We are and continue to be the largest private health insurer in India with a market share of 15.8% in the Indian health insurance market in Fiscal 2021, according to CRISIL Research. In Fiscal 2021 and the six months ended September 30, 2021, we had a total GWP of ₹93,489.50 million and ₹50,697.82 million, respectively. From being the first standalone health insurance (“SAHI”) company established in India in 2006, we have grown into the largest SAHI company in the overall health insurance market in India, according to CRISIL Research. Our comprehensive health insurance product suite insured 20.5 million lives in Fiscal 2021 in retail health and group health, which accounted for 89.3% and 10.7%, respectively, of our total health GWP in Fiscal 2021. We are strategically focused on the retail health market segment and had retail health GWP of ₹82,150.90 million and ₹43,399.18 million in Fiscal 2021 and the six months ended September 30, 2021, respectively. We have been consistently ranked first in the retail health insurance market in India based on retail health GWP over the last three Fiscal Years, according to CRISIL Research. The retail health market segment is expected to emerge as a key growth driver for the overall health insurance industry in India after the COVID-19 crisis in India due to low penetration of health insurance, high out-of-pocket expenses for healthcare costs and since only 10% of the population has insurance policies outside of government plans, according to CRISIL Research. In Fiscal 2021, our retail health GWP was over three times the retail health GWP of the next highest retail health insurance market participant, according to CRISIL Research, positioning us well to continue to grow our business and market share.
The Indian health insurance market continues to be underpenetrated, with a health insurance penetration of only 0.36% of GDP in 2019, compared to the global average of approximately 2.0% of GDP, according to CRISIL Research. India has one of the lowest health insurance densities globally, based on per capita premium, at US$5 in 2019, according to CRISIL Research. A number of demographic factors, including increasing life expectancy and population growth in India, as well as the high portion of out of pocket expenses as a percentage of total healthcare expenditure by patients in India (62.67% in 2018), are driving the need of healthcare services and the growth in the health insurance industry in India, according to CRISIL Research. Awareness of health insurance in India has been growing, including as a result of measures taken by the Government of India, and this trend has been accelerated by the prospect of hospitalization due to COVID-19, as well as the rising cost of medical care in private hospitals and the need for health insurance, according to CRISIL Research.
The retail health insurance segment, which accounted for 9% of the total number of lives covered by health insurance in India in Fiscal 2020, contributed 45% of the total health GWP generated in the overall health insurance market in Fiscal 2021, according to CRISIL Research. This was primarily due to retail health’s higher premium per person compared to other health insurance segments, according to CRISIL Research. Profitability in the retail health insurance segment is also being driven by customer loyalty, which is higher than other health insurance segments, as well as lower claims ratios, which were 73% in retail health, compared to 99% in group health and 92% in government-sponsored health schemes in Fiscal 2020, according to CRISIL Research. In addition, SAHI insurers only had a claims ratio of 59% in relation to their retail health business in Fiscal 2020, compared to 67% and 92% for the private sector and public sector insurers, respectively, according to CRISIL Research. We distribute our health insurance policies primarily through individual agents, which accounted for 78.9% of our GWP in Fiscal 2021. Individual agents are the primary method of distribution in the health insurance industry since health insurance is largely an assisted product in which customers often require help in selecting the policy best suited to their needs and during the claims process. As of March 31, 2021, we had the largest number of individual agents among SAHI insurers, at approximately three times that of the SAHI company with the next highest number of agents, according to CRISIL Research. Our total number of individual agents grew at a CAGR of 27.3% from 0.29 million as of March 31, 2019, to 0.46 million as of March 31, 2021, and was 0.51 million as of September 30, 2021. Under the Insurance Regulatory and Development Authority of India (Appointment of Insurance Agents) Regulations, 2016, insurance agents are only permitted to sell the policies of three insurers: one life insurance company, one non-life insurer and one health insurer. In our experience, we have found that the growth in productivity of agents we sponsor to become licensed and train tends to be higher than the overall productivity of all of our agents. As of September 30, 2021, we have sponsored and trained 0.07 million individual agents, representing 14.0% of the total number of our individual agents. The total number of our sponsored individual agents grew at a CAGR of 44.7% from March 31, 2019, to March 31, 2021. Our agency distribution channel also includes our corporate agent banks, which accounted for ₹2,209.19 million and ₹1,415.38 million of our GWP in Fiscal 2021 and the six months ended September 30, 2021, respectively, and other corporate agents, which accounted for ₹190.96 million and ₹317.96 million of our GWP in Fiscal 2021 and the six months ended September 30, 2021, respectively.
We have led the non-public health insurance market in terms of a number of new branch openings since Fiscal 2018, and our branch network was over two and a half times the number of the next largest non-public health insurance provider as of March 31, 2021, according to CRISIL Research. As of September 30, 2021, our distribution network had grown to 779 health insurance branches spread across 25 states and 5 union territories in India. Our existing branches are also supplemented by an extensive network of over 562 Sales Managers Stations (“SMS”), which are small individual service centres, and over 6,892 in-house sales managers, as of September 30, 2021. Our other origination channels include distribution by direct online sales through telemarketing and our website, brokers, insurance marketing firms and web aggregators.