India Insurance coverage Marketplace Outlook To 2015

28 Jul

Executive Summary

The Report titled India Insurance Market place Outlook to 2015 gives an in-depth analysis of the Indian insurance business. The report covers certain insights on the marketplace size, insurance coverage density, insurance coverage penetration, segmentation, trends and developments and potential outlook of the insurance sector in India. The report includes information on the marketplace size and aggressive landscape of life, non-life, overall health, motor, marine and fire insurance coverage. Total, the report gives a complete assessment of the entire Indian insurance coverage market.

During the period from economic year (FY) 2002-2010, existence premium grew at staggering CAGR of ~%. An improve of far more than ~% in development was registered in the economic yr 2007, when the premium increased from USD ~ million in 2006 to USD ~ million in 2007 and 2008. The growth price slightly dipped in monetary year 2009 but rose again in 2010. In financial yr 2010, the gross life insurance premium stood at USD ~ million. Non-life premium has risen in India at a very past pace. The premium elevated from USD ~ million in FY2002 to USD ~ million in FY 2010 at a CAGR of ~%. An boost in complete insurance coverage was also registered with the premium growing from USD ~ million in FY2002 to USD ~ million.

In the future, the penetration in case of lifestyle insurance is expected to increase at a CAGR ~ % which would be very low as in contrast to the development fee attained in the historical period. The penetration is expected to attain ~ % by FY2016. The penetration in case of non-daily life insurance would boost from ~ % in FY2010 to ~ % in FY2016.
Total insurance coverage penetration would also increase constantly till FY2016 and is expected to get to ~% by 2016.
In the monetary yr 2010, the existence insurers paid almost ~ lakhs claims on personal policies, resulting in a total payout of USD ~ million, an enhance of ~% from the payout in FY2009. Approximately, ~ claims were repudiated (~ in the financial yr 2009) for a sum of USD ~ million in FY2010.

Motor enterprise has ongoing to dominate the non-daily life insurance coverage marketplace with the market place share of ~% in 2009-2010. The industry share of overall health insurance coverage has increased from ~% in FY2006 to ~% in FY2010. The market place share of fire insurance has declined as well from ~% in 2005-2006 to ~% in 2009-2010. The fire insurance coverage premium registered a unfavorable 4 yr CAGR of ~% from FY2006 to 2010. The contribution from marine insurance coverage sector has remained stagnant more than time at ~% following the de-tariffing of the sector in 2007.
Overtime, personal sector has increased its market share in the complete expenditure on non-life insurance products. The contribution of personal sector has improved from ~% (USD ~ million) in the financial year 2006 to ~% in FY2010 (USD ~ million).

Public sector nonetheless continues to remain the greatest contributor to the expenditure on non-lifestyle insurance coverage goods but the marketplace share of the sector has declined significantly overtime. The industry share has declined overtime from ~ % in FY2006 to ~ % in FY2010. The contribution of expenditure was valued at USD ~ million in 2006 which has increased to USD ~ million in FY2010 but the development in the expenditure underperforms the development in the expenditure in the personal sector.
In case of non-daily life insurance, New India is the industry leader with a industry share of ~ % and gross insurance coverage premium of USD ~ million in FY2010. United India Insurance coverage is the second largest player with a market place share of ~ % and gross insurance premium of USD ~ million followed by Oriental and Nationwide with a industry share of ~ % and ~ % respectively.

Micro insurance coverage portfolio was well worth USD ~ million for the monetary yr 2010 in terms of gross insurance coverage premium cash flow. It has about doubled itself from the previous years premium revenue of USD ~ million. The contribution of LIC in the total premium was ~ % under micro-insurance and the rest ~ % was contributed by the personal lifestyle insurance organizations.

Scope of Investigation

The report entails thorough examination and delivers useful insights on the insurance market in India. The scope of the report consists of:
The marketplace dimension of daily life and non-life insurance market in terms of gross insurance coverage premium created in India, 2002 to 2016
Existence and Non-daily life insurance coverage density in USD for India, 2002 to 2016
Life and Non-life insurance coverage penetration, premium as a percentage of GDP for the country, 2002 to 2016
Industry segmentation on the basis of Item in India, 2010 and 2016
Industry dimension of motor, well being, fire and marine insurance on the basis of gross insurance coverage premium created, 2006-2016
Aggressive Landscape of the key existence insurers and non-lifestyle insurers in India on the basis of gross premium written
Competitive Landscape of the significant motor, well being, fire and marine insurers in India on the basis of gross premium composed, 2009-2010
Firm Financials of main Life and Non-lifestyle insurers along with their section break up on the basis of gross direct premium income, 2009-2010
Beneficial Insights and Long term Outlook of the insurance coverage market in India.

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