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India Insurance Market Outlook to 2016 - Led By Government Support

  • April 2013
  • 103 pages
  • Ken Research Private Limited
Report ID: 1171810

Summary

Table of Contents

EXECUTIVE SUMMARY

The report titled “India Insurance Market Outlook to 2016 - Led By Government Support” provides a comprehensive analysis of market size of the Asia-Pacific insurance industry, market segmentation of Asia-Pacific insurance industry by geography. The report includes market size of India insurance industry, market segmentation of life and non-life India insurance market and market size and segmentation of various non life segments. The report also provides value chain of India insurance market, competitive landscape and profile of major players operating in the Indian insurance industry.

The insurance sector in India has been open up for the foreign direct investment some 12 years ago. In India, the foreign direct investment is restricted to 26% and is expected to increase to 49% in 2013. In September 2012, there are ~ insurance companies operating in India of which 24 are in life insurance business and ~are non life insurance players while GIC is the sole national reinsurer. In the present scenario, ~ out of ~ life insurance companies and ~ out of ~ general insurance players have foreign partners. The contribution of foreign players is expected to increase in the coming years with an incline in the foreign direct investment.

In FY’2012, the life insurance market has witnessed a decrease of 2.4% to USD ~ million. The decline in the market is being influenced by the changes made in (Unit-Linked Insurance Plan) ULIP plans such as limiting the charges, increasing lock in period and a minimum guarantee required for such plans. The ULIP plan is a product offered by insurance companies which provides the benefits of both insurance and investment under a single plan.
In September 2012, there are ~ non life insurance companies operating in India in which ~ are publicly owned general insurers, ~ are private insurer’s joint venture with international insurance companies, ~ companies are specialized health insurers, ~ are specialized general insurers and ~ company is a private insurer completely owned by an Indian business organization. In FY’2012, there are around ~ non life insurance offices in which ~ were public sector offices and approximately ~ were private sector offices.

The automobile insurance market of India has witnessed a growth of 23.4% to the direct written premium of USD ~ million in FY’2012 compared to USD ~ million in FY’2011. The growth in the market is being influenced by the rising motor insurance premium on compulsory third party insurance. The Insurance Regulatory and Development Authority (IRDA) has hiked the premium rates by ~% on two wheelers and private cars each while ~% premium is increased on commercial vehicles.

India’s health insurance industry has showcased a phenomenal growth in the past 7 years from USD ~ million in FY’2005 to USD ~ million in FY’2012. The growth was primarily due to the constant increase in the GDP on account of the improvement in the economic conditions, better government policies for the rural India and a rise in the consumer spending.

KEY TOPICS COVERED IN THE REPORT

- The market size of Asia-Pacific insurance industry and the contribution of countries.
- The market size of India insurance industry.
- The market size of India life and non-life insurance industry.
- Market segmentation of life and non-life insurance markets in India
- The market size and segmentation of various non-life insurance market such as motor, fire, marine, health and others
- Trends and Development of India insurance market.
- Competitive Landscape of the major players in life and non-life insurance market.
- Competitive Landscape of the major player in various non-life insurance market such as motor, fire, marine, health and others
- Future outlook and projections for Asia-Pacific and India insurance market
- Future outlook and projections for life and non-life India insurance market
- Microeconomics and industry factors including India population, GDP, health expenditure and number of vehicles, 2005-2016

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