Annual Report
Annual Report
Annual Report
2021-22
Annual Report
2021-22
Head Office
Survey No. 115/1, Financial District
Nanakramguda, Gachibowli, Hyderabad – 500032, India
Phone: +91-40-20204000
This Report is in conformity with the format as per the Insurance Regulatory and
Development Authority (Annual Report-Furnishing of Return, Statements and Other
Particulars) Rules, 2000.
PART – I
POLICIES AND PROGRAMMES 1
PART – II
REVIEW OF WORKING AND OPERATIONS 49
PART – IV
ORGANISATIONAL MATTERS 89
IV.1 Organisation 91
IV.2 Human Resources 92
IV.3 Promotion of Official Language 95
IV.4 Information Technology 97
IV.5 Accounts 98
IV.6 Acknowledgments 98
BOX ITEMS
TABLES
ANNEXURES 131
CHAIRMAN
WHOLE-TIME MEMBERS
PART-TIME MEMBERS
Ms. Sushama Nath Shri Nihar N Jambusaria Shri Amit Agrawal
(Upto 23.08.2021) (Upto 11.02.2022) (Upto 03.07.2022)
EXECUTIVE DIRECTOR
CHIEF GENERAL
MANAGERS
Shri A R Nithiyanantham Dr. Mamta Suri
Shri Randip Singh Jagpal Intermediaries Finance & Accounts, and Internal Audit
Consumer Affairs
Smt. J Meena Kumari Smt. Yegna Priya Bharath Shri V Jayanth Kumar
Supervision, HR, Administration, Non-Life Life
Internal Accounts, Corporate Services,
Estates and Designated Officer
GENERAL MANAGERS
Shri S N Jayasimhan Shri Ramana Rao Addanki Shri Sanjeev Kumar Jain
Information Technology Finance & Accounts (Non-Life) Supervision
Shri T S Naik
Communications, Shri S P Chakraborty Shri A Venkateswara Rao
Administration and Estates Actuarial and OLI Enforcement
Growth (%)
Item 2020-21* 2021-22#
2020-21 2021-22
Gross Value Added (GVA) at basic prices (₹lakh crore) 180.58 213.49 -1.6 18.2
Gross Domestic Product (GDP) (₹lakh crore) 198.01 236.65 -1.4 19.5
Gross National Disposable Income (GNDI) (₹lakh crore) 200.86 238.78 -1.6 18.9
Per Capita GDP (₹) 1,46,087 1,72,913 -2.4 18.4
Per Capita GNDI (₹) 1,48,194 1,74,473 -2.7 17.7
Per Capita Private Final Consumption Expenditure (PFCE) (₹) 88,775 1,02,992 -2.7 16.0
*First Revised Estimates; #Provisional Estimates
Source: NSO, Press Note dated May 31, 2022.
Growth (%)
Industry 2020-21* 2021-22#
2020-21 2021-22
Agriculture,
Public Administration, Forestry & Fishing
Defence & Other Services
I 15% 19%
Mining & Quarrying
2%
Financial, Real Estate &
21%
Professional Services 15%
3% Manufacturing
17% 8%
Electricity, Gas,
Water Supply & Other Utility Services
Trade, Hotels, Transport, Construction
Communication & Services related to Broadcasting
9.9%
i. Non-financial Corporations
10.4%
2.8%
ii. Financial Corporations
2.9%
-6.7%
iii. General Government
-3.1%
21.9%
iv. Household sector
19.2%
2019 - 20 2020 - 21
I.2.1 APPRAISAL OF GLOBAL INSURANCE Table I.4: Growth in Real Premium by Region in
MARKET the World in 2021
(In per cent)
I.2.1.1 The global economy is slowing and the risk of Regions Life Non-Life Total
inflationary recession in a number of economies has Advanced markets 5.4 2.9 3.9
increased. As per the Swiss Re Sigma research Emerging markets 1.5 1.5 1.5
(publication no.4/2022), this economic slowdown and Asia-Pacific 0.6 0.8 0.7
the high-inflation environment will weigh on India 8.5 5.8 7.8
insurance markets. Slowing growth typically leads to
World 4.5 2.6 3.4
lower demand for insurance. The major impact of
Source: Swiss Re, Sigma 4/2022
inflation will show in rising claims costs in non- life.
Property and motor insurance are expected to be most I.2.1.4 The US remains the largest insurance market
impacted in the near term. in the world followed by China and Japan. The three
together accounted for almost 56 per cent of the global
I.2.1.2 In 2021, total global insurance premiums premiums in 2021, slightly less than that in 2020 (57
grew by 3.4 per cent in real terms. The non-life sector per cent). The market share of the top 20 countries
posted 2.6 per cent growth, driven by rate hardening remained 90 per cent in 2021 and six Asian markets in
in commercial lines in advanced markets. However, in the top 20 rankings of Swiss Re (China, Japan, South
China, the largest emerging market, non-life premium Korea, India, Taiwan and Hong Kong) contributed to
volumes contracted by 23 per cent market
0.7 per cent as the de-tariffication of motor insurance
sparked fierce competition and rate
I Year
Life
Penetration (%)
Non-Life Total Life
Density (USD)
Non-Life Total
2001-02 2.15 0.56 2.71 9.1 2.4 11.5
2002-03 2.59 0.67 3.26 11.7 3.0 14.7
2003-04 2.26 0.62 2.88 12.9 3.5 16.4
2004-05 2.53 0.64 3.17 15.7 4.0 19.7
2005-06 2.53 0.61 3.14 18.3 4.4 22.7
2006-07 4.10 0.60 4.80 33.2 5.2 38.4
2007-08 4.00 0.60 4.70 40.4 6.2 46.6
2008-09 4.00 0.60 4.60 41.2 6.2 47.4
2009-10 4.60 0.60 5.20 47.7 6.7 54.3
2010-11 4.40 0.71 5.10 55.7 8.7 64.4
2011-12 3.40 0.70 4.10 49.0 10.0 59.0
2012-13 3.17 0.78 3.96 42.7 10.5 53.2
2013-14 3.10 0.80 3.90 41.0 11.0 52.0
2014-15 2.60 0.70 3.30 44.0 11.0 55.0
2015-16 2.72 0.72 3.44 43.2 11.5 54.7
2016-17 2.72 0.77 3.49 46.5 13.2 59.7
2017-18 2.76 0.93 3.69 55 18 73
2018-19 2.74 0.97 3.70 54 19 74
2019-20 2.82 0.94 3.76 58 19 78
2020-21 3.2 1.0 4.2 59 19 78
2021-22 3.2 1.0 4.2 69 22 91
Note:
1. Insurance penetration is measured as ratio of premium to GDP.
2. Insurance density is measured as ratio of premium to total population.
3. Figures may not add up to the total due to rounding off.
Source: Swiss Re, Sigma, Various Issues.
2
1
0
2001-
2002-
2003-
2004-
2005-
2014-
2015-
2016-
2017-
2018-
2019-
2020-
2021-
2006-
2007-
2008-
2009-
2010-
2011-
2012-
2013-
100
80
60
40
I
in
20
0
2001-
2002-
2003-
2005-
2006-
2009-
2012-
2004-
2007-
2008-
2010-
2011-
2013-
2014-
02
03
04
05
06
07
08
09
10
11
12
13
14
15
Life Non-Life Total
Note: Figures in bracket indicates growth (in per cent) over previous year.
Chart I.7: New Business Premium of Life Insurers Chart I.8: Total Premium of Life Insurers
(`crore) (`crore)
3,14,868 6,92,614
2,78,700 6,28,731
1,98,932 4,28,025
1,84,430 4,03,287
1,15,936 2,64,589
94,270 2,25,444
2020-212021-22 2020-212021-22
77%
Policies Issued by Life Insurers registered a growth of 3.54 per cent and
I.2.2.6 During 2021-22, the life insurance industry contributed 74.60 per cent of the policies issued. The
registered a growth of 3.51 per cent in the number of private sector registered a growth of 3.38 per cent and
new policies issued against the previous year. LIC contributed 25.40 per cent of the policies issued.
I
(-4.21) (3.54)
Private Sector 71.52 73.94
I.2.2.9 IRDAI (Expenses of Management of Insurers
(2.89) (3.38)
transacting life insurance business) Regulations, 2016
Total 281.27 291.13
prescribe the allowable limits of expenses of
(-2.49) (3.51)
management taking into account, inter alia the type
Note : Figures in bracket indicates the growth (in per cent) over the
previous year. and nature of product, premium paying term and
Paid-up capital of Life Insurers duration of insurance business. During the year 2021-
22, out of 24 life insurers, 16 were compliant with the
I.2.2.7 Total capital of the life insurers increased by above regulations. Eight life insurers had exceeded the
limits of expenses on an overall basis or segmental
25.40 per cent to ₹35,547 crore as on March 31,
basis and the same are under examination and
2022. During 2021-22, an additional capital of
consideration for grant of forbearance.
₹7200 crore was brought in the life insurance
industry and about 86 per cent of this was by LIC.
The life insurance industry reported gross expenses
of management of ₹1.07 lakh crore
Insurance company wise details of equity share
capital are provided in Statement 6.
Table I.11: Paid up Capital of Life Insurers during 2021-22 which was 15.50 per cent of total
(₹crore) gross premium.
Insurer As at March Additions during As at March
I.2.2.10 2 . 10 The commission expenses
31, 2021 2021-22 31, 2022
ratio (commission expenses as a percentage
LIC 100.00 6,225.00 6,325.00
of premium) decreased marginally to 5.18 per cent in
Private Sector 28,246.37 975.38 29,221.75
2021-22 from 5.25 per cent in 2020-21. However,
TotalPaid up Capital 28,346.37 7,200.38 35,546.75
Note: excludes Share premium and Share application total commission increased by 8.77 per cent (total
money
premium growth 10.16 per cent) during 2021-22.
Other Forms of Capital of Life Insurers
2
Commission
Commission on
(26.44)
564.67
(26.55)
490.27
(14.60)
580.22
(10.94)
829.73
(19.57)
1,144.89
(16.11)
1,320.01
I
Single Premium (0.37) (0.30) (1.22) (1.98) (0.58) (0.65)
3 Rewards on New 1,201.39 1,099.57 378.06 441.61 1,579.45 1,541.18
Business Commission (0.65) (0.55) (0.40) (0.38) (0.57) (0.49)
4 New Business 10,735.90 11,320.81 7,804.00 9,360.18 18,539.89 20,680.99
Commission (1+2+3) (5.82) (5.69) (8.28) (8.07) (6.65) (6.57)
5 Renewal 11,434.74 11,850.65 3,019.45 3,355.68 14,454.19 15,206.33
Commission (5.23) (5.17) (2.30) (2.26) (4.13) (4.03)
6 Total Commission 22,170.64 23,171.46 10,823.44 12,715.86 32,994.08 35,887.31
(4+5) (5.50) (5.41) (4.80) (4.81) (5.25) (5.18)
Note: Figures in bracket are Commission Expense Ratio in per cent.
I.2.2.11 The operating expenses of the life insurers Benefits Paid by Life Insurers
increased by 17.93 per cent to ₹71,435 crore in 2021-
22 and operating expenses ratio (operating expenses I.2.2.12 The life insurance industry paid benefits of
as a per cent of gross premium underwritten) ₹5.02 lakh crore in 2021-22 which constitutes 73.10
increased from 9.77 per cent in 2020-21 to 10.31 per per cent of the net premium. LIC accounted for
cent in 2021-22. 70.39 per cent of total benefits paid and remaining
29.61 per cent by private insurers. The benefits paid on
Table I.13: Operating Expenses of account of surrenders / withdrawals increased to
Life Insurers (₹crore) ₹1.58 lakh crore in 2021-22 of which LIC
Insurer 2020-21 2021-22 accounted for 60.09 per cent and the remaining by
private insurers. In the current year, out of the total
LIC 34,989.52 38,890.68
(8.68) (9.09) surrender benefits, ULIP policies accounted for
Private Sector 26,432.76 32,544.34 1.96 per cent for LIC and 78.29 per cent for private
(11.72) (14.44) insurers.
Total 61,422.29 71,435.02
Note: Figures in bracket are Operating(9.77)
Expense Ratio in per cent.
(10.31)
Table I.14: Benefits Paid by Life Insurers (₹crore)
NOP Amount NOP Amount NOP Amount NOP Amount NOP Amount NOP Amount
Investment Income of Life Insurers Chart I.12: Investment Income of Life Insurers
(`crore)
I.2.2.15 Investment income (Policyholder's and 4,66,030
4,16,711
Shareholder's) including capital gains and other
income of life insurance industry declined by 10.58 2,93,875
2,79,379
per cent to ₹4.17 lakh crore in 2021-22. While LIC
recorded 5.19 per cent growth, private insurers 1,86,651
1,22,835
experienced 34.19 per cent decline in investment
income in the year 2021-22.
LIC Private Sector Total
2020-212021-22
In this context, a brief study is made on the share of female lives covered in life insurance business. Only individual
new business data – number of policies and first year premium for the year 2021-22 has been considered for the
purpose.
• The number of policies issued to women in the year 2021-22 is around 1.01 crore which is 34.7 per cent of
2.91 crore total policies as against a share of 33 per cent in 2020-21.
• The proportion of policies on women amongst private Life Insurers and LIC
LIC
In 16 States/UTs, the share in number of policiesPrivate
bought by women to the total policies sold is
higher than the all-India average of 34.7 per cent. Male
Female
Life insurance is available to women on the same terms as that of men, subject to however their income earning
Top 5 States/UT Bottom 5 States/UT
capacity. In fact, there is a positive practice of according preferential treatment to the female lives by most of the life
insurers while charging the premium as Share their life expectancy is higher. Insurance of women
to total segment
Share to total also depends
Statefinancial independence policies State
(%) decision policies (%)
on literacy levels, and financial making, possible moral hazard.
ParticipationKarnataka
of women in Life Insurance Marketing
45 Jammu & Kashmir 26
Chart I.15: Premium (within India) Underwritten I.2.2.22 Three public sector insurers except United
by General and Health Insurers India are underwriting general insurance business
(`crore)
220,700
outside India. Premium underwritten outside the
198,715 country declined by 1.93 per cent in 2021-22. The
109,753
overseas premium constitutes 8.28 per cent of the total
75,033 98,001
71,844
premium underwritten by the insurers in 2021-22.
15,755 20,867 13,115 15,047
Public Sector Private SectorStand-aloneSpecializedTotal InsurersInsurersHealth InsurersInsurers
2020-21 2021-22
Chart I.16: Segment wise Share in Premium of Chart I.17: Sector wise Share in Premium of
General and Health Insurance (2021-22) General and Health Insurance (2021-22)
Specialised
Stand-alone
Insurers 7% Public Sector
Fire Health Insurers 9%
Marine Insurers 34%
Others 10%
20% 2%
Motor
32%
Health
36% Private Sector
Insurers 50%
I.2.2.25 Total paid up capital of all general and I.2.2.28 During the year 2021-22, five private
health insurers as on March 31, 2022 was `37,855 insurers were under exemption period as the insurers
crore. During 2021-22, the general and health insurers are yet to complete first five years of operations.
added `5,013 crore to their equity capital base. During Out of remaining insurers, 18 insurers were compliant,
the year, `5,000 crore were infused in three PSU nine insurers were non-compliant and eight general
general insurers by Government of India. Private insurers were granted forbearance in accordance
sector general insurers effectively took out capital to with the IRDAI (Expenses of Management of
the extent of `1,151 crore because of the demerger of Insurers transacting General or Health Insurance
general Insurance business of Bharti AXA General Business) Regulations, 2016, subject to the condition
Insurance Co. Ltd. to ICICI Lombard General that excess of expenses of management shall be
Insurance Co. Ltd. charged to shareholders' fund. In case of Reliance
Insurance company wise paid up capital is provided in Health Insurance Ltd., its business portfolio has been
Statement 12. transferred to Reliance General Insurance Co. Ltd.
I Motor
Health
2,106.58
1,872.36
1,940.11
1,890.39
3,436.85
1,764.31
4,053.25
2,117.16
NA
2,134.87
NA
2,758.69
NA
NA
NA
NA
5,543.43
5,771.54
5,993.36
6,766.24
Others 703.98 746.02 935.79 776.53 NA NA 71.43 51.98 1,711.20 1,574.53
Total 5,816.23 5,745.83 7,386.97 8,374.60 2,134.87 2,758.69 71.43 51.98 15,409.50 16,931.10
18,308
Private Sector Insurers 21,690
3,663
Standalone Health Insurers 4,925
552
Specialized Insurers
691
38,281
Total 41,455
2020-21 2021-22
Claims of General and Health Insurers insurers experienced highest claims ratio of 103.17 per
cent whereas private sector general insurers had lowest
I.2.2.29 The net incurred claims of the general claims ratio of 77.95 per cent during the year 2021-22.
insurers stood at ₹1.41 lakh crore in 2021-22 as Among the various segments, health segment had the
against ₹1.12 lakh crore in 2020-21 reported an highest claims ratio at 105.68 per cent against a claim
increase of about 26 per cent during 2021-22. The ratio of 89.51 per cent during previous year.
incurred claims ratio (net incurred claims to net earned
Insurance company wise claim ratio and status of
premium) of the general insurance industry was 89.08
claims are provided in Statement 13 and Statement 14
per cent during 2021-22 against 81.06 per cent of
respectively.
previous year. Public sector general
42,985
Private Sector Insurers
52,714
6,779
Standalone Health Insurers 12,719
7,181
Specialized Insurers
7,147
1,11,550
Total
1,40,566
2020-21 2021-22
I
Motor 78.60 94.03 73.59 74.53 NA NA NA NA 75.61 81.30
Health 101.02 126.80 78.44 94.66 75.43 79.06 NA NA 89.51 105.68
Others 86.58 58.54 63.60 64.96 NA NA 93.95 92.47 83.47 72.72
Total 87.48 103.17 73.39 77.95 75.43 79.06 93.95 92.47 81.06 89.08
NA - Not Applicable
Note: Reclassification/Regrouping in the previous year's figures, if any, by Investment Income of General and Health Insurers
the insurer has not been considered.
I.2.2.31 The investment income of all general and
Underwriting Experience of General and Health health insurers during 2021-22 was ₹32,546 crore
Insurers registering a growth of 9.42 per cent.
I.2.2.30 The underwriting losses of the general and Table I.26: Investment Income of
health insurers was ₹31,810 crore in 2021-22 General and Health Insurers
reporting an increase of 58.74 per cent. The ratio of (₹crore)
underwriting loss to net earned premium for general
insurance industry in 2021-22 was 20.13 per cent as Insurer 2020-21 2021-22
compared to 14.56 per cent in the year 2020-21. Public Sector Insurers 14,529.48 14,609.74
(-5.04) (0.55)
Table I.25: Underwriting Experience of Private Sector Insurers 12,745.46 14,654.42
General and Health Insurers2020-21
Insurer 2021-22 (13.99) (14.98)
(₹crore)
Public Sector Insurers -13,497.75 -20,443.55
Standalone Health Insurers 805.40 1,277.19
(-21.62) (-30.71) (8.73) (58.58)
Private Sector Insurers -4,052.83 -8,158.25
Specialized Insurers 1,663.21 2,005.15
(-6.92) (-12.06)
(20.27) (20.56)
Standalone Health Insurers -2,373.65 -3,263.34 Total 29,743.55 32,546.49
Note: (3.98) (9.42)
(-26.41) (-20.29) 1. Figures in bracket indicate growth (in per cent) over the previous year.
Specialized Insurers -114.59 55.56 2. Regrouping/Reclassification, if any, in previous years figures by the
insurer has not been considered.
(-1.50) (0.72)
Total -20,038.83 -31,809.59 Profits After Tax (PAT) of General and Health
(-14.56) (-20.13) Insurers
Note:
1. Figures in bracket indicate ratio (in per cent) of underwriting profit/ loss I.2.2.32 During the year 2021-22, the net loss of
to net earned premium. general and health insurance industry was ₹2,857
2. Regrouping/Reclassification, if any, in previous years figures by the
insurer has not been considered. crore as against the net profit of ₹3,853 crore in 2020-
3. Underwriting Profit/Loss = Premium Earned (Net) - Claim Incurred 21.
(Net) – Net Commission – Operating Expenses related to Insurance
Business - Premium Deficiency Reserve
Out of the four public sector insurers, one has
reported PAT and three have reported loss after tax
Chart I.20: Tier-wise Distribution of Offices of General and Health Insurers general insurers, six private insurers have
(As on March 31, 2022) completed more than 20 years of their operations in
general insurance market in India.
Tier V Tier VI
Tier IV 2% 1% I.3.4 In exercise of the powers under provision of sub-
6%
Tier III section 2(A) of Sec. 3 of the Insurance Act, 1938 (4 of
11%
Tier II 10%
Tier I 1938) to transact re-insurance business in India,
70%
Factory Mutual Insurance Company has been given
certificate of registration as Foreign Reinsurance
Branch (FRB) on April 28, 2021 and its Registration
No. is FRB/011.
I.3 NUMBER AND DETAILS OF
AUTHORIZED INSURERS/ RE-INSURERS I.3.5 . 5 The Authority vide Order Ref. No.
514/F&A(NL)/Demerger/Bharati-ICICI/147 dated
I.3.1 At the end of March 2022, there are 67 insurers September 03, 2021 has given approval for
operating in India of which 24 are life insurers, 26 are demerger of general Insurance business of Bharti
general insurers, five are stand-alone health insurers AXA General Insurance Co. Ltd. to ICICI Lombard
and 12 are re-insurers including foreign reinsurers’ General Insurance Co. Ltd. by way of scheme of
branches and Lloyd's India. arrangements, subject to conditions stipulated therein.
I.3.2 Of the 67 insurers presently in operation, eight Table I.30: Registered Insurers and
are in the public sector and the remaining 59 are in the Reinsurers
private sector. Two specialized insurers, namely
Type of Insurer Public Private Total
ECGC and AIC, one life insurer namely LIC of India
(LIC), four in general insurance and one in reinsurance Sector Sector
namely GIC Re are in public sector. In private sector, Life 1 23 24
there are 23 life insurers, 20 general insurers, five General 6 20 26
stand-alone health insurers and 11 re- insurers Stand-alone Health - 5 5
including foreign reinsurers' branches and Lloyd's
Re-insurers 1 11 12
India.
Total 8 59 67
I.3.3 Out of 23 private life insurers, 12 insurers have Note: List of registered insurers/reinsurers is given in Annexure 1.
completed more than 20 years of their operations in
life insurance market in India. Out of 20 private
The Working Group, after conducting wide consultations with various stakeholders, and after internal deliberations
concluded that standardization of policy wording is not desirable at this juncture keeping in view of the evolving
nature of legislative frameworks in dealing with cyber risk, fast growing digital ecosystem, increasing
interconnectedness globally and complexity of IT systems and emergence of new risks. The Authority issued a
Guidance document on Product Structure for Cyber Insurance vide circular No. IRDAI/NL/CIR/MISC/242/09/2021
dated September 08, 2021
The main objectives of the guidance document on product structure for Cyber Insurance are:
a) to enable insurers to evaluate new technologies posing heightened cyber risk, identify protection gaps
in the existing products and address the changing needs of market.
b) to facilitate insurers in developing stand-alone cyber insurance products, specifically designed to
address the evolving cyber risks.
c) to provide a set of recommendations on maximum possible coverages that could be included in the
cyber insurance products.
d) to encourage insurers to adopt best practices and provide additional covers in response to customer
needs.
e) to improve the development of the cyber insurance market with new products and enhance benefits
for policyholders.
General insurers who have already developed some cyber insurance products with exclusive coverage for
individuals to protect against cyber perils and currently offering the products that mainly focused on
commercial business, may review the product structure based on the coverages advocated in the document.
Considering the demand for new cyber insurance products due to the dynamic nature of cyber-attacks and novel
challenges, the general insurers shall continuously endeavor to design a tailor-made products referring to model
policy wordings and guidance provided in the document. The above objectives should be implemented by
insurers in a manner that is fair and useful to policyholders.
It may be noted that the model product structure and suggested insurance coverages brought out in the guidance
documents are indicative and not intended to be an exhaustive list of requirements.
I.4 POLICIES AND MEASURES TO default, insolvency / bankruptcy. It contributes to the
DEVELOP INSURANCE MARKET economic growth of a country by facilitating trade and
helps in improving economic stability by addressing
I.4.1 Surety Insurance the trade losses due to payment risks.
The Authority has issued IRDAI (Surety Insurance Considering the risk exposure of various stake holders
Contracts) Guidelines, 2022 dated January 03, 2022 to
regulate and develop surety insurance business given
in a trade credit transaction and keeping in view the I
practical underwriting approach and changing trade
its unique risk features. The guidelines have come into practices, IRDAI has issued revised Trade Credit
force with effect from April 01, 2022. Insurance Guidelines, 2021. The revised guidelines
enhance the scope of cover and provide support to the
Surety Insurance is a proven risk management credit insurance industry by way of relaxing norms
mechanism that is useful especially for construction with regard to coverage, buyer underwriting and
projects. Surety Insurance help provide owners of reinsurance.
construction projects with guarantees of success and
enhanced reputations. Surety Insurance offers an The revised guidelines facilitate the insurers:
alternative to Bank Guarantees.
a) To offer trade credit insurance covers to
In the backdrop of the on-going growth in new suppliers as well as licensed banks, financial
infrastructure projects in India and difficulties faced by institutions and factoring companies, against
the project contractors in availing bank guarantees, non-payment of the buyer for the bills
IRDAI (Surety Insurance Contracts) Guidelines, 2022 discounted/purchased.
not only seek to aid contractors but also enable the b) To offer trade credit insurance with
insurers to tap the huge potential of the surety market customized covers to improve businesses for
through prudent underwriting. the SMEs and MSMEs, considering the
evolving insurance risk needs of these sectors.
I.4.2 Trade Credit Insurance c) To cover the transactions in online trade
platforms such as TReDS.
Considering the evolving credit insurance risk of d) To increase the trade credit insurance
various sectors and as a response to changing market coverage net to various buyers including
conditions, the Authority has revised the Trade Credit domestic and overseas due to relaxed norms in
guidelines, vide IRDAI (Trade Credit Insurance) underwriting and with reinsurance support.
Guidelines, 2021 dated September 08, 2021. The
guidelines have come into force from November 01, I.4.3 Title Insurance
2021.
Title insurance is a form of indemnity insurance that
Trade credit insurance protects businesses against the protects a potential owner of a property against
risk of non-payment for goods and services by buyers. financial loss from defects in title to real property.
It usually covers a portfolio of buyers and indemnifies
an agreed percentage of an invoice or invoices that
remain unpaid as a result of protracted
• Research across customers and dental service • Text analytics to simplify claims processing
providers to understand dental insurance which automatically classifies, extracts and
product requirements. enriches data from the documents in the desired
format. The policyholder simply needs to scan
• Study to understand the Mental Health space. and upload their documents and extraction of
data would happen automatically.
• Integration of products with science-based
behavioral change programme on an • Mobile application which enables risk
insurance platform that encourages healthy engineering team to conduct risk inspections
activity among customers and rewards them for remotely and digitally.
it.
• R e m o t e S e n s i n g Te c h n o l o g y a n d
Geographical Information System extensively
used for monitoring of crop condition,
assessment of yield loss and acreage.
Complaints on Spurious calls and Mis-selling handled as per the laid down policy of the insurance
company in all cases, all the life insurers were
I.6.1.3 Spurious calls in the name of officials of advised to draw out a company specific policy on
IRDAI/IGMS, various government agencies and other handling mis-selling complaints and also a
financial institutions is a matter of concern for the company specific policy on handling spurious calls
insurance industry. IRDAI has issued several public complaints. All the life insurers have drawn above
notices, press releases, advertisements in leading TV policies. IRDAI has cautioned the public not to
Channels, newspapers, and directions to insurance transact with spurious callers in any manner.
companies to caution public against spurious calls etc.
at various touch points and in media as well. In order
to ensure that all the complaints under mis-selling and
spurious calls are
I.6.2.1 Every insurer is required to maintain a I.6.2.4 General Insurance Corporation of India
Required Solvency Margin as per Section 64VA of the reported a solvency ratio of 1.96 as on March 31,
Insurance Act, 1938. Every insurer shall maintain an 2022. All foreign reinsurance branches have reported
excess of the value of assets over the amount of solvency margin above 1.50 as on March 31, 2022.
liabilities of not less than amount prescribed by the
IRDAI, which is referred to as a Required Solvency Insurance company wise solvency ratio for general,
Margin. The IRDAI (Assets, Liabilities and Solvency health and reinsurance companies is provided in
Margin of Life Insurance Business) Regulations, 2016, Statement 16 and solvency ratio of branches of foreign
IRDAI (Assets, Liabilities and Solvency Margin of reinsurers is provided in Statement 17.
General Insurance Business) Regulations, 2016 and
the IRDAI (Actuarial Report and Abstract for Life I.6.3 MONITORING OF
Insurance Business) Regulations, 2016 describe in
detail the method of computation of the Required REINSURANCE Indian Reinsurers
Solvency Margin.
I.6.3.1 As at March 31, 2022, there is only one Indian
Solvency Ratio of Life Insurers Reinsurer registered with the Authority, namely
General Insurance Corporation of India (GIC Re). GIC
I.6.2.2 At the end of March 2022, all 24 life insurers Re has been providing re-insurance support to direct
complied with the stipulated solvency ratio of 1.5. insurers in India and foreign insurers/re-insurers. The
Insurance company wise solvency ratio for life Corporation's reinsurance program has been designed
insurers is provided in Statement 15. to meet the objectives of optimizing retention
within the country, ensuring adequate coverage for
Solvency Ratio of General and Health Insurers cedants' exposure at reasonable cost and developing
technical expertise and adequate financial capacities
I.6.2.3 As at March 31, 2022, 25 out of 26 private within the domestic market.
sector general insurers including the standalone health
insurers have complied with the stipulated Solvency GIC Re is also managing the Nuclear Pool and
Ratio of 1.50. The business portfolio of Reliance Terrorism Pool. It receives obligatory cessions on
Health Insurance Ltd. was transferred to
61,471 61,337
44,333 45,981
I
14,457 18,129
14,323 17,962
17,138 15,356
134 47,014 43,209
166
30,010 28,019 17,004 15,190
GIC Re FRBs
I.6.3.7 The enactment of Civil Liability for Nuclear I.6.4.2 As on March 31, 2022, the investments made
Damage Act, 2010 mandates protection of by the insurance industry stood at ₹54.37 lakh crore as
unknown and potentially catastrophic risk arising out against ₹49.13 lakh crore as on March 31, 2021
of nuclear event. Generally, nuclear perils are registering an increase of 10.65 per cent. The share of
excluded from conventional insurance covers as it life insurers stood at 91.09 per cent, general insurers
requires a large insurance capacity. Therefore, to including specialized insurers and Stand- alone Health
protect the liability arising out of nuclear perils, Indian Insurers (SAHI) constituted 7.10 per cent and
Nuclear Insurance Pool (INIP) was formed in 2015 reinsurers including branches of foreign reinsurers
which is also managed by GIC Re. The pool will constituted 1.81 per cent as on March 31, 2022. The
provide coverage to nuclear operators in the country share of PSUs stood at 72.19 per cent and private
and also to nuclear suppliers. The Pool's sector constituted 27.81 per cent in the same period.
Note:
1. Figures in brackets represent growth in percentage over the previous year
2. Reinsurers included Branches of Foreign Reinsurers
Investments of Life Insurers Life fund contributed about 65 per cent and remaining
I.6.4.3 The total funds of life insurers as on March 31, by Pension and General Annuity & Group fund and
2022 was ₹49.52 lakh crore, of which about 88 per Unit Linked Fund (ULIP).
cent was from traditional products and balance from Life insurance company-wise investments are
ULIP products. Out of the total investments, provided in Statement 20.
Table I.35: Investments of Life Insurers
(As on March 31) (₹Crore)
26,45,919
31,94,952 General, Health and Reinsurance company-wise
5,67,750
1,55,929 investment details are provided in Statement 21.
5,49,033
LIC Table
PrivateI.36: Investments
Total of General, Health and Reinsurance Companies
(As on March 31)
(₹crore)
General and Health Reinsurers Total
Category Insurers
2021 2022 2021 2022 2021 2022
Central Government Securities 91,089 1,03,130 29,445 36,037 1,20,533 1,39,166
(26.12) (26.70) (34.83) (36.65) (27.82) (28.72)
State government and other 69,585 83,491 18,392 21,154 87,977 1,04,645
approved securities (19.95) (21.62) (21.76) (21.51) (20.30) (21.60)
Housing and Loans to 28,404 31,122 6,263 7,347 34,667 38,470
State Govt. for Housing & FFE (8.14) (8.06) (7.41) (7.47) (8.00) (7.94)
Infrastructure Investments 57,572 58,402 8,359 9,779 65,931 68,181
(16.51) (15.12) (9.89) (9.94) (15.22) (14.07)
Approved Investments 92,098 96,625 17,968 20,088 1,10,066 1,16,713
(26.41) (25.02) (21.26) (20.43) (25.40) (24.09)
Other Investments 10,023 13,437 4,105 3,928 14,128 17,365
(2.87) (3.48) (4.86) (3.99) (3.26) (3.58)
Total 3,48,770 3,86,206 84,532 98,334 4,33,301 4,84,540
(100.00) (100.00) (100.00) (100.00) (100.00) (100.00)
I
21,509 23,536 24,632
20,001
Health insurance companies collected ₹73,052 7,830 10,681 13,736 15,135
20,107
10,655 12,391 15,875
crore as health (excluding Personal Accident and 7,689
2017-18 2018-19 2019-20 2020-21 2021-22
Travel) insurance premium registering a growth of
about 25 per cent over the previous year. Public Sector Private Sector Stand-alone Health Total
Table I.37: Health Insurance Premium Policies and Lives Covered under Health Insurance
Underwritten by General and Health Insurers
(₹crore) I.6.5.2 During 2021-22, the General and Health
Insurer 2020-21 2021-22 insurance companies have covered 52.04 crore lives
Public Sector Insurers 27,228.20 32,942.86
(10.54) (20.99)
under 2.26 crore health insurance policies (excl.
Private Sector Insurers 15,875.09 20,107.23 policies issued under PA and Travel Insurance).
(28.12) (26.66)
Stand-alone Health Insurers 15,134.56 20,001.43 I.6.5.3 Health insurance business is classified into
(10.18) (32.16)
Total 58,237.86 73,051.52
three classes of business namely Government
(14.74) (25.44) sponsored, group and individual. In terms of number
Note: of lives covered, about 59 per cent of the lives were
1. Figures in bracket indicates growth (in per cent) over previous year.
2. The data does not include the detail of health insurance business carried-out in covered under government sponsored health insurance
foreign countries.
3. Premium is excluding of Personal Accident and Travel Insurance Business
schemes, about 31 per cent in group business and the
4. Data as per the Health returns submitted by Insurers remaining about 10 per cent under individual policies
Chart I.25: Sector-wise Share in Premium of issued by general and health insurers. In terms of
Health Insurance (2021-22) amount of premium, the share of group business was
Stand-alone the highest (50.42 per cent), followed by individual
Health Insurers Public Sector
Insurers 45% (41.12 per cent) and Government business (8.46 per
27%
cent).
Table
Private Sector I.38: Policies, Lives Covered and Premium under Health Insurance
Insurers 28% Business of General and Health Insurers
No. of Policies No. of Lives Gross Premium
Class of Business (lakhs) Covered (lakhs) (₹crore)
2020-21 2021-22 2020-21 2021-22 2020-21 2021-22
Government Sponsored 0.001 0.001 3,429.14 3,065.08 4,290.00 6,075.87
Business (-53.50) (0.00) (-5.26) (-10.62) (-12.82) (41.63)
Group Business 9.09 7.00 1,186.95 1,622.88 28,108.09 36,890.58
(19.49) (-36.30) (26.92) (36.73) (8.61) (31.25)
Individual Business 228.30 219.25 531.39 516.23 25,839.77 30,085.07
(32.95) (-3.96) (22.94) (-2.85) (29.48) (16.43)
Total 237.39 226.25 5,147.47 5,204.19 58,237.86 73,051.52
(32.38) (-5.20) (3.22) (1.10) (14.74) (25.44)
Note: Figures in bracket indicates growth (in per cent) over previous year.
0%6,076
No. of Lives Covered (lakhs)Gross Premium (`crore)
Gujarat
7%
Karnataka
11% I
Government Sponsored BusinessGroup BusinessIndividual Business Delhi Tamilnadu
7% 9%
24,046
Public Sector Insurers
36,020
10,021
Private Sector Insurers 14,845
6,651
Standalone Health Insurers
12,496
40,718
Total
63,361
2020-21 2021-22
Table I.39: Incurred Claims Ratio under Health Insurance Business of General and
Health Insurers (in per cent)
Govt. Business Group Business Individual Business Total
Insurer
2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22
Public Sector Insurers 124.67 121.27 104.33 130.33 95.52 117.99 103.61 126.17
Private Sector Insurers 96.53 111.71 89.79 106.19 78.64 102.52 85.78 105.11
Standalone Health Insurers -1170.91 0.00 79.95 87.73 84.45 79.38 78.09 81.18
Total 120.09 119.82 97.88 118.64 84.69 95.54 93.80 109.12
Note:
1. It is excluding of Personal Accident and Travel Insurance Business
2. Data as per the Health returns submitted by insurers
126% 120%
I 108% 115%
105% 102% 104%
105% 107% 109%
105% 98%
94%
94% 91% 88% 91% 99% 96%
86% 94% 94%
84% 82% 81% 90% 92%
80%
78% 88% 85%
62% 63% 66% 71% 72% 73%
2017-18 2018-19 2019-20 2020-21 2021-22 2017-18 2018-19 2019-20 2020-21 2021-22
I.6.5.6 During 2021-22, General and Health Insurers claims were settled through in-house mechanism. In
have settled 2.19 crore health insurance claims and terms of mode of settlement of claims, 59 per cent of
paid ₹69,498 crore towards settlement of health total number of claims were settled through cashless
insurance claims. The average amount paid per claim mode and another 38 per cent through reimbursement
was ₹31,804. In terms of number of claims settled, 76 mode. Insurers have settled two per cent of their
per cent of the claims were settled through TPAs and claims amount through “both cashless and
the balance 24 per cent of the reimbursement mode”.
I.6.5.7 During 2021-22, insurers have settled about 86 of them and the remaining about eight per cent were
per cent of total number of claims registered in their pending for settlement as on March 31, 2022.
books and have repudiated about six per cent
B. Health Insurance Business of Life Insurers Health Insurance Riders attached to Life Insurance
Products
Premium, Policies and Lives Covered
I.6.5.10 Riders which are attached to the base products
I.6.5.8 During the year 2021-22, life insurers are offered as a value addition to policyholders.
collected ₹1,303 crore as health insurance premium as Premium of ₹527 crore was procured through health
against ₹1,176 crore in 2020-21 registering a growth insurance riders attached to life insurance policies
of 10.85 per cent. during 2021-22. Out of the total premium from these
riders, renewals accounted for
56 per cent while the rest 44 per cent was contributed
by New Business. During 2021-22, 7.62 lakh health
Chart I.32: Health Insurance Premium of
insurance riders were issued along with new life
Life Insurers insurance products covering 46.95 lakh lives. During
(`crore)
the same period, 24.67 lakh riders attached to life
1176
1303
insurance products were renewed which covered 33.79
850 lakh lives.
712
464 453
2020-21 2021-22
Health Insurance Products Marketed
by Life Insurers
I.6.5.9 During 2021-22, life insurers have procured a
total premium of ₹777 crore from various health
insurance products. While renewal premium
contributed about 83 per cent of total premium, New
Business contributed the remaining 17 per cent. Life
insurers have issued 3.38 lakh new policies covering
4.73 lakh lives, while they renewed 9.50 lakh policies
covering 10.02 lakh lives during 2021- 22.
I New Business
Group Insurance 92 20 74.79 123.14 15.79 5.56
Individual Business 4,36,811 3,37,806 481.21 349.93 151.16 124.40
Total 4,36,903 3,37,826 556.00 473.08 166.96 129.96
Renewal Business
Group Insurance 13 5 17.78 7.84 0.99 0.98
Individual Business 9,26,427 9,49,791 1,221.09 994.57 665.56 645.72
Total 9,26,440 9,49,796 1,238.87 1002.41 666.55 646.70
Health Riders Attached to Life Insurance Products
New Business
Group Insurance 1,307 159 3,095.23 4,158.39 95.93 143.01
Individual Business 5,91,372 7,61,479 591.23 537.09 58.39 88.62
Total 5,92,679 7,61,638 3,686.46 4,695.48 154.32 231.63
Renewal Business
Group Insurance 591 1327 820.54 928.87 27.12 53.30
Individual Business 15,63,311 24,66,276 1,544.05 2,450.44 160.88 241.76
Total 15,63,902 24,67,603 2,364.59 3,379.31 188.01 295.06
Claims under Health Insurance Business of Life number of claims registered) with respect of health
Insurers insurance products. In respect of rider claims, 97 per
I.6.5.11 During the year 2021-22, life insurers have cent of the claims registered were paid amounting to
paid ₹382 crore as claims towards settlement of ₹99 crore by the life insurers towards settlement of
41,389 number of claims (81 per cent of total 21,282 number of claims.
Table I.43: Status of Claims under Health Insurance Business of Life Insurers (2021-22)
(Amount in ₹crore)
Claims O/S at Claims Reported Claims Paid Claims Repudiated/ Claims O/S at
Segment the start of year during the Year during the Year Rejected the start of year
No. Amount No. Amount No. Amount No. Amount No. Amount
Health Insurance Products 848 30.91 50,383 470.09 41,389 381.83 8,180 69.24 1,662 49.93
Health Insurance Riders 574 8.54 21,218 138.51 21,282 98.84 409 41.35 101 6.86
Personal Accident Insurance I.6.5.13 During 2021-22, the gross premium income
from Personal Accident insurance business was
I.6.5.12 During 2021-22, the insurance industry has ₹6,914 crore. While private sector general insurers
covered a total of 115.66 crore number of lives under
have contributed about 54 per cent of total premium,
Personal Accident Insurance. It includes public sector general insurers and stand- alone health
55.95 crore number of lives covered under
insurers contributed about 35 per cent and 11 per cent
Government sponsored schemes namely Pradhan of premium respectively. The ICR for this line of
Mantri Suraksha Bima Yojana (PMSBY), Pradhan
business was 60 per cent for the year 2021-22.
Mantri Jan Dhan Yojana (PMJDY) and IRCTC travel
insurance for e-ticket passengers.
I
Stand-alone Health 177.24 251.40 594.63 777.91 22.23 24.37
Total 10,161.80 11,565.77 5,099.77 6,914.20 61.66 60.03
Note:
1. The data is inclusive of number of lives covered under IRCTC, PMSBY & PMJDY businesses.
2. The data does not include the details of PA business carried-out in foreign countries.
3. It is to be noted that under IRCTC Scheme, PA cover is offered to railway passengers only for a specified journey undertaken by the passenger and one
person may undertake multiple journeys during the reported period. In respect of lives covered in any of PA policy/schemes, one person may have been
covered multiple times.
I Table I.48: Health, PA and Travel Insurance Business Underwritten Outside India
No. of lives Covered ('000) Gross Premium (₹crore) Incurred Claim Ratio (%)
Insurer
2020-21 2021-22 2020-21 2021-22 2020-21 2021-22
National 40.00 57.80 2.47 2.88 161.62 195.93
New India 1,678.22 764.02 160.62 167.66 70.30 80.32
Oriental 13.31 22.35 3.76 59.77 97.93 117.85
Total 1,731.53 844.17 166.85 230.31 71.71 90.94
I.6.7.3 The Appointed Actuary is responsible for I.6.10 OTHER POLICIES AND PROGRAMMES
rendering actuarial advice to the management of the HAVING BEARING ON THE WORKING OF
insurer, in particular in the areas of product design and THE INSURANCE MARKET
pricing, calculation of technical provisi ons, A. Anti-Money Laundering/Countering the
ins ura nce c ontr act wording, investments and Financing of Terrorism (AML/CFT) Programme
reinsurance, ensuring solvency of the company and
complying with the Authority's directions from time to AML/CFT Guidelines
time.
I.6.10.1 Empowered by the Prevention of Money
The Appointed Actuary has access to all the Laundering Act (PMLA) and the rules framed there
information or documents in possession or under under, the AML/CFT guidelines (the guidelines) to the
control of the insurer if such access is necessary for insurance sector were first issued in March 2006.
the proper and effective performance of the functions Since then the insurance sector has been working
and duties of the Appointed Actuary. towards an effective AML/CFT regime in
iii. U p d a te t h e e x i s t i n g K YC re c o rd
s periodically. B. Right To Information (RTI) Act, 2005
I
Guidelines for e-KYC
I.6.10.8 During the year 2021-22, the Authority
I.6.10.6 IRDAI has issued a circular on January 29, designated the officers of IRDAI, Hyderabad as the
2019 advising insurers not to mandatorily seek Central Public Information Officers (CPIOs) in terms
Aadhaar and PAN/Form 60 from the proposer/ of Section 5(1) of the RTI Act, 2005 and officers in its
policyholder as part of KYC. However, insurers may Delhi and Mumbai Office as the Central Assistant
accept Aadhaar card as one of the documents for Public Information Officer in terms of Section 5(2) of
establishing identity and/or address of the the RTI Act, 2005. Further, during the same period,
proposer/policyholder for KYC purpose subject to First Appellate Authority (FAA) was also designated
certain conditions. in terms of Section 19(1) of the RTI Act, 2005 to
discharge the functions assigned in terms of the said
In this connection, Department of Revenue/ Ministry Section of the RTI Act, 2005.
of Finance dated February 13, 2019, has notified
“Prevention of Money-Laundering (Maintenance I.6.10.9 During the year, two training/interactive
of Records) Amendment Rules, 2019”. Thereafter, sessions were organised for CPIOs and Appellate
Ministry of Law and Justice has notified “Aadhaar and Authority on the provisions of RTI Act, 2005 for
the other laws (Amendment) Act, 2019” on July 24, effective discharge of duties and responsibilities in
2019 allowing online authentication of Aadhaar only accordance with the provisions of the RTI Act, 2005.
for Banking companies and Telecom industries and
offline verification for Insurers under the Aadhaar I.6.10.10 Further, pursuant to the Sec.4(2), Chapter II
(Targeted Delivery of Financials and other of RTI Act, 2005, a Committee of CPIOs and FAA
Subsidies, Benefits and Services) Act, 2016. This act was constituted to identify and review periodically, the
also specified that insurers will be allowed to perform categories of information frequently asked by the RTI
online authentication subject to the notification by Applicants and to disclose such information in the
Central government, on the recommendation of public domain.
IRDAI and UIDAI.
C. Government Sponsored Socially Oriented
Accordingly, 29 insurers were notified on April 23, Insurance Schemes
2020 and 24 insurers were notified on August 19, 2020
to undertake Aadhaar Authentication service of UIDAI Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
under section 11A of PML Act 2002.
I.6.10.11 Pradhan Mantri Jeevan Jyoti Bima Yojana
(PMJJBY) is a one-year Group Term Life insurance
scheme designed by the Government of India. It is
available to people in the age group of 18 to 50
I.6.10.13 Pradhan Mantri Fasal Bima Yojana Pradhan Mantri Jan Dhan Yojana (PMJDY)
(PMFBY) and Restructured Weather Based Crop
Insurance Scheme (RWBCIS) were launched in the
I.6.10.15 Pradhan Mantri Jan-Dhan Yojana
year 2016 with the aim of supporting production in
program under the National Mission for Financial
agriculture by providing an affordable crop insurance
Inclusion was launched in the year 2014. It envisages
product to ensure comprehensive risk cover for crops
universal access to banking facilities with at least one
of farmers against all non- preventable natural risks
basic banking account for every household, financial
from pre-sowing to post- harvest stage. RWBCIS uses
literacy, access to credit, insurance and pension. Later,
weather parameters as “proxy” for crop yields in
the Government extended the comprehensive PMJDY
compensating the cultivators for deemed crop losses.
program with the modification in the accidental
The schemes are being administered by Ministry of
insurance cover wherein accidental insurance cover for
Agriculture.
new RuPay card holders raised from existing ₹1 lakh
PMFBY and RWBCIS have been revamped to address to ₹2 lakh to new PMJDY accounts opened after
the existing challenges in implementation of crop August 28, 2018.
insurance schemes in February 2020. The revamped
scheme of PMFBY and RWBCIS is effective from
Kharif 2020 season.
Note:
1. Non-life includes data of General & Stand-alone health insurers.
2. For life insurers claim indicates benefit paid and for non-life insurers, claims indicate net incurred claims.
3. AUM of Non-Life insurers include AUM of reinsurers including FRBs.
4. PSUs indicates LIC and 4 PSGICs.
Annual Report 2021 - 22
II
REVIEW OF WORKING
AND OPERATIONS
PART II: REVIEW OF WORKING AND OPERATIONS
II.1 . 1 REGULATION OF INSURANCE
on April 09, 2021 to ensure that the advertisements of
AND REINSURANCE COMPANIES
insurance are relevant, fair and in simple language
During the year under review, the Authority has enabling informed decision making by customers. The
brought out changes in the regulatory stipulations for Regulations also aim at ensuring all i n s u r e r s , i n
the purpose of orderly growth of the insurance sector. termediaries or insurance
In the year 2021-22, the following five regulations
were framed/amended under the IRDA ACT, 1999.
intermediaries adopt fair, honest and transparent
practices while issuing advertisements and avoid
II
They are practices that tend to impair the confidence of the
public.
i. IRDAI (Regulatory Sandbox) (Amendment)
Regulations, 2021 II.1.3 IRDAI (Manner of Assessment of
ii. IRDAI (Insurance Advertisements and Compensation to Shareholders or Members on
Disclosure) Regulations, 2021 Amalgamation) Regulations, 2021
iii. I R D A I ( M a n n e r o f A s s e s s m e n t o f
Compensation to Shareholders or Members on In case of amalgamation of two or more insurers, in
Amalgamation) Regulations, 2021 order to protect the interest /rights of shareholders of
iv. IRDAI (Preparation of Financial Statements transferor insurer, the Authority has notified this
and Auditor's Repor t of Ins ura nce regulations, which stipulate the compensation payable
Companies) (First Amendment) Regulations, to the shareholders or members of the transferor
2021 insurer. It also provides for methodology for
v. IRDAI (Indian Insurance Companies) assessment of compensation to shareholders or
(Amendment) Regulations, 2021 members and computation of assets and liabilities.
The brief descriptions of the above regulations are: II.1.4 1 . 4 IRDAI ( Preparation of
Financial Statements and Auditor's Report of
II.1.1 IRDAI (Regulatory Sandbox) Insurance Companies) (First Amendment)
(Amendment) Regulations, 2021 Regulations, 2021
With a view to enable the completion of The amended regulations provide for the manner in
experiment of the existing sandbox proposals and also which the premium and unearned premium reserve
to allow new sandbox proposals for experiment, should be recognized by insurers carrying on general
validity of the IRDAI (Regulatory Sandbox) insurance business. The regulations also provide for
Regulations, 2019 is extended for a further period of the basis and disclosure of premium, premium
two years by IRDAI (Regulatory Sandbox) received in advance and unallocated premium in the
(Amendment) Regulations, 2021 vide gazette financial statements.
notification dated April 07, 2021.
The amendments also bring clarity with regard to the
II.1.2 IRDAI (Insurance Advertisements and basis and disclosure for Unearned Premium Reserve.
Disclosure) Regulations, 2021
The regulations were notified on May 05, 2021 and
The Authority has notified IRDAI (Insurance came into force from April 01, 2022.
Advertisements and Disclosure) Regulations, 2021
Table II.3: Insurance Agents Associated with General and Health Insurers
As on March 31, Appointment Termination As on March 31,
Insurer during 2021-22 during 2021-22
2021 2022
Public Sector General Insurers 2,89,350 14,072 3,536 2,99,886
Private Sector General Insurers 3,62,224* 41,555 15,889 3,87,890
General Insurers Total 6,51,574 55,627 19,425 6,87,776
Stand-alone Health Insurers 7,71,906 2,08,558 16,871 9,63,593
*As per the revised data submitted by the insurers
Table II.4: Gender wise Distribution of Agents Associated with General and Health Insurers (2021-
22)
Insurer Male Female Total
Public Sector General Insurers 2,41,427 (80.51) 58,459 (19.49) 2,99,886 (100.00)
Private Sector General Insurers 2,90,213 (74.82) 97,677 (25.18) 3,87,890 (100.00)
General Insurers Total 5,31,640 (77.30) 1,56,136 (22.70) 6,87,776 (100.00)
Stand-alone Health Insurers 6,94,511 (72.08) 2,69,082 (27.92) 9,63,593 (100.00)
Note: Figures in brackets are percentage to total
II.2.2 Corporate Agents Agents can represent three life insurers, three non- life
Corporate Agents are entities holding a valid insurers and three stand-alone health insurers.
certificate of registration issued by the Authority under
IRDAI (Registration of Corporate Agents) As on March 31, 2022, there were 602 active
Regulations, 2015 for solicitation and servicing of Corporate Agents, out of which there are 253 banks,
insurance business for any of the specified category of 349 NBFCs/ Cooperative Societies / Limited Liability
life, general or health. Corporate Partnership Firms and other eligible firms.
II Health
Composite
0
226 292
0 0
518
Total 253 349 602
Table II.6: Performance of Micro Insurance Business in Life Insurance Sector (2021-22)
II.2.4.3 The number of micro insurance agents as at SHGs, MFIs and Business Correspondents
March 31, 2022 stood at 99,961 of which 80 per cent constitute six per cent and remaining 94 per cent is
agents pertained to private sector life insurers. Out of other MI Agents majorly consisting of CSCs.
the total Micro Insurance agents, NGOs,
II.2.12.1 Surveyors and Loss Assessors (SLA) play II.2.13 Third Party Administrators (TPAs)
an important role in the process of evaluation and
settlement of claims pertaining to general II.2.13.1 As at March 31, 2022 there were 21 TPAs
insurance policies. Section 64UM of the Insurance registered with IRDAI as against 23 TPAs as at March
Act, 1938 provides that no person shall act as a 31, 2021. During the year 2021-22, the Authority
surveyor or loss assessor in respect of general didn't receive any new application for grant of
insurance business unless he holds a valid SLA Certificate of Registration as TPA.
iii. Application for renewal of Certificate of Micro Insurance (MI) agents, Common Service
Registration No. 37 of M/s Vision Digital Centres (CSCs), Web Aggregators, Insurance
Insurance TPA Private Limited also stands Marketing Firm (IMF) and Point of Sales (POS)
rejected vide Order Ref: IRDAI/HLT/ channels together contributed less than one per cent to
ORD/MISC/259/10/2021 dated October 04, the individual new business premium in 2021-22.
2021. The order of the Authority dated
October 04, 2021 has been stayed by the Group New Business
Hon'ble High Court of Delhi in WP(C)
10379/2021. The matter is sub- judice. II.2.14.2 Direct selling continued to be the
dominant channel of distribution for procuring group
II.2.13.2 The TPAs expanded the network of the business, with a share of 88.86 per cent of the group
hospitals by adding 26,632 new hospitals to their new business premium during 2021-22 (90.86 per
network in 2021-22. After withdrawal/ removal of cent during 2020-21).
7828 hospitals, the number of hospitals in the network
remained 1,83,352 as on Match 31, 2022. Corporate agents, in particular banks, continue to be
the second dominant channel to procure group
II.2.14 Performance of Insurance Agents and business for the private insurers. During the year
Intermediaries Associated with Insurance 2021-22, this channel contributed to 21.47 per cent of
Business the total group new business premium in case of the
private insurers, whereas it was 1.06 per cent for LIC.
Per formance of Insurance Agents and
Intermediaries in Life Insurance Business
II
Sector Sector
1 Individual Agents 96.26 22.87 55.01 3.00 0.71 2.45
2 Corporate Agents
i. Banks 2.63 54.79 31.94 1.06 21.47 5.92
ii. Others* 0.09 3.44 1.96 0.01 5.94 1.42
3 Brokers 0.05 3.41 1.94 0.16 4.42 1.18
4 Direct sale 0.19 12.59 7.16 95.76 66.76 88.86
5 Online direct sale 0.16 2.29 1.36 - - -
6 Micro Insurance Agents 0.47 0.04 0.23 - 0.70 0.17
7 CSCs - 0.01 0.01 - - -
8 Web Aggregators - 0.33 0.19 - - -
9 IMF 0.14 0.18 0.17 - - -
10 Point of Sales 0.01 0.05 0.03 - - -
Total 100.00 100.00 100.00 100.00 100.00 100.00
Referrals - 0.02 0.01 - - -
# Does not include its overseas new business premium.
* Any entity other than banks but licensed as a corporate agent.
Note:
1. New business premium includes first year premium and single premium.
2. The leads obtained through referral arrangements have been included in the respective channels.
Chart II.1: Channel-wise Individual New Business Chart II.2: Channel-wise Group New Business
Performance in Life Insurance Business (2021-22) Performance in Life Insurance Business (2021-22)
Percentage of Premium Percentage of Premium
Individual
Individual
Agents 2%
Corporate Agents 7%
Direct sale,
7%
Brokers
Online Brokers, MI Agents,
Others, 1%
direct sale 1% 2% 0.2%
1%
S.No. Distribution Channel Public Sector Private Sector Insurers Specialized Total
Insurers (excluding SAHI) Insurers
1 Individual Agents 36.76 14.72 0.00 22.01
2 Corporate Agents 1.57 14.19 0.00 8.43
i. Banks 1.13 9.12 0.00 5.46
ii. Others 0.44 5.07 0.00 2.96
3 Brokers 30.77 41.26 10.05 35.11
4 Direct Business 30.17 25.38 0.08 25.42
i. Online 0.41 1.81 0.07 1.16
ii. Other than online 29.76 23.57 0.01 24.25
5 Micro Insurance Agents 0.00 0.00 0.14 0.01
6 Others 0.74 4.45 89.72 9.03
Total 100.00 100.00 100.00 100.00
Pe r f o r m a n c e of I n s u r a n c e A g e n t s a n d
Chart II.3: Channel-wise Business Performance of Intermediaries in Health Insurance Business
General Insurers (Excl. PA and Travel Insurance)
Percentage of Premium
S.No. Distribution Channel Government Business Group Business Individual Business Total
1 Individual Agents - 4.01 71.14 31.32
II 2 Corporate Agents
i. Banks - 10.01 6.85 7.88
ii. Others - 4.23 0.99 2.55
3 Brokers - 45.69 6.77 25.86
4 Direct Sale
i. Online - 0.54 4.40 2.09
ii. Other than Online 100.00 35.23 8.17 29.52
5 Micro Insurance Agents - 0.14 0.00 0.07
6 Common Service Centers - 0.00 0.02 0.01
7 Web aggregators - 0.05 0.90 0.39
8 Insurance Marketing Firms - 0.01 0.11 0.05
9 Point of Sales - 0.00 0.66 0.27
Total 100.00 100.00 100.00 100.00
Chart II.4: Channel-wise Performance of Health has participated in the ranking conducted by different
Insurance Business (2021-22) agencies and has secured the best institution for
Others th
Percentage of Premium management education in Hyderabad, 19 rank in
0.8%
the all India ranking along with IIM's in the
Direct Sale
32% Individual Government Institutions category. The student's
Agents 31%
enrolment has increased in the post pandemic totaling
to 105 students in the senior section. The institute has
achieved 100 per cent placements and has an
impressive 50 per cent growth in the average salaries.
Brokers Corporate
Agent 10%
II.3.1.2 During the last one year, IIRM has
26%
conducted 35 workshops for the working
professional covering wide range of topics in
II.3 PROFESSIONAL INSTITUTES insurance, reinsurance and risk management. The
CONNECTED WITH INSURANCE EDUCATION program on digitization of insurance process has few
UN working professional as participants. The Institute
The Indian Insurance sector has seen a rise in demand
proposes to continue these initiatives for upgrading the
for insurance education, training and research. As
skills and knowledge for the working professionals in
such, the Authority remains in touch with professional
the insurance sector. A number of certificate programs
institutions connected with Insurance Education in
for the executives working in insurance sector are
India and abroad.
being conducted where the certification will enhance
their career growth prospects.
II.3.1 3 . 1 I nst i t ut e of I ns ur ance and Risk
Management (IIRM)
II.3.1.1 During past one year, institute has
experienced a wider industry acceptance of its courses
and activities. For the first time the institute
2020-21 2021-22
Reported Attended Pending at Reported Attended Pending at
Insurer
during the during the the end of during the during the the end of
year year the year year year the year
II Life Insurer
LIC 1,09,631 1,12,454 29 1,14,202 1,14, 226 5
Private 41,415 41,286 153 40,624 40,664 113
General Insurer
II.6.5 Of the total life insurance complaints received Of the general insurance complaints, most
in IGMS, more than 65 per cent of the complaints complaints received during 2021-22 are related to
received are related to three type of issues i.e. survival claims (68 per cent) which witnessed eight per cent
claims, policy servicing and unfair business practices. increase over the previous year.
25%
24%
23% 21% 20%
19%
17%
2020-21 2021-22
68%
60%
II
16%
15%
12% 12%
4% 0.66% 0.11%
3%2.43% 2.07%0.72% 0.98% 0.70% 0.49% 0.34%0.05%
Claim Policy Related Others Premium Refund Product Coverage Proposal Cover Note
Related Related
2020-21 2021-22
Status of Grievances in DARPG portal Reforms and Public Grievances (DARPG) portal. A
II.6.6 During the year 2021-22, 11,892 grievances total of 11,783 grievances have been disposed of
have been referred to IRDAI of the grievances during the year. A total of 483 grievances were
registered in Department of Administrative pending as at March 31, 2022.
b. IRDAI had sought recommendations on II.9.4 GI Council activities in the year 2021-22:
rationalizing the claim forms across the
industry to enable early process of death a. As a representative body of all non-life
claims and avoidance of excessive/ insurers, SAHI companies, reinsurers and
irrelevant information sought. The matter specialized insurers operating in India, the
was deliberated amongst the members and GI Council furnished the views of the
final set of standard templates for death industry to IRDAI and / or Government of
claim, after approval from IRDAI, has been India in respect of various new regulations
shared with all insurers for adoption during framed, amendments carried out to the
the first week of 2022- 23. existing regulations, as a part of the
consultative process the Regulator / GoI
c. It was decided to restart the insurance adopts.
awareness campaign “SabsePehle Life
insurance”. The phase two campaign was b. GI Council participated in the discussions
launched on February 15, 2022. The and contributed the industry's views,
campaign ran till March 31, 2022 across wherever sought, in the development and
360-degree media – TV, Radio, Print, notification of The Motor Vehicle Act
Outdoor, Digital and PR. (comprehensively amended in 2019).
Council is participating in the discussions
General Insurance Council aimed at developing the applicable CMV
Rules.
II.9.3 The General Insurance Council (GI Council) is
a representative body of general insurers including
c. The Council interacted in various groups,
Stand-alone Health Insurers, Specialized Insurers,
Committees and Sub- Committees
Reinsurers, Foreign Reinsurer Branches (FRBs) and
formed by IRDAI, various industry bodies
Lloyd's India operating in India. As per Section 64C
like FICCI, CII, ASSOCHAM, etc. aimed at
of the Insurance Act, 1938 (as amended in January
overall enhancement of policy holders'/
2015) all general insurers, health insurers and
insurance beneficiaries' experience.
reinsurers that are granted certificate of
registration by IRDAI to carry out business in India
d. It has contributed to the IRDAI's customer
are required to be members of the General Insurance
centric initiatives of standardization of
Council. As on March 31, 2022, there are
wordings and exclusions in some of the
popular insurance products.
various hospitals and tried persuading them Insurance company wise total number of life, general
to charge reasonable rates to the insured and health insurance products approved by Authority
patients. Although no official agreement during 2021 - 22 is provided in Annexure 7.
could be reached on this, several hospitals
in smaller centres and average standard
hospitals in larger towns and cities were
found, by and large, charging near about the
Council recommended rates.
III.2.7 The year 2021 has seen the occurrence of natural a. Nomination of a senior officer at the company
catastrophic events in various parts of the country. level to act as a Nodal Officer for the affected
Cyclone Tauktae and Cyclone Yaas in May- June 2021 States. The Nodal Officer's duty is to coordinate
created havoc in states of Kerala, Karnataka, Goa, the receipt, processing and settlement of all
Maharashtra, Gujarat, West Bengal, Odisha and UT of eligible claims.
Lakshadweep, Daman and Diu. In August 2021, floods b. Publishing the details of offices/ special camps set
occurred in the state of Maharashtra. up for the purpose and other relevant details
through the insurer's website, media and through
The Authority issues guidance to the industry during State Government channels to enable filing of
catastrophes, keeping the interests of policyholders claims.
affected, in view. During the year 2021-22, guidance c. Survey of claims to be carried out immediately
was issued to insurers with a view to ensure that the and claim payments/on account payments to be
claims pertaining to loss of life and property arising out disbursed at the earliest.
of Cyclone Tauktae, Cyclone Yass and d. Engaging adequate number of surveyors
Maharashtra floods were attended to promptly. The immediately in the affected areas.
insurers were instructed to settle the claims of the e. Launching of extensive awareness campaigns by
victims in the above disasters on priority basis and the insurers in the affected states duly highlighting
same was monitored by the Authority. the measures taken by them.
f. In view of COVID-19 pandemic, the insurers were
The Authority advised the insurers to initiate steps for advised to encourage the policyholders to use
quick registration and disposal of claims on the electronic communication wherever possible
for correspondence while intimating the claim and
filing all the relevant documents.
III.5.2 Promoting Ease of Doing Business in Fire the Authority issued circular vide dated May 21, 2021
Line of Business for Dwellings, Micro and Small specifying the applicability of reporting and approval
Businesses requirements.
IRDAI had issued guidelines for standard products for
fire and allied perils for Dwellings, Micro and Small As per the Circular, all ESOPs, at the time of grant
businesses (Bharat Griha Raksha, Bharat Sookshma shall be reported to the Authority preferably as a par t
Udyam Suraksha and Bharat Laghu Udyam Suraksha) of the application filed with IRDAI
in January 2021. (Remuneration of Chief Executive Officer / Whole-
time Director / Managing Director of Insurers)
With increase in demand for new covers in the Fire Guidelines, 2016.
line of business and to facilitate insurance innovations
in this segment, general insurers are now permitted to Further where specific trust has been formed by an
design and file alternative products covering Fire and insurer for issuance of ESOPs to their employees, the
allied perils to standard products for Dwellings, issue of shares to such trust and exercise of option by
Micro and Small businesses. one or more employees shall also fall within the ambit
of the Section 6A of the Insurance Act, 1938.
The circular issued in this regard also specify that
such alternative products may be variations of the The circular also provides that where exercise of
standard product and may include already approved ESOP by KMPs is beyond the threshold limit
add-ons as part of the base product or may delete an specified in Section 6A (4) of the Insurance Act, 1938,
existing provision. However, the definitions and the prior approval of the Authority shall be sought
wordings of terms used in the standard product before such exercise.
shall be the reference point for those terms when used
in the alternative products as well. III.5.4 Holding More Than One Certificate of
Registration to One Group – IRDAI (Registration
III.5.3 Applicability of Provision of Section 6A (4) and Operations of Branch Offices of Foreign
(b) of the Insurance Act, 1938 on Exercise of Reinsurers other than Lloyd's) Regulations, 2015.
Employee Stock Options (ESOPs)
Clause (d) of sub section (9) of Section 2 of Insurance
To ensure compliance of section 6A (4)(b) of the Act, 1938 provides that a “foreign company” engaged
Insurance Act, 1938 read with in reinsurance business can transact the business of
reinsurance through a branch in India.
III.6.2 Insurance Brokers Association of India i Life Insurance Underwriting & Claims
(IBAI) Search Tool (QUEST): QUEST which is
operated using advanced technologies on real-
III.6.2.1 Insurance Brokers Association of India time basis, provides clients' complete
(IBAI) was incorporated as a company under Section insurance history including any adverse
25 of the Companies Act, 1956 on July 2001. Brokers decisions or loading in the past to the insurers
registered by the Authority are necessarily required to at the time of underwriting and claim
be the members of the Insurance Brokers Association processing, on the strength of its database.
of India (IBAI).
III.9 9 Control and Regulation of Rates, III.10.2 In case of intermediaries, books of accounts
Advantages, Terms and Conditions that may be and financial statements are required to be maintained
offered by Insurers in respect of General in the form and manner stipulated under the respective
Insurance Business not so Controlled and regulations/ circulars/ guidelines.
Regulated by the Tariff Advisory Committee under
Section 64U of the Insurance Act, 1938 (4 of 1938)
III.9.1 All classes of tariffed General insurance
business were de-tariffed with effect from January 01, III.10.3 Wherever the Authority has not stipulated the
2008 except Motor Third Party business in so far as form/and manner in which books of accounts are to be
pricing is concerned. Since Motor Third Party cover is maintained, provisions of Companies Act/Rules and
a statutory insurance under the provisions other applicable Acts/Rules apply.
III
III.11.2 Investment in Debt Securities of Listed III.11.3 Investment in Fund of Funds (FoF) of
Infrastructure Investment Trusts and Real Estate Alternative Investment Fund (AIF) by Insurers
Investment Trusts by Insurer
Insurers are permitted to Invest in Fund of Funds
Insurers are permitted to invest in Units of listed (FoF) of Alternative Investment Fund (AIF) subject to
Infrastructure Investment Trusts (InvITs) and Real the following conditions:
Estate Investment Trusts (REITs). Consequent to
Finance Act, 2021 permitting Trusts to issue Debt a. No investment is permitted into AIFs which
Securities, the following conditions shall apply to undertake leverage or borrowing other than to
insurers investing in “Debt Securities” issued by meet day-to-day operational requirements and
InvITs / REITs: as permitted under SEBI ( A l t e r n a t i v e I
n v e s t m e n t F u n d s ) Regulations, 2012.
a. Debt instruments of InvIT / REIT shall be b. Insurer shall invest only into Fund of Funds
rated and not less than “AA” as a part of (FoF) which comply requirement of Section
Approved Investments. 27E of the Insurance Act, 1938.
b. Debt instruments of InvITs / REITs rated and c. Insurer shall ensure compliance with Section
or downgraded below “AA” shall form part of 27E by a clause in the fund offer documents
Other Investments. executed by FoF to restrain such FoF
c. No insurer shall invest more than 10% of the investing into AIFs which invest in overseas
outstanding debt instruments (including companies/funds.
the current issue) in a single InvIT/REITs d. No insurer shall invest in an AIF, which in
issue. turn has exposure to a FoF, in which the
d. The cumulative investments in units and debt insurer has taken an exposure.
instruments of InvITs and REITs shall not
exceed 3% of total fund size of the insurer at III.12 Regulating Maintenance of Margin of
any point of time. Solvency
e. No investment shall be made in debt III.12.1 Every insurer is required to maintain a
instruments of an InvIT/REIT where the Required Solvency Margin as per Section 64VA of
sponsor is under the promoter group of the the Insurance Act, 1938. Every insurer shall maintain
insurer. an excess of the value of assets over the amount of
f. Group shall have the meaning as defined u n liabilities of not less than amount prescribed by the
der Regulation 2(g) of IRDAI IRDA, which is referred to as a Required Solvency
(Investment) Regulations, 2016 Margin. The IRDAI (Assets, Liabilities and Solvency
g. Investment in debt instruments of InvIT will Margin of Life Insurance Business) Regulations,
form part of “Infrastructure Investments”. 2016, IRDAI (Assets,
h. Investment in debt instruments of REIT will
ORGANISATIONAL MATTERS
PART IV: ORGANISATIONAL MATTERS
AGM 22%
MGR 13%
IV training programs. Several training initiatives were "Azadi Ka Amrit Mahotsav". The aim was not only
undertaken during the year to enhance the knowledge, to acknowledge the struggles, which our
skills and efficiencies of staff members. forefathers had to endure, but also to appreciate the
journey so far and celebrate the same. All staff and
In-house Training their family members were encouraged to participate
IV.2.8 To create a talent pool, the Capacity Building in this Mahotsav in remembering India's achievements
Programme was continued in IRDAI that involves in insurance sector since independence and the
imparting training to the staff members weekly on the achievements of IRDAI.
Core Curriculum modules developed by International
Association of Insurance Supervisors (IAIS). The aim In this regard, a week long activities such as singing
of the program was to develop s uf fic i e nt well- of patriotic songs and poem recitation by
quali fie d staff, inc l udi ng experienced actuaries, employees, discussion on history of insurance,
auditors, insurance/re- insurance experts, economists, Malhotra Committee report and achievements of
lawyers, and IT specialists. The staff must have IRDAI, small plays/self shot films on the themes of
appropriate levels of skills and experience to meet the 'journey of independence’ and ‘Story of inclusion in
demands of supervision. In addition, Supervisors must Insurance and/or on different products and services
keep up with insurance industry practices and levels and exhibition showcasing the story of innovation and
of sophistication so as to supervise the regulated transformation in the Organization and insurance
entities effectively. sector from independence to present day including
global outreach and vision up to 2047 were conducted.
Domestic Training
Covid-19 Vaccination
IV.2.9 Twenty-eight (28) officers dealing with RTI
related matters have attended two days webinar on IV.2.12 Vaccination drive has been carried out for
“Transparency Audit with respect of compliance IRDAI staff members and their families including
under Section 4 of RTI Act, 2005” between August 26 outsource staff and their family members.
and 27, 2021. Four officers have attended two days
online training on “Advance course on disciplinary Observance of International Women's Day
proceedings” between July 22 and 23, 2021 conducted
by the National Productivity Council, New Delhi. IV.2.13 The International Women's Day (IWD) 2022
was celebrated on March 08, 2022 by all the staff with
lot of enthusiasm praising women officers for their
Foreign Training achievements in professional and other fields.
IV.2.10 Four officers have attended five days
National Association of Insurance Commissioners Constitution Day
(NAIC) International Fellows Virtual Programme.
IV.2.14 As part of Government's initiative of Azadi
ka Amrit Mahotsav, the Constitution Day was
organized with “Jan Bhagidari” on a mega scale.
When the Hon'ble President of India lead the
The Authority has conducted a program viz., IV.3.2 All the documents to be laid down before the
Behavioral training / Management Development Parliament were prepared in bilingual. The
Program, that included a session on 'Prevention of letters/representations/appeals/RTI applications
Sexual Harassment of women at work place' for all received in Hindi were replied in Hindi ensuring
the staff members. compliance with Rule 5 of the Official Language
Rules, 1976. Implementation of Rule 11 of the above
Grievance Redressal Committee Rules was also ensured.
IV.2.17 The Grievance Redressal Committee (GRC)
was constituted in accordance with Regulation 72 of Progress Report
IRDA (Condition of Service of Officers & Other IV.3.3 The data relating to the quarterly progress
Employees) Regulations, 2000, on February 04, 2011, report was collected from all the departments in the
to look into grievances, if any, of its officers and format prescribed by the Department of Official
employees. Regulation 78 of IRDAI Staff (Officers Language, Government of India. The report was
and Other Employees) Regulations, 2016 prescribes submitted to the Department of Official Language,
the provisions and process for Ministr y of Home Affairs and
Note: Figures in the brackets represent the growth (in per cent) over the previous year.
STATEMENT 4
1 Aditya Birla Sun Life Insurance Co. Ltd. 762.10 1,310.70 2,072.80 1,787.94 3,860.74 1,630.86 1,961.29 3,592.15 4,687.34 8,279.49 2,392.96 3,271.99 5,664.95 6,475.28 12,140.23
2 Aegon Life Insurance Co. Ltd. 0.19 0.09 0.28 93.40 93.67 16.07 0.32 16.39 306.40 322.79 16.25 0.42 16.67 399.79 416.46
3 Ageas Federal Life Insurance Co. Ltd. 149.04 239.83 388.86 343.23 732.09 218.44 209.13 427.57 1,047.64 1,475.21 367.47 448.96 816.43 1,390.87 2,207.30
4 Aviva Life Insurance Co. Ltd. 110.00 2.62 112.61 214.09 326.70 17.10 162.96 180.06 761.38 941.44 127.09 165.58 292.67 975.47 1,268.15
5 Bajaj Allianz Life Insurance Co. Ltd. 1,426.48 464.53 1,891.00 3,195.00 5,086.00 5,016.37 2,229.07 7,245.44 3,795.61 11,041.05 6,442.85 2,693.60 9,136.44 6,990.61 16,127.05
6 Bharti AXA Life Insurance Co. Ltd. 73.51 55.40 128.91 143.88 272.80 173.01 633.31 806.32 1,522.44 2,328.76 246.52 688.71 935.23 1,666.32 2,601.56
7 Canara HSBC Life Insurance Co. Ltd. 513.96 56.48 570.44 1,307.53 1,877.98 1,403.13 822.16 2,225.29 1,786.65 4,011.95 1,917.09 878.65 2,795.73 3,094.19 5,889.92
8 Edelweiss Tokio Life Insurance Co. Ltd. 68.93 7.33 76.26 259.38 335.64 49.27 354.93 404.19 724.37 1,128.57 118.19 362.26 480.45 983.75 1,464.20
9 Exide Life Insurance Co. Ltd. 87.55 77.72 165.26 128.27 293.53 65.46 771.37 836.83 2,637.61 3,474.43 153.01 849.08 1,002.09 2,765.87 3,767.96
10 Future Generali India Life Insurance Co. Ltd. 30.06 2.04 32.10 80.87 112.97 24.99 399.87 424.87 895.70 1,320.57 55.06 401.91 456.97 976.57 1,433.54
11 HDFC Life Insurance Co. Ltd. 2,098.88 1,378.88 3,477.76 8,550.35 12,028.11 14,721.57 5,955.49 20,677.05 13,257.66 33,934.72 16,820.45 7,334.37 24,154.82 21,808.01 45,962.83
12 ICICI Prudential Life Insurance Co. Ltd. 3,524.53 1,810.13 5,334.66 14,897.15 20,231.81 7,726.61 2,440.98 10,167.59 7,058.60 17,226.18 11,251.14 4,251.11 15,502.24 21,955.75 37,457.99
13 IndiaFirst Life Insurance Co. Ltd. 376.06 74.74 450.80 900.89 1,351.69 1,355.21 960.20 2,315.41 1,519.46 3,834.87 1,731.27 1,034.94 2,766.21 2,420.35 5,186.56
14 Kotak Mahindra Life Insurance Co. Ltd. 1,474.45 930.38 2,404.83 1,359.06 3,763.88 2,023.36 1,714.58 3,737.94 5,513.29 9,251.23 3,497.81 2,644.96 6,142.77 6,872.35 13,015.11
15 Max Life Insurance Co. Ltd. 2,169.09 40.71 2,209.80 4,383.86 6,593.66 2,546.71 3,148.41 5,695.12 10,125.39 15,820.51 4,715.80 3,189.12 7,904.92 14,509.25 22,414.17
16 PNB MetLife India Insurance Co. Ltd. 429.73 53.78 483.50 896.87 1,380.38 537.47 1,447.12 1,984.59 3,983.29 5,967.89 967.20 1,500.89 2,468.10 4,880.17 7,348.26
17 Pramerica Life Insurance Co. Ltd. 8.16 6.15 14.31 25.17 39.47 184.21 106.35 290.56 768.74 1,059.30 192.37 112.50 304.87 793.91 1,098.78
18 Reliance Nippon Life Insurance Co. Ltd. 514.68 13.76 528.44 761.63 1,290.07 55.86 698.02 753.88 2,992.62 3,746.50 570.54 711.78 1,282.32 3,754.26 5,036.57
19 Sahara India Life Insurance Co. Ltd. - - - 1.52 1.52 - 0.00 0.00 59.92 59.92 - 0.00 0.00 61.44 61.44
20 SBI Life Insurance Co. Ltd. 9,109.89 2,245.41 11,355.30 22,034.83 33,390.13 10,270.40 3,831.66 14,102.05 11,267.46 25,369.51 19,380.28 6,077.07 25,457.35 33,302.29 58,759.64
21 Shriram Life Insurance Co. Ltd. 9.48 11.59 21.07 21.58 42.65 336.59 711.94 1,048.52 1,258.43 2,306.95 346.07 723.52 1,069.59 1,280.01 2,349.60
22 Star Union Dai-ichi Life Insurance Co. Ltd. 242.52 49.15 291.67 259.89 551.56 336.01 1,298.63 1,634.64 1,950.60 3,585.25 578.53 1,347.78 1,926.31 2,210.49 4,136.80
23 Tata AIA Life Insurance Co. Ltd. 1,386.58 54.18 1,440.76 1,989.42 3,430.18 668.86 3,248.88 3,917.74 7,097.10 11,014.84 2,055.44 3,303.07 5,358.50 9,086.52 14,445.03
Private Total 24,565.83 8,885.60 33,451.43 63,635.81 97,087.23 49,377.56 33,106.66 82,484.22 85,017.72 167,501.94 73,943.39 41,992.25 115,935.64 148,653.53 264,589.17
Annual Report 2021 - 22
24 Life Insurance Corporation of India 305.84 2,174.34 2,480.18 759.28 3,239.46 36,343.51 160,108.49 196,452.00 228,333.51 424,785.51 36,649.35 162,282.83 198,932.18 229,092.80 428,024.97
Grand Total 24,871.67 11,059.94 35,931.60 64,395.09 100,326.69 85,721.07 193,215.14 278,936.22 313,351.23 592,287.45 110,592.74 204,275.08 314,867.82 377,746.32 692,614.14
STATEMENT 5
SEGMENT-WISE TOTAL PREMIUM OF LIFE INSURERS (2021 - 22)
(₹crore)
LINKED (INDIVIDUAL AND GROUP)
Type Non-Participating Participating Both
First Year Renewal Single Total First Year Renewal Single Total Grand Total Percentage
Annuity - - - - - - - - - -
Health -0.01 163.65 - 163.64 - - - - 163.64 0.16
Life 20,840.95 57,868.06 9,915.41 88,624.42 - 1.03 - 1.03 88,625.45 88.34
Pension 4,030.73 6,362.30 1,144.52 11,537.55 - 0.06 - 0.06 11,537.61 11.50
Variable - - - - - - - - - -
Total 24,871.67 64,394.00 11,059.94 100,325.61 - 1.09 - 1.09 100,326.69 100.00
1 Aditya Birla Sun Life Insurance Co. Ltd. 1,901.21 - 1,901.21 969.62 931.59 49.00
2 Aegon Life Insurance Co. Ltd. 1,468.25 9.48 1,477.73 753.64 724.09 49.00
3 Ageas Federal Life Insurance Co. Ltd. 800.00 - 800.00 408.00 392.00 49.00
4 Aviva Life Insurance Co. Ltd. 2,004.90 - 2,004.90 1,022.50 982.40 49.00
5 Bajaj Allianz Life Insurance Co. Ltd. 150.71 - 150.71 111.52 39.18 26.00
6 Bharti AXA Life Insurance Co. Ltd. 3,086.20 340.00 3,426.20 1,747.36 1,678.84 49.00
7 Canara HSBC Life Insurance Co. Ltd. 950.00 - 950.00 703.00 247.00 26.00
8 Edelweiss Tokio Life Insurance Co. Ltd. 312.62 352.93 665.55 437.43 228.12 34.28
10 Future Generali India Life Insurance Co. Ltd. 1,965.82 180.00 2,145.82 676.04 1,469.78 68.50
11 HDFC Life Insurance Co. Ltd. 2,020.94 91.68 2,112.62 1,470.37 642.25 30.40
12 ICICI Prudential Life Insurance Co. Ltd. 1,435.97 1.33 1,437.31 853.31 583.99 40.63
13 IndiaFirst Life Insurance Co. Ltd. 663.46 - 663.46 490.96 172.50 26.00
15 Max Life Insurance Co. Ltd. 1,918.81 - 1,918.81 1,819.68 99.14 5.17
16 PNB MetLife India Insurance Co. Ltd. 2,012.88 - 2,012.88 1,028.27 984.61 48.92
17 Pramerica Life Insurance Co. Ltd. 374.06 - 374.06 190.77 183.29 49.00
18 Reliance Nippon Life Insurance Co. Ltd. 1,196.32 - 1,196.32 610.13 586.20 49.00
20 SBI Life Insurance Co. Ltd. 1,000.04 - 1,000.04 725.66 274.37 27.44
21 Shriram Life Insurance Co. Ltd. 179.38 - 179.38 103.34 76.04 42.39
22 Star Union Dai-ichi Life Insurance Co. Ltd. 258.96 - 258.96 140.00 118.96 45.94
23 Tata AIA Life Insurance Co. Ltd. 1,953.50 - 1,953.50 996.28 957.22 49.00
S.No. Life Insurer No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit 3-<6
< 3 months 6 - <1 yr > 1 yr
Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount months
1 Aditya Birla 11 3.64 9997 876.69 10008 880.32 9815 846.43 186 32.98 - - - - 7 0.91 7 - - -
Sun Life
100% 100% 98.07% 96.15% 1.86% 3.75% - - - - 0.07% 0.10% 100.00% - - -
2 Aegon Life 0 0.00 720 276.48 720 276.48 713 273.04 6 3.42 - - - - 1 0.02 1 - - -
3 Ageas 50 6.70 2644 128.03 2694 134.73 2614 122.63 57 8.67 - - - - 23 3.43 22 1 - -
Federal
100% 100% 97.03% 91.02% 2.12% 6.43% - - - - 0.85% 2.55% 95.65% 4.35% - -
4 Aviva Life 0 0.00 1672 270.95 1672 270.95 1645 266.70 27 4.25 - - - - - - - - - -
5 Bajaj 5 3.70 21045 822.27 21050 825.97 20844 771.88 195 44.73 - - - - 11 9.37 11 - - -
Allianz
100% 100% 99.02% 93.45% 0.93% 5.41% - - - - 0.05% 1.13% 100.00% - - -
6 Bharti Axa 0 0.00 3203 243.59 3203 243.59 3174 234.72 27 2.04 - - - - 2 6.82 1 - 1 -
Life
100% 100% 99.09% 96.36% 0.84% 0.84% - - - - 0.06% 2.80% 50.00% - 50.00% -
7 Canara 25 5.87 2788 282.23 2813 288.10 2769 277.79 41 7.81 - - - - 3 2.50 3 - - -
HSBC
100% 100% 98.44% 96.42% 1.46% 2.71% - - - - 0.11% 0.87% 100.00% - - -
9 Exide Life 63 8.78 7216 309.83 7279 318.62 7213 306.81 7 0.32 - - - - 59 11.49 54 2 3 -
100% 100% 99.09% 96.29% 0.10% 0.10% - - - - 0.81% 3.61% 91.53% 3.39% 5.08% -
11 HDFC Life 178 167.24 26944 2751.01 27122 2918.24 26758 2608.22 136 107.36 188 171.83 17 5.66 23 25.18 19 4 - -
100% 100% 98.66% 89.38% 0.50% 3.68% 0.69% 5.89% 0.06% 0.19% 0.08% 0.86% 82.61% 17.39% - -
12 ICICI 16 7.82 22265 3110.22 22281 3118.04 21795 2977.50 398 112.25 - - 8 0.77 80 27.52 19 22 36 3
Prudential
100% 100% 97.82% 95.49% 1.79% 3.60% - - 0.04% 0.02% 0.36% 0.88% 23.75% 27.50% 45.00% 3.75%
107 | Statements
13 India First 15 3.95 4922 245.58 4937 249.53 4785 227.31 143 18.18 - - - - 9 4.04 - 3 - 6
100% 100% 96.92% 91.10% 2.90% 7.29% - - - - 0.18% 1.62% - 33.33% - 66.67%
Contd... STATEMENT 7
108 | Statements
S.No. Life Insurer No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit 3-<6
< 3 months 6 - <1 yr > 1 yr
Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount months
14 Kotak 16 7.28 7117 606.31 7133 613.59 7049 586.15 60 19.13 - - - - 24 8.32 13 2 1 8
Life
100% 100% 98.82% 95.53% 0.84% 3.12% - - - - 0.34% 1.36% 54.17% 8.33% 4.17% 33.33%
15 Max Life 1 0.50 31034 2076.81 31035 2077.31 30830 2008.94 205 68.37 - - - - - - - - - -
16 PNB 0 0.00 8586 717.43 8586 717.43 8357 669.69 224 43.21 - - 3 2.03 2 2.50 1 - 1 -
Met Life
100% 100% 97.33% 93.35% 2.61% 6.02% - - 0.03% 0.28% 0.02% 0.35% 50.00% - 50.00% -
17 Pramerica 1 0.21 1060 52.83 1061 53.04 1043 51.34 16 1.50 - - - - 2 0.20 2 - - -
Life
100% 100% 98.30% 96.80% 1.51% 2.83% - - - - 0.19% 0.37% 100.00% - - -
18 Reliance 4 1.48 13726 359.28 13730 360.76 13548 344.14 174 14.48 - - 5 1.60 3 0.54 1 2 - -
Nippon
100% 100% 98.67% 95.39% 1.27% 4.01% - - 0.04% 0.44% 0.02% 0.15% 33.33% 66.67% - -
19 Sahara 2 0.02 1164 12.82 1166 12.85 1132 12.47 16 0.31 15 0.00 - - 3 0.06 2 - 1 -
Life
100% 100% 97.08% 97.09% 1.37% 2.44% 1.29% 0.00% - - 0.26% 0.47% 66.67% - 33.33% -
20 SBI Life 912 101.54 54874 2808.60 55786 2910.14 54140 2751.53 1541 127.58 - - 69 10.64 36 20.40 20 16 - -
100% 99% 97.05% 94.55% 2.76% 4.38% - - 0.12% 0.37% 0.01% 0.03% 55.56% 44.44% - -
21 Shriram 11 0.98 5854 202.18 5865 203.16 5620 167.39 163 23.58 78 12.13 - - 4 0.07 4 - - -
Life
100% 100% 95.82% 82.39% 2.78% 11.61% 1.33% 5.97% - - 0.07% 0.03% 100.00% - - -
22 SUD Life 8 1.02 2943 170.30 2951 171.32 2875 156.60 74 14.32 - - - - 2 0.40 - 1 1 -
100% 100% 97.42% 91.41% 2.51% 8.36% - - - - 0.07% 0.23% - 50.00% 50.00% -
23 Tata AIA 2 4.40 8067 1599.53 8069 1603.93 7950 1518.17 117 80.63 - - - - 2 5.13 2 - - -
Life
100% 100% 98.53% 94.65% 1.45% 5.03% - - - - 0.02% 0.32% 100.00% - - -
Private 1330 330.84 240490 18163.81 241820 18494.66 237245 17409.19 3896 751.93 281 183.95 102 20.70 296 128.88 182 53 44 17
Total
Annual Report 2021 - 22
100% 100% 98.11% 94.13% 1.61% 4.07% 0.12% 0.99% 0.04% 0.11% 0.12% 0.70% 61.49% 17.91% 14.86% 5.74%
24 LIC 1725 292.42 1365379 29293.46 1367104 29585.88 1349865 28408.38 8713 347.19 3619 8.50 2625 461.66 2282 360.15 1211 1071 - -
100% 100% 98.74% 96.02% 0.64% 1.17% 0.26% 0.03% 0.19% 1.56% 0.17% 1.22% 53.07% 46.93% - -
Total 3055 623.26 1605869 47457.27 1608924 48080.54 1587110 45817.57 12609 1099.12 3900 192.45 2727 482.36 2578 489.03 1393 1124 44 17
100% 100% 98.64% 95.29% 0.78% 2.29% 0.24% 0.40% 0.17% 1.00% 0.16% 1.02% 54.03% 43.60% 1.71% 0.66%
STATEMENT 8
Annual Report 2021 - 22
S.No. Life Insurer No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit 3-<6
< 3 months 6 - <1 yr > 1 yr
Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount months
1 Aditya Birla 7 1.69 13518 675.26 13525 676.95 13470 666.77 52 7.78 - - - - 3 2.39 1 - 2 -
Sun Life
100% 100% 99.59% 98.50% 0.38% 1.15% - - - - 0.02% 0.35% 33.33% - 66.67% -
3 Ageas 15 4.81 481 100.83 496 105.63 446 89.03 45 15.18 - - - - 5 1.42 5 - - -
Federal
100% 100% 89.92% 84.28% 9.07% 14.37% - - - - 1.01% 1.34% 100.00% - - -
4 Aviva Life - - 1347 68.64 1347 68.63 1345 68.48 1 0.15 1 0.00 - - - - - - - -
5 Bajaj 85 6.87 193169 1578.25 193254 1585.12 192902 1553.47 181 22.86 - - - - 171 8.80 169 2 - -
Allianz
100% 100% 99.82% 98.00% 0.09% 1.44% - - - - 0.09% 0.55% 98.83% 1.17% - -
6 Bharti Axa 5 1.19 1802 145.06 1807 146.26 1779 143.27 28 2.98 - - - - - - - - - -
Life
100% 100% 98.45% 97.96% 1.55% 2.04% - - - - - - - - - -
10 Future 3 0.38 1644 226.25 1647 226.63 1575 216.41 69 9.50 1 0.00 2 0.72 - - - - - -
Generali
100% 100% 95.63% 95.49% 4.19% 4.19% 0.06% - 0.12% 0.32% - - - - - -
11 HDFC 723 69.13 358401 3248.87 359124 3318.00 358116 3165.27 812 144.04 196 8.70 - - - - - - - -
Life
100% 100% 99.72% 95.40% 0.23% 4.34% 0.05% 0.26% - - - - - - - -
12 ICICI 3634 120.73 239870 2414.50 243504 2535.23 238008 2297.01 244 51.85 42 4.96 120 0.79 5090 180.62 2942 989 829 330
Prudential
100% 100% 97.74% 90.60% 0.10% 2.05% 0.02% 0.20% 0.05% 0.03% 2.09% 7.12% 57.80% 19.43% 16.29% 6.48%
109 | Statements
13 India First - - 27041 909.45 27041 909.45 26818 891.75 216 16.38 - - - - 7 1.32 7 - - -
S.No. Life Insurer No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit No. of Benefit 3-<6
< 3 months 6 - <1 yr > 1 yr
Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount Policies Amount months
14 Kotak 427 28.18 128673 1723.46 129100 1751.64 128557 1695.32 219 23.67 - - - - 324 32.65 200 67 43 14
Life
100% 100% 99.58% 96.78% 0.17% 1.35% - - - - 0.25% 1.86% 61.73% 20.68% 13.27% 4.32%
15 Max Life - - 21110 785.24 21110 785.24 20985 751.27 121 25.83 - - - - 4 8.15 4 - - -
16 PNB 3 1.23 26811 1118.84 26814 1120.07 26687 1097.91 124 20.31 - - - - 3 1.85 2 - 1 -
Met Life
100% 100% 99.53% 98.02% 0.46% 1.81% - - - - 0.01% 0.16% 66.67% - 33.33% -
17 Pramerica 34 7.99 17870 342.32 17904 350.31 17622 320.01 225 25.38 27 2.14 - - 30 2.78 30 - - -
Life
100% 100% 98.42% 91.35% 1.26% 7.25% 0.15% 0.61% - - 0.17% 0.79% 100.00% - - -
18 Reliance 2 0.05 589 28.05 591 28.10 588 28.04 - - - - 2 0.05 1 0.01 1 - - -
Nippon
100% 100% 99.49% 99.78% - - - - 0.34% 0.18% 0.17% 0.04% 100.00% - - -
19 Sahara - - - - - - - - - - - - - - - - - - - -
Life
- - - - - - - - - - - - - - - -
20 SBI Life 42 8.76 70438 2931.84 70480 2940.60 68596 2846.64 388 62.27 1483 29.66 10 0.54 3 2.39 - 1 2 -
100% 100% 97.33% 96.80% 0.55% 2.12% 2.10% 1.01% 0.01% 0.02% 0.00% 0.08% - 33.33% 66.67% -
21 Shriram 51 0.82 48341 386.23 48392 387.05 48180 381.61 202 5.30 10 0.14 - - - - - - - -
Life
100% 100% 99.56% 98.59% 0.42% 1.37% 0.02% 0.04% - - - - - - - -
22 SUD Life - - 21835 546.16 21835 546.16 21448 532.25 85 7.90 302 6.00 - - - - - - - -
Private 5032 251.85 1202277 18355.20 1207309 18607.06 1196350 17854.10 3120 457.61 2062 51.61 134 2.10 5643 241.64 3361 1059 879 344
Total
Annual Report 2021 - 22
100% 100% 99.09% 95.95% 0.26% 2.46% 0.17% 0.28% 0.01% 0.01% 0.47% 1.30% 59.56% 18.77% 15.58% 6.10%
24 LIC 6200 99.66 222572 8217.07 228772 8316.73 222092 8189.14 5967 91.67 - - - - 713 35.93 521 192 - -
100% 100% 97.08% 98.47% 2.61% 1.10% - - - - 0.31% 0.43% 73.07% 26.93% - -
Total 11232 351.51 1424849 26572.28 1436081 26923.79 1418442 26043.24 9087 549.27 2062 51.61 134 2.10 6356 277.57 3882 1251 879 344
100% 100% 98.77% 96.73% 0.63% 2.04% 0.14% 0.19% 0.01% 0.01% 0.44% 1.03% 61.08% 19.68% 13.83% 5.41%
STATEMENT 9
STATE/ UT WISENumber
DISTRIBUTION
of Offices Number of Districts with
OF OFFICES OF INSURERS
(AS ON MARCH 31, 2022) Offices
Stand-alone Total Stand-alone
S.No. State/UT Life General Health Number of Life General Health
Insurers Insurers Insurers Districts Insurers Insurers Insurers
*Demerger of general Insurance business of Bharti AXA General Insurance Co. Ltd. to ICICI Lombard General Insurance Co. Ltd. w.e.f. April 01, 2021.
**Erstwhile HDFC Ergo Health Insurance Co. Ltd. merged with HDFC Ergo General Insurance Co. Ltd. w.e.f March 01, 2020.
***Takeover of Reliance Health Insurance portfolio by Reliance General Insurance Co. Ltd.
Note:
1. Figures in bracket indicate growth (in per cent) over previous year.
2. NA indicates that insurer's business was not in operation during the corresponding financial year.
3. Reclassification/Regrouping in the previous year's figures, if any, by the insurer has not been considered.
SEGMENT-WISE GROSS DIRECT PREMIUM OF GENERAL AND HEALTH INSURERS (WITHIN INDIA)
(₹crore)
S. Fire Marine Motor Health Others Total
No. Insurer 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22
2 Bajaj Allianz General Insurance Co. Ltd. 1,656.56 1,916.44 166.35 211.75 4,726.33 4,844.52 2,301.74 3,381.26 3,718.55 3,334.62 12,569.53 13,688.59
3 Bharti AXA General Insurance Co. Ltd.* 324.22 - 75.12 - 1,368.48 - 456.78 - 935.31 - 3,159.90 -
4 Cholamandalam MS General Insurance Co. Ltd. 444.71 495.11 78.55 94.52 3,124.88 3,427.13 662.55 691.17 77.52 116.21 4,388.21 4,824.12
5 Edelweiss General Insurance Co. Ltd. 10.89 17.20 5.63 2.91 111.44 197.48 88.92 126.40 1.69 4.90 218.57 348.88
6 Future Generali India Insurance C. Ltd. 443.96 456.49 63.71 84.44 1,351.38 1,617.00 528.50 669.58 1,447.69 1,310.47 3,835.23 4,137.98
Go Digit General Insurance Ltd.
7 162.17 260.36 0.98 13.97 1,957.31 3,008.77 214.04 675.94 83.12 714.91 2,417.62 4,673.94
HDFC ERGO General Insurance Co. Ltd.
8 1,175.12 1,330.35 148.89 173.44 3,406.46 3,549.00 4,281.60 4,940.65 3,283.03 3,504.10 12,295.10 13,497.55
ICICI Lombard General Insurance Co. Ltd.
9 2,157.79 2,749.52 478.73 625.04 7,019.92 8,280.09 3,021.35 4,006.91 1,325.30 2,315.31 14,003.09 17,976.87
IFFCO Tokio General Insurance Co. Ltd.
10 814.96 924.72 156.01 252.19 3,721.13 3,702.65 1,664.24 1,859.56 2,054.54 1,713.79 8,410.88 8,452.91
Kotak Mahindra General Insurance Co. Ltd.
11 35.47 50.95 0.09 4.90 286.31 388.03 207.71 275.53 14.41 23.06 543.99 742.47
Liberty General Insurance Ltd.
12 97.90 92.13 30.24 39.12 952.72 994.97 248.29 274.63 116.57 105.60 1,445.71 1,506.46
Magma HDI General Insurance Co. Ltd.
13 144.50 229.78 21.43 23.91 968.54 1,316.02 80.62 112.88 68.50 74.57 1,283.59 1,757.17
Navi General Insurance Ltd.
14 30.68 18.59 - 41.82 43.00 25.82 42.46 6.08 2.52 104.40 106.57
Raheja QBE General Insurance Co. Ltd.
15 11.79 15.08 0.25 0.01 173.88 277.36 22.76 5.06 63.54 78.31 272.22 375.83
Reliance General Insurance Co. Ltd.
16 Royal Sundaram General Insurance Co. Ltd. 874.33 938.13 84.60 108.20 3,573.60 3,844.50 955.05 1,120.93 2,822.70 3,397.19 8,310.28 9,408.96
17 SBI General Insurance Co. Ltd. 272.59 290.46 35.27 45.97 1,978.61 2,025.96 395.53 425.72 140.27 78.48 2,822.28 2,866.59
18 Shriram General Insurance Co. Ltd. 1,411.44 1,350.94 33.59 62.24 2,143.91 2,517.07 2,122.38 2,735.09 2,553.54 2,500.88 8,264.86 9,166.22
19 Tata AIG General Insurance Co. Ltd. 39.63 55.55 1.21 1.64 2,049.24 1,631.15 17.26 31.71 31.54 32.90 2,138.88 1,752.95
20 Universal Sompo General Insurance Co. Ltd. 1,433.90 1,633.08 346.30 543.30 4,339.28 5,131.61 1,300.66 1,930.04 621.92 786.94 8,042.06 10,024.97
21 Private Sector Insurers Total 194.88 211.19 36.32 45.62 1,010.73 1,357.46 376.30 548.15 1,433.94 1,293.70 3,052.16 3,456.12
11,737.49 13,036.08 1,763.27 2,333.18 44,574.07 48,664.50 19,095.07 24,260.83 20,831.06 21,458.78 98,000.96 109,753.37
113 | Statements
Contd... STATEMENT 11
114 | Statements
SEGMENT-WISE GROSS DIRECT PREMIUM OF GENERAL AND HEALTH INSURERS (WITHIN INDIA)
(₹crore)
S. Fire Marine Motor Health Others Total
No. Insurer 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22
23 The New India Assurance Co. Ltd. 3,771.31 3,959.27 850.94 848.96 8,801.53 8,240.52 11,404.43 15,830.28 3,720.27 3,694.85 28,548.48 32,573.88
24 The Oriental Insurance Co. Ltd. 1,650.51 1,608.11 340.39 386.31 3,746.98 3,405.74 4,983.54 6,642.20 1,728.29 1,668.61 12,449.71 13,710.97
25 United India Insurance Co. Ltd. 1,778.29 1,843.48 340.70 374.79 5,803.84 5,476.76 6,745.22 6,826.65 2,036.65 1,200.57 16,704.70 15,722.25
Public Sector Insurers Total 8,375.40 8,514.95 1,724.82 1,834.43 23,218.11 21,768.98 28,902.71 35,374.27 9,622.68 7,540.22 71,843.72 75,032.84
Specialized Insurers
26 Agriculture Insurance Co. of India Ltd. NA NA NA NA NA NA NA NA 12,052.57 13,940.21 12,052.57 13,940.21
Grand Total 20,112.89 21,551.03 3,488.09 4,167.61 67,792.19 70,433.48 63,752.97 80,502.27 43,568.58 44,045,82 198,714.72 220,700.21
*Demerger of general Insurance business of Bharti AXA General Insurance Co. Ltd. to ICICI Lombard General Insurance Co. Ltd. w.e.f. April 01, 2021.
**Erstwhile HDFC Ergo Health Insurance Co. Ltd. merged with HDFC Ergo General Insurance Co. Ltd. w.e.f March 01, 2020.
***Takeover of Reliance Health Insurance portfolio by Reliance General Insurance Co. Ltd.
Note:
1. NA indicates that insurer's business was not in operation during the corresponding financial year or in the corresponding segment.
2. Reclassification/Regrouping in the previous year's figures, if any, by the insurer has not been considered.
STATEMENT 12
EQUITY SHARE CAPITAL OF GENERAL, HEALTH AND REINSURANCE COMPANIES
(₹crore)
Non-
As on Infusion As on Promoter promoter FDI
S.
Insurers March 31, during March 31, (including (%)#
No.
2021 the year 2022 Indian Foreign Total foreign)
STATEMENT 13
INCURRED CLAIMS RATIO OF GENERAL AND HEALTH INSURERS
(WITHIN INDIA)
(in per cent)
S.No. Insurer Fire Marine Motor Health Others Total
2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22
Private Sector Insurers
1 Acko General Insurance Ltd. 95.92 97.16 - - 82.35 86.87 84.64 103.75 62.01 83.21 81.83 97.83
2 Bajaj Allianz General Insurance Co. Ltd. 54.46 57.04 65.86 63.89 68.06 68.53 77.31 90.64 56.59 56.03 68.45 72.96
3 Bharti AXA General Insurance Co. Ltd. 87.35 - 83.11 - 64.27 - 65.37 - 40.85 - 63.23 -
4 Cholamandalam MS General Insurance Co. Ltd. 33.82 33.48 73.52 61.87 74.30 65.05 77.35 117.08 29.89 28.59 72.44 70.29
5 Edelweiss General Insurance Co. Ltd. 135.23 77.82 1933.33 170.92 93.38 84.61 111.57 112.32 134.89 134.37 102.01 96.71
6 Future Generali India Insurance C. Ltd. 59.62 65.76 85.17 61.87 66.13 62.43 90.04 88.44 44.37 71.73 66.39 68.62
7 Go Digit General Insurance Ltd. 58.25 51.61 130.68 31.56 74.91 79.54 63.80 48.94 75.96 58.48 74.03 74.02
8 HDFC ERGO General Insurance Co. Ltd. 74.78 62.60 90.11 94.05 70.02 74.66 79.30 97.47 79.04 69.44 75.75 84.04
9 ICICI Lombard General Insurance Co. Ltd. 63.74 53.05 83.34 77.60 65.77 70.88 78.00 91.67 53.77 63.38 68.61 75.06
10 IFFCO Tokio General Insurance Co. Ltd. 62.37 63.61 68.12 104.62 84.04 84.12 99.49 130.65 59.80 60.35 85.10 94.10
11 Kotak Mahindra General Insurance Co. Ltd. 54.84 29.96 -466.67 300.00 74.64 82.67 55.17 72.11 31.12 36.23 66.99 77.01
12 Liberty General Insurance Ltd. 66.64 8.63 67.18 105.89 59.91 62.84 76.98 89.30 57.50 28.39 63.47 66.74
13 Magma HDI General Insurance Co. Ltd. 91.55 34.97 479.27 11.24 78.91 69.37 62.70 66.42 272.33 186.05 79.64 68.65
14 Navi General Insurance Ltd. 15.59 -8.32 - - 82.91 117.97 26.78 28.56 165.42 102.51 63.71 66.29
15 Raheja QBE General Insurance Co. Ltd. 31.80 92.82 23.81 -245.96 100.51 92.55 97.22 109.54 50.85 31.24 86.98 81.21
16 Reliance General Insurance Co. Ltd. 55.94 38.19 133.36 93.31 76.89 75.57 93.96 98.76 80.17 78.40 79.58 77.53
17 Royal Sundaram General Insurance Co. Ltd. 60.47 30.49 47.71 80.97 87.89 85.76 67.88 90.22 3.93 19.88 80.40 84.21
18 SBI General Insurance Co. Ltd. 53.42 53.91 133.49 133.63 86.10 93.58 60.72 81.92 106.32 99.83 74.11 86.31
19 Shriram General Insurance Co. Ltd. 46.86 39.20 -27.78 24.00 79.43 72.97 4.84 37.07 42.29 72.10 78.54 72.35
20 Tata AIG General Insurance Co. Ltd. 39.40 56.39 78.31 91.50 75.41 74.51 67.27 86.53 -52.43 10.05 68.67 75.01
21 Universal Sompo General Insurance Co. Ltd. 57.41 17.62 105.36 80.61 87.96 91.32 111.23 113.39 79.06 11.43 90.44 77.77
Private Sector Insurers Total 57.60 51.27 80.32 85.78 73.59 74.53 78.44 94.66 63.60 64.96 73.39 77.95
Annual Report 2021 - 22
Contd... STATEMENT 13
Annual Report 2021 - 22
*Demerger of general Insurance business of Bharti AXA General Insurance Co. Ltd. to ICICI Lombard General Insurance Co. Ltd. w.e.f. April 01, 2021.
**Erstwhile HDFC Ergo Health Insurance Co. Ltd. merged with HDFC Ergo General Insurance Co. Ltd. w.e.f. March 01, 2020.
***Takeover of Reliance Health Insurance portfolio by Reliance General Insurance Co. Ltd.
Note:
117 | Statements
1. NA indicates that insurer's business was not in operation during the corresponding financial year or in the particular segment.
2. Reclassification/Regrouping in the previous year's figures, if any, by the insurer has not been considered.
STATEMENT 14
118 | Statements
24 The Oriental Insurance Co. Ltd. 357,646 1,908,418 1,717,440 3,230 203,725 341,669 90.18 5.68 2.17 1.44 0.29 0.24
25 United India Insurance Co. Ltd. 656,818 9,149,482 8,652,285 191,056 6,353 956,606 97.25 2.01 0.51 0.17 0.03 0.02
Specialized Insurers
26 Agriculture Insurance Co. of India Ltd. 3,490,149 18,115,224 17,303,277 162 6,640 4,295,294 66.71 6.66 15.58 8.78 - 2.27
27 ECGC Ltd. 691 1,051 681 669 2 390 55.51 21.59 11.75 10.13 1.03 -
General Insurers Total 6,875,714 59,493,496 55,952,118 942,549 1,311,250 8,163,293 86.20 4.27 5.52 3.11 0.11 0.80
Annual Report 2021 - 22
Contd... STATEMENT 14
Age Analysis of Number of Claims Paid (%)
STATUS OF CLAIMS OF GENERAL AND HEALTH INSURERS (2021-22)
Number of Claims
(`crore)
Life Fund
S. Central Government State Government & Housing & Infrastructure Approved
No. Insurer Other Investments Total (Life Fund)
Securities Other Approved Securities Investments Investments
2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022
1 Aditya Birla Sun Life 8,320.62 11,568.18 1,120.04 1,236.88 5,361.46 6,009.00 3,028.21 3,754.38 404.34 348.09 18,234.67 22,916.53
2 Aegon Life 925.93 1,190.08 219.96 384.54 587.93 626.50 345.24 412.60 - 10.62 2,079.06 2,624.34
3 Ageas Federal Life 2,163.04 2,926.96 2,333.15 2,585.94 1,664.03 1,682.60 1,388.42 1,404.48 41.96 82.71 7,590.60 8,682.69
4 Aviva Life 4,258.49 4,829.87 1,244.65 1,345.61 1,138.19 1,184.50 228.72 170.56 20.31 19.20 6,890.36 7,549.74
5 Bajaj Allianz Life 16,841.33 20,243.05 2,053.96 1,954.17 5,094.57 6,042.20 8,786.20 8,272.84 605.82 639.90 33,381.88 37,152.16
6 Bharti AXA Life 2,920.12 4,076.31 944.43 1,271.08 1,314.55 1,490.20 1,915.95 1,679.91 324.90 283.94 7,419.95 8,801.44
7 Canara HSBC Life 2,497.05 3,552.08 1,245.85 2,121.35 2,042.20 1,915.10 1,261.85 1,468.89 103.47 101.82 7,150.42 9,159.24
8 Edelweiss Tokio Life 1,536.76 2,004.59 45.95 7.30 421.38 597.40 482.17 580.77 100.43 226.94 2,586.69 3,417.00
9 Exide Life 8,505.92 9,574.01 904.93 1,100.04 2,434.37 2,534.50 1,862.92 2,493.75 83.24 69.18 13,791.38 15,771.48
10 Future Generali Life 2,508.36 2,978.61 198.56 197.60 587.30 688.70 302.66 426.13 21.03 7.24 3,617.91 4,298.28
11 HDFC Life 23,796.33 32,977.28 10,074.63 10,076.62 10,650.30 11,557.20 12,008.52 21,110.35 1,976.52 1,785.82 58,506.30 77,507.27
12 ICICI Prudential Life 36,107.87 41,158.05 3,069.99 4,560.30 9,837.89 11,594.50 10,848.28 12,658.01 1,865.35 2,490.60 61,729.38 72,461.46
13 IndiaFirst Life 1,190.79 1,713.08 1,305.82 1,814.32 659.62 899.00 739.38 888.82 38.71 52.23 3,934.32 5,367.45
14 Kotak Mahindra Life 17,784.22 21,569.43 279.07 435.40 3,885.83 4,926.10 2,548.81 2,880.79 494.82 654.87 24,992.75 30,466.59
15 Max Life 32,338.40 37,431.93 6,247.24 7,012.29 9,981.01 11,411.40 8,614.44 12,002.58 2,011.55 2,501.65 59,192.64 70,359.85
16 PNB Metlife 8,570.10 10,608.38 2,059.56 3,511.39 5,302.21 5,863.60 3,792.49 4,278.54 166.45 211.96 19,890.81 24,473.87
17 Pramerica Life 2,220.83 2,595.64 148.68 244.07 1,061.11 1,056.90 543.08 691.12 54.65 47.93 4,028.35 4,635.66
18 Reliance Nippon Life 9,364.06 11,219.37 3,374.13 3,453.67 3,514.71 3,436.00 1,414.97 1,816.78 255.72 232.46 17,923.59 20,158.28
19 Sahara India Life 485.98 558.82 257.53 252.21 507.01 465.80 104.78 117.69 21.05 21.13 1,376.35 1,415.65
20 SBI Life 27,774.37 35,028.78 5,248.22 5,280.54 10,093.38 12,657.90 15,162.28 17,231.85 1,959.64 1,886.71 60,237.89 72,085.78
21 Shriram Life 1,736.80 2,354.02 849.43 1,758.74 1,762.39 1,450.80 695.49 848.54 103.34 96.17 5,147.45 6,508.27
22 Star Union Dai-ichi Life 3,215.34 4,843.04 1,097.42 1,244.33 1,895.78 1,429.50 603.81 793.47 4.79 76.50 6,817.14 8,386.84
125 | Statements
23 Tata AIA Life 17,691.38 24,270.36 112.92 97.91 4,665.99 5,578.80 4,205.02 4,370.94 261.27 515.09 26,936.58 34,833.10
Private Total 232,754.09 289,271.92 44,436.12 51,946.30 84,463.21 95,098.20 80,883.69 100,353.79 10,919.36 12,362.72 453,456.47 549,032.93
24 LIC 1,046,698.84 1,144,537.17 584,210.93 586,336.47 213,575.32 214,463.16 492,342.96 557,603.24 123,999.17 142,978.50 2,460,827.22 2,645,918.54
Grand Total 1,279,452.93 1,433,809.09 628,647.05 638,282.77 298,038.53 309,561.36 573,226.65 657,957.03 134,918.53 155,341.22 2,914,283.69 3,194,951.47
Contd... STATEMENT 20
126 | Statements
22 Star Union Dai-ichi Life 847.25 1,305.01 456.04 935.94 1,029.93 1,187.42 2,333.22 3,428.37
23 Tata AIA Life 1,069.90 1,706.96 62.69 62.51 369.19 348.31 1,501.78 2,117.78
Private Total 53,204.32 68,891.61 26,205.37 35,184.24 51,221.48 51,852.95 130,631.17 155,928.80
24 LIC 254,324.13 392,373.58 388,917.96 405,632.92 184,700.38 211,750.09 912,228.88 1,009,756.59
Grand Total 307,528.45 461,265.19 415,123.33 440,817.16 235,921.86 263,603.04 1,042,860.05 1,165,685.39
Contd... STATEMENT 20
Annual Report 2021 - 22
(`crore)
Unit Linked Fund
S. Insurer Approved Investments Other Investments Total (ULIP Funds) Grand Total (All Funds)
No.
Private Total 451,120.65 502,103.38 46,933.56 65,647.10 498,054.21 567,750.48 1,082,141.85 1,272,712.21
24 LIC 24,083.17 23,101.28 692.34 698.56 24,775.51 23,799.84 3,397,831.61 3,679,474.96
Grand Total 475,203.82 525,204.66 47,625.90 66,345.66 522,829.72 591,550.32 4,479,973.46 4,952,187.17
STATEMENT 21
128 | Statements
2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022
Private Sector
1 Acko General 221.70 326.20 - 131.20 51.20 108.60 109.80 145.50 63.50 196.30 12.20 - 458.36 907.80
2 Bajaj Allianz 6,774.80 9,041.70 3,718.50 3,264.60 1,637.20 1,747.20 4,516.90 3,193.60 5,319.20 6,126.00 119.30 381.30 22,085.90 23,754.40
3 Bharti AXA* 1,591.44 - 598.69 - 617.86 - 1,581.48 - 1,046.78 - 120.00 - 5,556.25 -
4 Cholamandalam MS 4,154.91 5,165.40 3,507.79 3,124.90 991.91 1,036.28 799.68 1,569.92 1,491.49 1,546.07 87.78 61.65 11,033.56 12,504.22
5 Edelweiss General 85.60 109.00 48.05 109.54 52.54 40.89 54.83 59.82 106.30 76.39 10.75 47.89 358.07 443.53
6 Future Generali 1,302.30 1,368.90 1,211.94 1,593.61 707.52 673.31 1,267.68 1,081.18 989.97 986.58 73.03 51.61 5,552.44 5,755.19
7 Go Digit 2,707.33 4,613.60 193.10 313.36 657.92 1,089.83 938.31 1,618.87 867.11 1,512.56 13.36 13.86 5,377.13 9,162.08
8 HDFC Ergo 4,644.62 3,848.80 2,144.21 4,297.70 1,504.64 1,497.82 3,418.64 3,954.21 4,752.81 4,524.82 152.63 208.42 16,617.55 18,331.77
9 ICICI Lombard 8,138.54 11,151.00 3,535.47 5,193.90 2,074.20 2,856.21 4,875.53 6,370.60 9,851.27 10,194.36 1,741.30 2,666.36 30,216.31 38,432.43
10 IFFCO Tokio 2,731.80 3,214.70 2,006.38 2,305.65 1,560.52 1,830.23 3,450.48 3,702.67 2,346.89 2,389.82 2.34 3.17 12,098.41 13,446.24
11 Kotak Mahindra 597.30 796.80 25.97 136.60 86.56 116.74 103.83 92.14 116.69 60.49 1.54 26.71 931.89 1,229.48
12 Liberty 732.93 765.00 540.70 674.71 321.45 436.32 676.80 644.68 856.34 805.87 - - 3,128.22 3,326.58
13 Magma HDI 1,098.74 1,648.90 294.23 545.79 241.22 294.64 491.83 448.65 736.45 816.45 131.19 89.95 2,993.66 3,844.38
14 Navi General 106.11 174.60 143.46 67.82 25.04 34.84 95.03 89.78 219.27 138.99 10.02 47.63 598.93 553.66
15 Raheja QBE 300.56 294.00 - - 96.82 110.63 124.03 217.74 173.30 192.17 20.00 10.00 714.71 824.54
16 Reliance 3,195.00 3,975.90 2,765.83 2,670.14 1,160.63 1,355.50 908.71 1,233.95 4,632.95 4,895.93 431.09 345.59 13,094.21 14,477.01
17 Royal Sundaram 2,325.72 1,666.10 431.45 1,081.06 832.84 764.87 1,306.55 1,635.19 1,286.39 1,566.27 265.94 272.16 6,448.89 6,985.65
18 SBI General 2,613.60 2,550.00 1,122.85 1,233.75 1,216.43 1,331.78 1,908.42 2,310.92 2,425.79 2,919.10 211.50 480.62 9,498.59 10,826.17
19 Shriram General 3,602.25 3,630.90 19.22 5.26 2,243.16 2,331.49 3,753.28 3,790.76 942.34 1,089.71 8.49 13.14 10,568.74 10,861.26
20 Tata AIG 3,658.93 4,513.70 2,264.57 3,411.71 981.63 980.52 2,304.18 2,660.95 5,795.21 5,970.05 680.21 1,297.71 15,684.73 18,834.64
21 Universal Sompo 916.46 1,188.10 507.05 476.77 408.97 504.35 832.72 723.84 878.50 833.70 16.27 21.94 3,559.97 3,748.70
Private Sector Total 51,500.64 60,043.30 25,079.46 30,638.07 17,470.26 19,142.05 33,518.71 35,544.97 44,898.55 46,841.63 4,108.94 6,039.71 176,576.52 198,249.73
Public Sector
22 National 5,928.26 6,493.52 4,880.47 6,195.82 1,904.86 1,928.82 3,567.79 2,908.65 10,166.25 12,307.50 1,066.51 885.06 27,514.14 30,719.37
23 New India 12,432.11 12,945.82 15,665.91 18,995.10 2,676.94 2,494.31 6,497.83 6,342.21 10,878.94 9,710.20 1,769.05 2,402.22 49,920.78 52,889.86
24 Oriental 4,364.75 4,609.49 7,206.27 8,272.58 914.67 1,187.28 2,439.03 2,360.89 3,861.40 5,143.90 968.17 1,116.07 19,754.29 22,690.21
25 United India 7,531.73 8,099.20 8,196.39 8,938.01 2,402.45 2,320.63 3,182.69 3,271.40 11,289.56 9,862.00 1,886.22 2,253.94 34,489.04 34,745.18
Public Sector Total 30,256.85 32,148.03 35,949.04 42,401.51 7,898.92 7,931.04 15,687.34 14,883.15 36,196.15 37,023.60 5,689.95 6,657.29 131,678.25 141,044.62
Annual Report 2021 - 22
Specialised Insurers
26 AIC 2,851.70 2,789.73 4,790.66 4,508.87 1,030.04 1,724.27 1,073.28 877.00 3,942.89 2,190.52 4.24 53.08 13,692.81 12,143.47
27 ECGC 2,882.83 3,188.19 1,981.95 3,080.85 1,023.95 831.00 3,401.92 3,293.00 3,944.75 4,248.39 96.63 163.16 13,332.03 14,804.59
Specialised Total 5,734.53 5,977.92 6,772.61 7,589.72 2,053.99 2,555.27 4,475.20 4,170.00 7,887.64 6,438.91 100.87 216.24 27,024.84 26,948.06
Contd... STATEMENT 21
Annual Report 2021 - 22
*Demerger of general Insurance business of Bharti AXA General Insurance Co. Ltd. to ICICI Lombard General Insurance Co. Ltd. w.e.f. April 01, 2021.
129 | Statements
ANNEXURES
ANNEXURE 1
LIST OF REGISTERED INSURERS/REINSURERS OPERATING IN INDIA
Life Insurers General Insurers
*Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd. is renamed as Canara HSBC Life Insurance Co. Ltd
#Demerger of general Insurance business of Bharti AXA General Insurance Co. Ltd. to ICICI Lombard General Insurance Co. Ltd. w.e.f. April 01, 2021.
$ The Authority vide order ref. No. IRDA/F&A/ORD/SOLP/200/11/2019 dated November 06, 2019 issued directions to the
Reliance Health Insurance Ltd. to stop selling new policies.
Note: List as on March 31, 2022
Lloyd's
11. Lloyd’s India Reinsurance Branch
i. Markel Services India Private Limited
16 IRDAI/ INT/ GDL/ 146/ 05/ 2021 6/11/2021 Intermediary Guidelines Guidelines on Standard
Professional Indemnity Policy
for Insurance Brokers
S. Notification
Reference No. Date Department Type Subject
No.
29 IRDAI/LIFE/CIR/MISC/253/9/2021 9/17/2021 Life Circular Extension of timelines for
(a) Issuance of Electronic Policies
and (b) Dispensing with Physical
Signatures on Proposal forms
Specialized Insurers
26 Agricultural Insurance Company of India Ltd. 5 -
27 ECGC Ltd. - -
Note: For detailed information about the products, please refer to IRDAI website
Every Year
3 Service Company of Lloyds - 50,000 50,000 (by December -
31)
1/10th of 1% of Gross
Direct Premium written in
India by the transacting e n t
i t i e s d u r i n g t h e
Amalgamation and transfer of financial year preceding the
4 financial year in which the - - - 50,000,000
General / Life insurance business
application is filed
with the Authority subject
to a minimum of `50 lakh
and maximum of `5 crore
Insurer offered 'add on cover' before filing it with the Authority and
related approval of the Authority thereby penaly of `1 lakh and
2 Future Generali India 1,700,000 April 9, 2021 insurer offered 'add on cover' to policyholder without taking
Insurance Co. Ltd. consent of policyholder thereby penalty of `16 lakh for violating
Reg.3 (2) of IRDA (Protection of Policyholders' Interests')
Regulations, 2002.
Broker did not intimate the Authority about the opening of new
13 Visista Insurance Broking 100,000 May 28, 2021 office thereby violating Regulation 38 (4) (i) of IRDA (Insurance
Services Pvt. Ltd. Brokers) Regulations, 2013.
26 Apex Insurance Surveyors 200,000 November 8, 2021 Insurance Surveyors and Loss Assessors engaged unlicensed
and Loss Assessors Pvt. Ltd. individuals for survey thereby violating Regulation 4 (15) (3) of IRDA
(Insurance Surveyors and Loss Assessors) Regulations, 2015.
27 Policyx.com Insurance Web 1,400,000 December 6, 2021 Insurance Web Aggregator solicited insurance through telemarketing
Aggregators Pvt. Ltd. and distance marketing by persons other than Authorised Verifiers
thereby violating Clause 4 (a) and 4 (c ) Form T of Schedule VI under
Regulation 29 of IRDAI (Insurance Web Aggregators) Regulations,
2017.
28 M/s Angel Financial 2,700,000 December 20, 2021 Corporate Agent engaged its group company i.e. M/s Angel Broking
Advisors Pvt. Ltd. Pvt Ltd., which were not licensed for solicitation of insurance business
(Corporate Agent) thereby violated Para 3 (ii) (a) of Code of Conduct under Regulations
26 of IRDAI (Registration of Corporate Agents), Regulations, 2015.