A fast-read primer on India's insurance sector — the backdrop against which we benchmark every company's cost structure in this category.
The motor segment is scaling fast, and private insurers keep gaining ground on public ones.
2025 → 2030 forecast
FY23 → FY25
Fast-growing segments, rising private contribution, and clear policy support define the sector.
A sample of the industry-wide and policy moves shaping the sector through early 2026.
Listed Indian Insurance companies in tDoBe's cost-benchmarking coverage.
The market facts above are public background. What follows is tDoBe's own work: every "Other Expenses" line from these companies' own financial records, read by hand and sorted into one clear set of categories — not a keyword search, not each company's own way of reporting it.
Each mark is one company's total Other Expenses as % of Net Premium Earned. No company is named here.
Ranked from biggest to smallest.
No single category dominates here — Advertising & Sales Promotion, IT/Software, Miscellaneous & Others, Rent & Occupancy and Legal & Professional Fees are all within half a percentage point of each other.
The 18.8x gap is mostly life, general and health insurers being three different businesses with very different cost structures, plus a wide range of company sizes, from India's largest insurer to newer, smaller listed ones.
Insurers don't report ‘net revenue’ — premium income is their core business. We use Net Premium Earned, the standard denominator for insurance cost ratios, and left out Max Financial Services Ltd, a holding company rather than an operating insurer, so the comparison stays apples-to-apples.
This is the free, sector-wide view. It tells you where Insurance stands as a whole — not where your own company stands against it, category by category, in rupees.
A below-average number is a reason to call too — the benchmark keeps improving as we go.