1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends
Non-life Insurance Market in India 2019

Non-life Insurance Market in India 2019

  • October 2019
  • 82 pages
  • ID: 5885834
  • Format: PDF
  • Netscribes (India) Pvt. Ltd.

Summary

Table of Contents

Amidst the ongoing economic slowdown across India, the insurance sector is expected to witness an expansion mainly due to the proposed increase in foreign investment limit on insurance intermediaries from 49% to 100%. The non-life insurance market is expected to reach INR 3,662.94 Bn by FY 2024, expanding at a compound annual growth rate (CAGR) of ~14.79% during the FY 2020-FY 2024 period. Major players currently operating in the Indian non-life insurance market include The New India Assurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited, Tata AIG General Insurance Company Limited and Agriculture Insurance Company of India Limited. Out of them, the four public sector insurers – New India Assurance Company, United India Insurance Company, National Insurance Company and Oriental Insurance Company – held a combined market share of ~40%, in terms of gross direct premium, in FY 2019.

Market segment insights
In FY 2019, the motor insurance segment (own damage and third party) held the largest market share (~37.91%), followed by the health insurance segment (~26.76%). With an increasing number of people falling victim to lifestyle diseases, awareness regarding health has risen. As a result, the demand for health insurance policies has picked up. Further, the government has made it mandatory for all vehicles plying on the road to be covered under an insurance policy, on account of which the demand for motor insurance has increased across the country.

Out of the major segments of the Indian non-life insurance market, the personal accident insurance segment experienced the fastest year-on-year growth of ~24.95% during the FY 2015-FY 2019 period. Tata AIG, Chola MS General Insurance, Bajaj Allianz and ICICI Lombard are some of the major companies offering personal accident coverage.

Key growth drivers of the market
An increase in the number of millennials with high disposable income has led to a rise in the sale of bikes and cars, in recent years. As per IRDAI rules, it is mandatory to have motor insurance for all vehicles plying on the road, resulting in a growing demand for products offered in the motor insurance segment. Also, with a rising disposable income, household savings of consumers have increased, In order to ensure that savings have high returns, most customers tend to invest in various segments of the non-life insurance market.

Key deterrents to the growth of the market
High claim ratio, especially in the health insurance and motor insurance sectors, is one of the major reasons impeding the growth of the non-life insurance market in India. As a result of high claim ratio, the premium amount for policies has increased, making the same less affordable to the middle-income group.

Companies covered
• ICICI Lombard General Insurance Company Limited
• The New India Assurance Company Limited
• Agriculture Insurance Company of India Limited
• Bajaj Allianz General Insurance Company Limited
• HDFC ERGO General Insurance Company Limited
• National Insurance Company Limited
• Oriental Insurance Company Limited
• Star Health and Allied Insurance Company Limited
• Tata AIG General Insurance Company Limited
• IIFCO Tokio General Insurance

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.

ref:plp2019

Reportlinker.com © Copyright 2020. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on