Which insurance company has the most complaints in India?

With 81,515 complaints, LIC India registered more complaints than all private players put together. However, LIC sells over 2 crore policies in a year, which is much more than private counterparts.

What are the statistics related to life insurance in India?

India's share in global life insurance market was 3.23% in 2021 . The life insurance premium registered YoY growth of 10.2% in FY22, with new businesses contributing 45.5% of the total premiums received by the life insurers.

Which life insurance company has the highest customer satisfaction in India?

Among the top insurers, ICICI Prudential and Max Life have secured the highest scores in the survey due to their user-friendly products and plans, digital support, easy documentation and policy issuance. HDFC Life, Tata AIA and LIC were the other brands that finished in the top 5.

How many insurance companies are there in India in 2023?

At the end of financial year 2022, there were 67 insurers operating in India.

Which insurance company has the most complaints?

The auto insurance company with the most complaints is United Automobile Insurance , which receives roughly 40 times more complaints than the average insurer its size, according to the latest NAIC complaint index.

Where does India rank among the top 10 life insurance markets in the world?

Indian Insurance in the Global Scenario 1 In life insurance business, India is ranked tenth in the world .

What age group buys the most life insurance in India?

As per the statistics, those in 40s comprise the largest fraction of life insured.

How many Indians have life insurance in India?

As per studies, 30 people out of 100 have a life insurance policy in India. According to a TOI article, life insurance coverage in rural India is set at a mere 8-10% and another study by Kantar reveals that coverage in urban India is 78%.

Who is the leader in life insurance in India?

What Are The Top Life Insurance Companies In India? Life Insurance Companies in India Claim Settlement Ratio (FY 2022-23) ICICI Prudential Life Insurance Company 97.82% IndiaFirst Life Insurance Company 96.92% Kotak Mahindra Life Insurance Company 98.82% Life Insurance Corporation of India Company 98.74% 18 more rows

What is the rank of HDFC life insurance company in India?

List of India's Best Life Insurance Providers No. Company Claim Settlement Ratio (2021-2022) 1 Life Insurance Corporation of India 98.74% 2 HDFC Life Insurance Company Limited 99.30% 3 SBI Life Insurance Company Limited 97.05% 4 ICICI Prudential Life Insurance Company Limited 99.17% 18 more rows

Which sector will boom in 2023 in India?

Healthcare The healthcare market, valued at USD 98.98 billion in 2023, is projected to grow at a CAGR of 8.0% from 2024 to 2032. Additionally, segments like telemedicine and AI applications in healthcare are witnessing rapid expansion, with telemedicine expected to reach USD 5.4 billion by 2025.

Which is the fastest growing insurance company in India?

Kotak Mahindra Life insurance company limited is one of India's leading and fastest-growing life insurance companies in India. It is one of the top insurance companies in India.

What is the rank of Indiafirst life insurance company in India?

We have come a long way since then and are now ranked* 10th among private life insurers in India . As of March 31, 2023, our New Business IRP stands at INR 1,709 crore, and we ended FY2022-23 on a strong footing with INR 6,075 crore of total premium and AUM of INR 21,683 crore.

What is the biggest insurance company failure?

Bankruptcy of Executive Life Insurance Company Executive Life Insurance Company is regarded to be the biggest bankruptcy of an insurance company in the United States in the course of recent years. Based in California, the life company had to file for bankruptcy in 1991 following disastrous investments in junk bonds.

India: number of complaints registered against life insurers by insurer type 2023 | Statista (2024)

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Number of complaints registered against life insurer in India in the financial year 2023, by insurer type (in 1,000s) Statistics on " Life insurance in India " Other statistics that may interest you Life insurance in India Topics FAQs

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Published by Sandhya Keelery, Aug 30, 2024

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

Number of complaints registered against life insurer in India in the financial year 2023, by insurer type (in 1,000s)

Characteristic	Number of compaints in thousands
-	-
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Release date

December 2023

More information

Region

India

Survey time period

FY 2023

Special properties

Complaints of unfair business practices

Supplementary notes

Life Insurance Corporation (LIC) of India is an Indian multinational public sector life insurance company headquartered in Mumbai.

India's financial year begins in April and ends in March. For example, FY 2023 started in April 2022 and ended in March 2023.

Values have been rounded for clarity.

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