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Tuesday 12 November 2013

Recent Study: Non-Life Insurance in India, Key Trends and Opportunities to 2017



















Since 2000, the non-life segment has transformed as it deregulated and opened its doors to overseas businesses. As a result, the non-life segment has grown significantly over the last decade, resulting in the number of non-life insurance companies increasing from nine in 2000 to 25 in 2012. In terms of gross written premiums, the non-life segment grew from INR232.7 billion (US$5.3 billion) in 2008 to INR433.1 billion (US$8.1 billion) in 2012, at a CAGR of 16.8% during the review period. Government initiatives for large-scale insurance programs such as the Pan-India Campaign and regulatory initiatives will drive the expansion of private insurers.

Key Highlights

- The Indian insurance industry is one of the fastest-growing in the Asia-Pacific region and is highly competitive with the presence of both public and private companies.
- Despite the global economic crisis, the Indian non-life insurance segment continued to grow at a healthy CAGR of 16.8% during the review period (2008-2012).
- The growth in the income levels of the population due to booms in IT and other industries also added to the growth of the segment.
- The Insurance Regulatory and Development Authority's (IRDA's) proposal to increase the foreign direct investment (FDI) limit for insurance companies from 26% to 49% will be a key growth driver for the non-life insurance segment.
- The top five insurers accounted for 58.5% of the gross written premium of the segment at the end of 2012.

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