, including business intelligence tools and data visualization dashboards, facilitates data governance frameworks and policy lifecycle management, enab

The Indian insurance market is experiencing robust growth, projected to reach a market size of $1.86 billion in 2025 and exhibiting a Compound Annual Growth Rate (CAGR) of 12.20% from 2025 to 2033. This expansion is fueled by several key drivers. Increasing awareness of the need for financial security, coupled with rising disposable incomes and a burgeoning middle class, are significantly boosting demand across all insurance segments. Government initiatives promoting financial inclusion and insurance penetration are also playing a crucial role. Furthermore, the rapid adoption of digital technologies, including online platforms and mobile applications, is streamlining the insurance purchasing process and expanding access to a wider consumer base. The market is witnessing a shift towards digital insurance platforms offering convenience and competitive pricing. This is evident in the rise of Insurtech companies like Acko, PolicyBazaar, and others, disrupting traditional insurance models. However, the market also faces certain challenges. These include low insurance penetration rates, particularly in rural areas, and a lack of awareness about various insurance products among a significant portion of the population. Furthermore, regulatory hurdles and complexities in the claims process can sometimes deter customers. Despite these constraints, the long-term outlook remains positive, driven by the nation's demographic dividend and ongoing government efforts to improve financial literacy and accessibility. The segmentation of the market into Life, Motor, Health, and Other insurances reflects diverse consumer needs and provides opportunities for specialized service providers. The competitive landscape, encompassing both established players and dynamic Insurtech startups, ensures a dynamic and innovative market. Significant growth is anticipated in Health and Motor insurance segments, given rising healthcare costs and increasing vehicle ownership. This comprehensive report provides an in-depth analysis of the dynamic Indian insurance market, covering the period from 2019 to 2033. With a focus on key segments – Life Insurance, Motor Insurance, Health Insurance, and Other Insurances – the report unveils market size, growth drivers, challenges, and emerging trends. Utilizing data from the base year 2025 and forecasting until 2033, this report is an indispensable resource for investors, insurers, and industry stakeholders seeking to navigate this rapidly evolving landscape. High-search-volume keywords like Indian insurance market size, Indian insurance industry trends, health insurance market India, and motor insurance penetration India are strategically incorporated for maximum online visibility. Recent developments include: In August 2023, Axis Bank announced its intention to acquire the 7% stake in Max Life Insurance. Currently, Axis Bank, Axis Securities, and Axis Capital collectively hold a significant 12.02 % stake in Max Life. With the acquisition of the additional 7% stake, the total holdings of Axis Entities in Max Life will increase to slightly over 19.02%., In October 2022, Exide Life Insurance Co. merged with HDFC Life Insurance Co., wherein it concluded the merger of Exide Life, marking the completion of the first-ever merger and acquisition (M&A) transaction in the Indian life insurance sector.. Key drivers for this market are: Increase in Internet Penetration and Smartphone Usage, Rise in Convenience and Accessibility of Purchasing Insurance. Potential restraints include: Increase in Internet Penetration and Smartphone Usage, Rise in Convenience and Accessibility of Purchasing Insurance. Notable trends are: Increasing Internet Userbase in India is Driving the Market.

In the fiscal year of 2024, around *** million people across India were covered under health insurance schemes. Of these, the highest number of people were insured under ******************** health insurance schemes, while********************* plans had the lowest number of people. Key figures of public health insurance The gross direct premium income of the Indian health insurance industry was about *** billion Indian rupees in financial year 2021. Public health insurance recorded the highest premium income of over *** billion Indian rupees that year, with the highest share of premiums written in the western state of Maharashtra. The healthcare system India has a decentralized approach to health care and that allows health insurance to be optional. Technically, all citizens are eligible for free healthcare at government facilities, and individual states are responsible for organizing these services. However, the country’s health system is severely underfunded in terms of staff as well as supply shortages. A vast number of people seek care from private providers. Over ** percent of the total healthcare expenditure in the country was from out-of-pocket expenses in fiscal year 2020.

India Number of Registered Company: New: Limited: Private: Finance, Insurance, Real Estate and Business Services data was reported at 63,349.000 Unit in 2018. This records an increase from the previous number of 54,073.000 Unit for 2017. India Number of Registered Company: New: Limited: Private: Finance, Insurance, Real Estate and Business Services data is updated yearly, averaging 33,672.000 Unit from Mar 2006 (Median) to 2018, with 13 observations. The data reached an all-time high of 63,349.000 Unit in 2018 and a record low of 6,657.000 Unit in 2007. India Number of Registered Company: New: Limited: Private: Finance, Insurance, Real Estate and Business Services data remains active status in CEIC and is reported by Ministry of Corporate Affairs. The data is categorized under India Premium Database’s Investment – Table IN.OC007: Registered Company: New: Limited: by Sector: Number of Company.

Comprehensive dataset containing 394 verified United India Insurance Company Limited locations in India with complete contact information, ratings, reviews, and location data.

The India Life and Non-Life Insurance Market is Segmented by (Life Insurance, (endowment, Term-Life, Whole-Life, Unit-Linked and More), Non-Life Insurance (Motor, Health, Fire and Engineering, Marine and Cargo and More), Distribution Channel (Agency, Bancassurance, Direct and More), Customer Type (Individual and Group) and Region. The Market Forecasts are Provided in Terms of Value (USD).

In the financial year 2023, the Life Insurance Corporation (LIC) had the highest number of complaints at 81.49 thousand, while private insurers had significantly fewer complaints at 45.88 thousand. LIC is an Indian multinational public sector life insurance company headquartered in Mumbai.

The dataset contains year- and month-wise market share of each insurance company in the total number of life insurance individual or group premium policies or schemes issued, number of lives covered under group schemes, total first year premium collected and total sum assured. The same data is categorized by single, non-single, group, non-group and yearly renewable premium categories

Note: 1) The First year Premium to actual premium collected by life insurers net of only free look cancellations for the period. 2) Negative Values are as per Official Source

India Number of Registered Company: At Work: Limited: Private: Finance, Insurance, Real Estate and Business Services data was reported at 465,300.000 Unit in 2018. This records an increase from the previous number of 447,182.000 Unit for 2017. India Number of Registered Company: At Work: Limited: Private: Finance, Insurance, Real Estate and Business Services data is updated yearly, averaging 192,057.000 Unit from Mar 2001 (Median) to 2018, with 18 observations. The data reached an all-time high of 465,300.000 Unit in 2018 and a record low of 129,697.000 Unit in 2001. India Number of Registered Company: At Work: Limited: Private: Finance, Insurance, Real Estate and Business Services data remains active status in CEIC and is reported by Ministry of Corporate Affairs. The data is categorized under India Premium Database’s Investment – Table IN.OC002: Registered Company: At Work: Limited: by Sector.

The report covers Gadget Insurance Companies in India and the market is Segmented by Coverage Type (Physical Damage, Electronic Damage, Data Protection, Virus Protection and Theft Protection), Device Type (Laptops, Computers, Cameras, Mobile Devices, and Tablets), and End User (Corporate and Individual).

The dataset contains Year Wise Insurer Wise Forfeiture/Lapsed Policies in respect of Individual Non-Linked Business of Life insurance from Handbook on Indian Insurance Statistics

Note: 1. A policy is treated as lapsed if the premium is not paid within the grace period (generally ranging from 15 to 30 days)
2. Lapse Ratio during the year = Lapses (including forfeitures) during the year/Arithmetic Mean of the business inforce at the beginning and at the end of the year
3 Information pertaining to Exide Life Insurance Company Limited has not been furnished due to merger with HDFC Life Insurance Company Limited effective from the end of 14th October 2022. 4 Information with respect to Sahara India Life Insurance Company Limited has not been provided in the absence of annual valuation data and transfer of business of Sahara India Life Insurance Company Limited to SBI Life Insurance Company Limited vide IRDAI order no IRDAI/F&I/ORD/MISC/119/6/2023 dated 2nd June, 2023.

Life Insurance Corporation, a public insurance company in India, had the highest new business premium of 2,320 billion Indian rupees in the financial year 2023. Among the private insurers, SBI Life Insurance Company had the highest new business premium, followed by HDFC Life Insurance Company in the financial year 2023.

Graph and download economic data for Life Insurance Premium Volume to GDP for India (DDDI09INA156NWDB) from 1992 to 2018 about premium, life, India, insurance, and GDP.

In the financial year 2024, Max life insurance had the highest claims settlement ratio of 99.34 percent in India. Public sector insurer, the LIC life insurance, had the claim settlement ratio of 98.74 percent in the same fiscal year. Claim settlement ratio is a ratio of the number of claims paid to customers by the insurance company to the total claims received by the company.

The India Car Insurance Market Report is Segmented by Vehicle Type (Personal, Commercial), Insurance Type (Third Party, Comprehensive), Distribution Channel (Direct, Agents, Brokers, Banks, Other Distribution Channels). The Market Forecasts are Provided in Terms of Value (USD).