Reinsurance in India, Key Trends and Opportunities to 2016: Liberalization Holds the Key to Market Growth

• Publication date: January 2012

Synopsis The report provides top-level market analysis, information and insights into the Indian reinsurance market, including: • The Indian reinsurance market’s growth prospects by reinsurance categories • The Indian reinsurance market’s growth prospects by reinsurance ceded from direct insurance segments • The competitive landscape in the Indian reinsurance market Summary Indian reinsurance...

Synopsis

The report provides top-level market analysis, information and insights into the Indian reinsurance market, including:
• The Indian reinsurance market’s growth prospects by reinsurance categories
• The Indian reinsurance market’s growth prospects by reinsurance ceded from direct insurance segments
• The competitive landscape in the Indian reinsurance market

Summary

Indian reinsurance market growth is dependent on the growth of the country’s life, non-life and personal accident and health insurance markets. However, the percentage of reinsurance ceded is much higher for non-life and personal accident and health insurance than for life insurance. The reinsurance market registered a healthy growth during the review period. The reinsurance market is highly concentrated and dominated by the General Insurance Company in India. The majority of Indian reinsurance is sourced from General Insurance and major European professional reinsurers based in Continental Europe and Asia.

Scope

This report provides a comprehensive analysis of the reinsurance market in India:
• It provides historical values for India’s reinsurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
• It offers a detailed analysis of the key sub-segments in India’s reinsurance market, along with market forecasts until 2016
• It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in India and its growth prospects
• It profiles the top reinsurance companies in India

Reasons To Buy

• Make strategic business decisions using top-level historic and forecast market data related to the Indian reinsurance market and each sector within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Indian reinsurance market
• Assess the competitive dynamics in the reinsurance market
• Identify the growth opportunities and market dynamics within key product categories

Key Highlights

• The Indian reinsurance market registered healthy growth during the review period driven by growth in direct insurance markets
• The reinsurance market is highly concentrated and dominated by the General Insurance Company in India
• The facultative reinsurance product category accounted for 61.9% of the Indian reinsurance market in 2011
• Over the forecast period, the level of competition in the reinsurance market is expected to increase following the IRDA’s proposal to permit foreign reinsurance companies to establish branches in India

Companies Mentioned

General Insurance Company (GIC)

Reinsurance Industry in India

Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 India Insurance Industry Attractiveness
3.1 Insurance Industry Market Size, 2007–2016
3.2 Reinsurance Growth Dynamics and Challenges
3.2.1 Reinsurance market size, 2007–2016
3.2.2 Reinsurance market size by type of insurance, 2007–2016
4 Key Industry Trends and Drivers
4.1 Fundamental Business Drivers
4.2 Fundamental Business Drivers
4.3 Life Insurance Market Driver
4.4 Non-Life Insurance Market Drivers
4.5 Personal Accident and Health Insurance Market Drivers
5 Competitive Landscape and Strategic Insights
5.1 Overview
5.2 General Insurance Corporation of India – Company Overview
5.2.1 General Insurance Corporation of India – key facts
5.2.2 General Insurance Corporation of India – main products
5.2.3 General Insurance Corporation of India – key employees
6 Business Environment and Country Risk
6.1 Business Confidence
6.1.1 Business confidence index
6.1.2 Market capitalization trend – Bombay stock exchange (BSE), India
6.1.3 FDI inflow by industry
6.1.4 Deployment of credit
6.2 Economic Performance
6.2.1 GDP at constant prices (US dollars)
6.2.2 GDP per capita at constant prices (US dollars)
6.2.3 GDP at current prices (US dollars)
6.2.4 GDP per capita at current prices (US dollars)
6.2.5 GDP split by key sectors
6.2.6 Agriculture net output at current prices (Indian rupee)
6.2.7 Agriculture net output at current prices (US dollars)
6.2.8 Agriculture net output at current prices as a Percentage of GDP
6.2.9 Manufacturing net output at current prices (Indian rupees)
6.2.10 Manufacturing net output at current prices (US dollars)
6.2.11 Manufacturing net output at current prices as a Percentage of GDP
6.2.12 Mining, manufacturing and utilities net output at current prices (Indian rupee)
6.2.13 Mining, manufacturing and utilities at current prices (US dollars)
6.2.14 Mining, manufacturing and utilities at current prices as a Percentage of GDP
6.2.15 Construction net output at current prices (Indian rupees)
6.2.16 Construction net output at current prices (US dollars)
6.2.17 Construction net output at current prices as a Percentage of GDP
6.2.18 Crude steel production
6.2.19 Crude oil consumption
6.2.20 Inflation rate
6.2.21 Fiscal balance as a Percentage of GDP
6.2.22 Current account balance as a percentage of GDP
6.2.23 Exports as a Percentage of GDP
6.2.24 Imports as a Percentage of GDP
6.2.25 Exports growth
6.2.26 Imports growth
6.2.27 External debt as a Percentage of GDP
6.2.28 Annual average exchange rate US$–INR
6.2.29 End of period exchange rate US$–INR
6.2.30 Debt service ratio
6.3 Infrastructure Quality and Availability
6.3.1 Total airports and sea ports
6.3.2 Railways and roadways
6.3.3 Passenger vehicle production
6.3.4 Commercial vehicle production
6.3.5 Passenger vehicle export volume
6.3.6 Commercial vehicle export volume
6.3.7 Automotive components exports
6.3.8 Automotive components imports
6.3.9 Passenger car penetration
6.3.10 Motorcycle penetration
6.3.11 Total installed capacity for electricity generation
6.3.12 Installed capacity for the generation of conventional thermal electricity
6.3.13 Electricity production
6.3.14 Installed capacity for the generation of hydro-electricity
6.3.15 Installed capacity for renewable electricity generation
6.3.16 Electricity exports
6.3.17 Electricity imports
6.3.18 Healthcare expenditure
6.3.19 Healthcare expenditure as a Percentage of GDP
6.3.20 Healthcare per capita expenditure
6.3.21 Total internet subscribers
6.3.22 Broadband internet subscribers
6.3.23 Personal computer penetration rate
6.3.24 Mobile phone penetration rate
6.3.25 R&D expenditure as a Percentage of GDP
6.4 Labor Force
6.4.1 Labor force
6.4.2 Unemployment rate
6.5 Demographics
6.5.1 Annual disposable income
6.5.2 Annual per capita disposable income
6.5.3 Annual consumer expenditure on food
6.5.4 Annual per capita consumer expenditure on food
6.5.5 Total population
6.5.6 Urban and rural population
6.5.7 Female Percentage of population
6.5.8 Male Percentage of population
6.5.9 Mean age of population
6.5.10 Median age of population
6.5.11 Population density
6.5.12 Age distribution of the total population
6.5.13 Age distribution of the male population
6.5.14 Age distribution of the female population
6.5.15 Number of households
6.6 Political and Social Risk
6.6.1 Political stability
6.6.2 Terrorism Index
6.6.3 Transparency index
7 Appendix
7.1 Methodology
7.2 Contact us
7.3 About Timetric
7.4 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: India Insurance Overall Written Premium by Segment (INR Billion), 2007–2011
Table 3: India Insurance Overall Written Premium by Segment (US$ Billion), 2007–2011
Table 4: India Insurance Overall Written Premium by Segment (INR Billion), 2011–2016
Table 5: India Insurance Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: India Insurance Segmentation (%), 2007–2016
Table 7: Reinsurance Market in India by Category (INR Billion), 2007–2011
Table 8: Reinsurance Market in India by Category (US$ Billion), 2007–2011
Table 9: Reinsurance Market in India by Category (INR Billion), 2011–2016
Table 10: Reinsurance Market in India by Category (US$ Billion), 2011–2016
Table 11: Reinsurance Ceded by Type of Insurance (INR Billion), 2007–2011
Table 12: Reinsurance Ceded by Type of Insurance (US$ Billion), 2007–2011
Table 13: Reinsurance Ceded by Type of Insurance (INR Billion), 2011–2016
Table 14: Reinsurance Ceded by Type of Insurance (US$ Billion), 2011–2016
Table 15: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 16: Life Insurance – Percentage of Reinsurance Ceded (%),2011–2016
Table 17: Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 18: Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 19: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 20: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 21: General Insurance Corporation of India, Key Facts
Table 22: General Insurance Corporation of India, Main Products
Table 23: General Insurance Corporation of India, Key Employees

List of Figures
Figure 1: India Insurance Overall Written Premium by Segment (INR Billion), 2007–2016
Figure 2: India Insurance Market Dynamics by Segment, 2007–2016
Figure 3: Premium Ceded to Reinsurance by Category (INR Billion), 2007–2016
Figure 4: Reinsurance Premium Share by Category, 2011 and 2016
Figure 5: Reinsurance Market Dynamics by Category, 2007–2016
Figure 6: Reinsurance Ceded by Type of Insurance (INR Billion), 2007–2016
Figure 7: Reinsurance Market Dynamics by Type of Insurance, 2007–2016
Figure 8: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 9: Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 10: Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 11: Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 12: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 13: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 14: Indian Business Confidence Indicator, 2008–2010
Figure 15: Bombay Stock Exchange (BSE), Market Capitalization (US$ Billion), 2003–2009
Figure 16: Indian FDI Inflows by Industry (US$ Billion), 2003–2009
Figure 17: Indian Deployment of Credit (US$ Billion), 2003–2008
Figure 18: Indian GDP at Constant Prices (US$ Billion), 2007–2016
Figure 19: Indian GDP Per Capita at Constant Prices (US$), 2007–2016
Figure 20: Indian GDP at Current Prices (US$ Billion), 2007–2016
Figure 21: Indian GDP Per Capita at Current Prices (US$), 2007–2016
Figure 22: Indian GDP Split by Key Sectors (%), 2003 and 2009
Figure 23: Indian Agriculture Net Output at Current Prices (INR Trillion), 2007–2016
Figure 24: Indian Agriculture Net Output at Current Prices (US$ Billion), 2007–2016
Figure 25: Indian Agriculture Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 26: Indian Manufacturing Net Output at Current Prices (INR Trillion), 2007–2016
Figure 27: Indian Manufacturing Net Output at Current Prices (US$ Billion), 2007–2016
Figure 28: Indian Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 29: Indian Mining, Manufacturing and Utilities Net Output at Current Prices (INR Trillion), 2007–2016
Figure 30: Indian Mining, Manufacturing and Utilities Output at Current Prices (US$ Billion), 2007–2016
Figure 31: Indian Mining, Manufacturing and Utilities Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 32: Indian Construction Net Output at Current Prices (INR Trillion), 2007–2016
Figure 33: Indian Construction Net Output at Current Prices (US$ Billion), 2007–2016
Figure 34: Indian Construction Output at Current Prices as a Percentage of GDP (%), 2007-2016
Figure 35: Indian Crude Steel Production (Million Metric Tons), 2007–2016
Figure 36: Indian Crude Oil Consumption (Million Tons), 2007–2016
Figure 37: Indian Inflation Rate (%), 2007–2016
Figure 38: Indian Fiscal Balance as a Percentage of GDP (%), 2007–2010
Figure 39: Indian Trade Balance as aPercentage of GDP (%), 2007–2016
Figure 40: India Exports as a Percentage of GDP (%), 2007–2016
Figure 41: Indian Imports as a Percentage of GDP (%), 2007–2016
Figure 42: Indian Exports Growth (%), 2007–2016
Figure 43: Indian Imports Growth (%), 2007–2016
Figure 44: Indian External Debt as a Percentage of GDP (%), 2007–2011
Figure 45: Indian Annual Average Exchange Rate (US$–INR), 2007–2010
Figure 46: Indian End of Period Exchange Rate (US$–INR), 2007–2010
Figure 47: India Debt Service Ratio (%), 2007–2009
Figure 48: Indian Total Number of Airports, 2009
Figure 49: Indian Railways and Roadways (Kilometers), 2011
Figure 50: Indian Passenger Vehicle Production (Million Units), 2007–2016
Figure 51: Indian Commercial Vehicle Production (Units), 2007–2016
Figure 52: Indian Passenger Vehicle Exports (Units), 2007–2016
Figure 53: Indian Commercial Vehicle Exports (Units), 2007–2016
Figure 54: Indian Automotive Components Exports (US$ Billion), 2007–2016
Figure 55: Indian Automotive Components Imports (US$ Billion), 2007–2016
Figure 56: Indian Passenger Car Penetration (per Thousand People), 2007–2016
Figure 57: Indian Motorcycle Penetration (per Thousand People), 2007–2016
Figure 58: Indian Total Installed Capacity for Electricity Generation (Million Kilowatts), 2007–2016
Figure 59: Indian Installed Capacity for the Generation of Conventional Thermal Electricity (Million Kilowatts), 2007–2016
Figure 60: Indian Electricity Production (Billion Kilowatts Hours), 2007–2016
Figure 61: Indian Installed Capacity for the Generation of Hydro-Electricity (Million Kilowatts), 2007–2016
Figure 62: Indian Installed Capacity for the Generation of Renewable Electricity (Million Kilowatts), 2007–2016
Figure 63: Indian Electricity Exports (Million Kilowatts Hours), 2007–2016
Figure 64: Indian Electricity Imports (Million Kilowatts Hours), 2007–2016
Figure 65: Indian Healthcare Expenditure (US$ Billion), 2007–2016
Figure 66: Indian Healthcare Expenditure as a Percentage of GDP (%), 2007–2016
Figure 67: Indian Per Capita Healthcare Expenditure (US$), 2007–2016
Figure 68: Indian Internet Subscribers (Million), 2007–2016
Figure 69: Indian Broadband Internet Subscriptions (Million), 2007–2016
Figure 70: Indian Personal Computer Penetration Rate (per Hundred People), 2007–2016
Figure 71: Indian Mobile Phone Penetration Rate (%), 2007–2016
Figure 72: Indian R&D Expenditure as a Percentage of GDP (%), 2007–2016
Figure 73: Indian Labor Force Size (Million), 2007–2016
Figure 74: Indian Unemployment Rate (%), 2007–2016
Figure 75: Indian Annual Disposable Income (US$ Billion), 2007–2016
Figure 76: Indian Annual Per Capita Disposable Income (US$), 2007–2016
Figure 77: Indian Consumer Expenditure on Food (US$ Billion), 2007–2016
Figure 78: Indian Annual Per Capita Consumer Expenditure on Food (US$), 2007–2016
Figure 79: Indian Total Population (Million), 2007–2016
Figure 80: Indian Urban and Rural Population (%), 2007–2016
Figure 81: Indian Female Percentage of Population (%), 2007–2016
Figure 82: Indian Male Perentage of Population (%), 2007–2016
Figure 83: Indian Mean Age of Population (Years), 2007–2016
Figure 84: Indian Median Age of Population (Years), 2007–2016
Figure 85: India Population Density (per Square Kilometer), 2007–2016
Figure 86: Indian Population Distribution by Age (%), 2007–2016
Figure 87: Indian Male Population Distribution by Age (%), 2007–2016
Figure 88: Indian Female Population Distribution by Age (%), 2007–2016
Figure 89: Indian Number of Households (Million), 2007–2016
Figure 90: Global Terrorism Heat Map, 2011
Figure 91: Indian Transparency Index, 2007–2010