Indian insurance industry overview & market development analysis
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The insurance industry in India consists of 53 companies, with Life Insurance Corporation (LIC) being the dominant player with a 70.4% market share. There are two main types of insurance - life insurance and general (non-life) insurance. Life insurance products include term insurance, whole life policies, endowment plans, money back policies, and unit linked insurance plans. General insurance covers risks such as motor insurance, health insurance, and property insurance. While the Indian insurance market is growing steadily, there remains significant potential for further growth as insurance penetration and population coverage remain low compared to other countries.
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Penetration Of Life Insurance and General Insurance In India
The document summarizes the evolution of the life insurance and general insurance industries in India. It discusses how the industries were previously dominated by state-owned entities but have since opened up to private and foreign competition following deregulation in the late 1990s and early 2000s. This has led to rapid growth in the industries, with the market share of private insurers increasing each year. The document also examines trends in various insurance sub-sectors like health and motor insurance, and discusses some of the opportunities and challenges for further developing the insurance industry in India.
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The document discusses the insurance industry in India. It provides definitions of key insurance terms and describes the different types of public and private insurance. It also outlines the major types of insurance coverage available for individuals and businesses. The document summarizes the current state of the insurance industry in India and initiatives by the government to expand insurance coverage. It predicts continued strong growth in the future as incomes rise and more Indians gain access to insurance products.
Insurance Sector Report - January 2019
The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Gross premiums written reached Rs. 5.53 trillion (US$94.48 billion) in FY18, with life insurance accounting for Rs. 4.58 trillion and non-life at Rs. 1.51 trillion.
- Private sector participation is increasing, with private players having a 50.7% market share in non-life insurance and 33.51% in new business in life insurance.
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Vijay Popat completed a summer internship at Max New York Life Insurance. The insurance industry in India has grown significantly since its nationalization in 1956. Major milestones include the establishment of the Insurance Regulatory and Development Authority in 2000, which allowed private entities to enter the insurance market. A survey of 100 individuals aged 25-45 showed their preferences for different insurance providers and the key reasons for those preferences. The internship provided Vijay with exposure to Max New York Life's management, board, SWOT analysis, market share, and recruitment process. It concluded that the experience gave Vijay valuable insights into the insurance industry and corporate world.
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The document provides an overview of the insurance industry in India. Some key points:
- India's insurance market has been growing rapidly, with the life insurance premium market expanding at a CAGR of 15.3% from 2004-2014, and the non-life insurance premium market rising at a CAGR of 16.3% over the same period.
- The share of private sector players has increased significantly over time, with their share of life insurance premiums growing from 4.7% in 2004 to 24.6% in 2014.
- Emerging segments like health, crop, and motor insurance are expected to drive future growth in the industry. The crop insurance market is now the largest in the world
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This document provides an overview of India's insurance industry. It discusses key metrics like premium growth rates and penetration rates in India compared to other markets. It outlines factors affecting industry growth and summarizes the effects of nationalizing the insurance sector in India. The document also profiles the top players in India, describes various insurance types and distribution channels, and discusses models like bancassurance. Finally, it provides projections for future growth of India's insurance industry.
Indian Insurance Sector Market Analysis
Indian insurance sector has seen significant growth post liberalization. There are now 52 insurance companies of which 45 are private. The sector is estimated to need $8 billion in capital to improve solvency and increase penetration. Life insurance premium grew 11.84% in 2015-16 while non-life premium grew 12%. Growing incomes and changing demographics present opportunities for growth. ICICI Prudential Life is the largest private life insurer in India with a 24.2% market share in the private sector.
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The document discusses foreign direct investment (FDI) and government regulation in India's insurance sector. It provides background on the history of insurance regulation in India, including nationalization in the 20th century and liberalization in the 1990s. Private insurance companies were allowed in 1999 with a maximum 26% foreign holding. The Insurance Regulatory and Development Authority was established to oversee the sector. While public sector companies still dominate, opportunities exist for growth. Suggestions are made to further liberalize regulations to help the insurance sector reach its potential.
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The document summarizes the evolution of the life insurance and general insurance industries in India. It discusses how the industries were previously dominated by state-owned entities but have since opened up to private and foreign competition following deregulation in the late 1990s and early 2000s. This has led to rapid growth in the industries, with the market share of private insurers increasing each year. The document also examines trends in various insurance sub-sectors like health and motor insurance, and discusses some of the opportunities and challenges for further developing the insurance industry in India.
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The document discusses the insurance industry in India. It provides definitions of key insurance terms and describes the different types of public and private insurance. It also outlines the major types of insurance coverage available for individuals and businesses. The document summarizes the current state of the insurance industry in India and initiatives by the government to expand insurance coverage. It predicts continued strong growth in the future as incomes rise and more Indians gain access to insurance products.
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The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Gross premiums written reached Rs. 5.53 trillion (US$94.48 billion) in FY18, with life insurance accounting for Rs. 4.58 trillion and non-life at Rs. 1.51 trillion.
- Private sector participation is increasing, with private players having a 50.7% market share in non-life insurance and 33.51% in new business in life insurance.
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Vijay Popat completed a summer internship at Max New York Life Insurance. The insurance industry in India has grown significantly since its nationalization in 1956. Major milestones include the establishment of the Insurance Regulatory and Development Authority in 2000, which allowed private entities to enter the insurance market. A survey of 100 individuals aged 25-45 showed their preferences for different insurance providers and the key reasons for those preferences. The internship provided Vijay with exposure to Max New York Life's management, board, SWOT analysis, market share, and recruitment process. It concluded that the experience gave Vijay valuable insights into the insurance industry and corporate world.
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The document provides an overview of the insurance industry in India. Some key points:
- India's insurance market has been growing rapidly, with the life insurance premium market expanding at a CAGR of 15.3% from 2004-2014, and the non-life insurance premium market rising at a CAGR of 16.3% over the same period.
- The share of private sector players has increased significantly over time, with their share of life insurance premiums growing from 4.7% in 2004 to 24.6% in 2014.
- Emerging segments like health, crop, and motor insurance are expected to drive future growth in the industry. The crop insurance market is now the largest in the world
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This document provides an overview of India's insurance industry. It discusses key metrics like premium growth rates and penetration rates in India compared to other markets. It outlines factors affecting industry growth and summarizes the effects of nationalizing the insurance sector in India. The document also profiles the top players in India, describes various insurance types and distribution channels, and discusses models like bancassurance. Finally, it provides projections for future growth of India's insurance industry.
Indian Insurance Sector Market Analysis
Indian insurance sector has seen significant growth post liberalization. There are now 52 insurance companies of which 45 are private. The sector is estimated to need $8 billion in capital to improve solvency and increase penetration. Life insurance premium grew 11.84% in 2015-16 while non-life premium grew 12%. Growing incomes and changing demographics present opportunities for growth. ICICI Prudential Life is the largest private life insurer in India with a 24.2% market share in the private sector.
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The document discusses foreign direct investment (FDI) and government regulation in India's insurance sector. It provides background on the history of insurance regulation in India, including nationalization in the 20th century and liberalization in the 1990s. Private insurance companies were allowed in 1999 with a maximum 26% foreign holding. The Insurance Regulatory and Development Authority was established to oversee the sector. While public sector companies still dominate, opportunities exist for growth. Suggestions are made to further liberalize regulations to help the insurance sector reach its potential.
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The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach $280 billion by 2020, with life and non-life insurance growing rapidly.
- Private sector players have increased their market share in both life and non-life insurance segments over the past decade.
- Growth is expected to be driven by segments like crop, health and motor insurance. Enrolment in government schemes is also increasing insurance penetration.
- Total life insurance premiums reached $64.8 billion in FY17, while non-life premiums were $23.38 billion in FY18. Both segments have seen strong growth over the past years
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The Case for Increasing FDI Caps in Insurance
The Case for Increasing FDI Caps in Insurance
The history of India’s political economy is replete with missed opportunities. The approach to growth and investment has been often stranded in the many romantic notions of selfreliance and what constitutes national interest. In every
decade since Independence, the approach to foreign direct investment has been influenced by a mistrust triggered by a colonial hangover. Every time India has opened its doors – or windows if you please – to foreign investment, it has been characterised by gradualism in the wake of much opposition. The debates around opening or expanding FDI are similar – as it was when telecom or banking opened up for foreign investment. What is important to recognise is that every such initiative has been beneficial, delivering greater common good.
Higher economic growth is driven by competition and consumer choice. Competition drives efficiency and efficiency drives growth. This is true of every country that has done well economically. It is also true of India since 1991, in segments where competition has been introduced. Any attempt to artificially introduce protection always has costs. Inefficient producers are protected, but at the expense of consumers. Consumers suffer from higher prices,bad service and limited choice. This is straightforward under-graduate economic theory. The gains to inefficient producers are more than neutralized by losses to consumers, leading to an overall deadweight welfare loss to the country.
In this argument, the colour of the competition, whether it is domestic or foreign, does not matter. In addition, there is the macroeconomic argument about a current account deficit having to be met through capital account inflows and non-debt-creating FDI inflows are preferable to debt-creating capital inflows. While these broad arguments about competition and FDI are accepted, the question to ask is, why should the insurance sector not be subject to these compelling arguments? Is there anything special about insurance that rational arguments should not be applied to
this sector? In every sector where India has opened up to FDI, be it manufacturing or be it services, two propositions are empirically evident. First, liberalization helps consumers. Second, fears about inefficient producers being eliminated are also vastly exaggerated.
Instead, producers of goods and services adapt and survive, based on access to capital, technology, knowhow, improved management practices and customer orientation. Therefore, protection not only harms the cause of consumers, it also harms the cause of producers. There is no reason why insurance should be treated differently. And economic logic and rationale should not be conditional on whether one is within the government or is in opposition.
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The insurance market in India is growing rapidly due to liberalization and the entry of private players. Sun Life Financial entered India through a joint venture with Aditya Birla Group to take advantage of the large untapped market potential. Both India and China offer attractive opportunities due to their large populations and economic growth, though India has higher premium growth rates currently. Recommendations to attract more foreign investment include increasing foreign ownership caps, improving regulations and distribution channels, and enhancing transparency.
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The document summarizes the key changes and impacts of the Insurance Laws (Amendment) Bill passed in India in 2015. Specifically:
- The bill raises the cap on foreign direct investment in the Indian insurance sector from 26% to 49%. This is expected to bring $20-25 billion in short term funds to insurance companies.
- It allows insurance companies to raise capital through methods other than equity shares. It also establishes councils to regulate the life and general insurance industries.
- Raising the FDI cap could increase insurance penetration in India, meet long-term capital needs, and bring opportunities from global insurance companies entering the market. However, it may also face challenges around regulation and developing insurance awareness.
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The document discusses foreign direct investment (FDI) in the Indian insurance sector. It provides background on the liberalization of the insurance industry in India and the growth of private insurance companies. The summary analyzes data on three major life insurance companies (ICICI Prudential, HDFC Standard Life, and SBI Life) that have benefited from FDI. It shows increasing capitalization from foreign partners Prudential, Standard Life, and BNP Paribas over several years. FDI is playing a key role in the development and increased capacity of the private insurance industry in India.
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This document provides an overview of business and risk management in India. It discusses the key sectors of the Indian economy including agriculture, industry and services. The service sector has seen increasing growth and employment. Banking and insurance are also outlined as important industries. Banking topics covered include the nationalized banking system, reforms and regulations set by the Reserve Bank of India. Insurance topics covered include the need for insurance, different types of policies, and the regulatory role of the Insurance Regulatory and Development Authority. Risk management techniques for businesses are also summarized.
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The document provides an overview of the life insurance and financial planning industry in India. It discusses key topics such as the historical development of the insurance sector, current regulatory framework, major players and their market shares, various insurance products offered, and distribution channels. The industry is set for rapid growth in the coming years driven by increasing incomes, financial awareness and the entry of private players. Customer service and use of new distribution channels like bancassurance are becoming important for companies to succeed in this competitive environment.
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This document presents information about the insurance sector in India. It discusses the privatization of insurance, the growth of major private players in the sector, and the key driving factors such as rising incomes and demand from semi-urban populations. It also outlines some of the challenges and opportunities in the Indian insurance market since privatization, such as the need for effective mass marketing strategies and leveraging new technologies. Overall, the privatization of insurance has led to increased competition, new products, and higher salaries compared to when it was previously dominated by state-owned providers.
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The document is an industrial training project report submitted by a student for their MBA program. It provides an overview of the insurance sector in India, including a brief history highlighting key milestones such as the nationalization of insurance companies in 1956 and their privatization in 1999-2000. It discusses the underdeveloped state of the insurance market in India prior to privatization and the reasons for private insurance companies entering the Indian market, such as low penetration rates and the inability of LIC to cover more than 10-15% of the population.
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The document summarizes the Indian health insurance industry. It notes that the Indian insurance market is one of the fastest growing in the world due to its large population and potential for growth. The health insurance segment makes up a prominent share and is expected to increase further as healthcare costs rise and awareness grows. Though the global industry was impacted by recession, the Indian health insurance sector continued growing in 2011-12. As of 2012, 52 insurance companies operated in India, with health insurance premiums reaching INR 131 billion in 2011-12 and growing at a rate of 14.05% annually. Major players in the industry are discussed and recent regulatory changes and product launches are also summarized.
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The document provides an overview of the insurance industry in India. It discusses that the overall insurance industry is expected to reach US$ 280 billion by 2020. The life insurance industry registered 10.99% growth in new business premium in 2017-18, generating Rs. 1.94 trillion in revenue. The non-life insurance industry saw gross direct premiums increase by 17.54% in FY18. Private sector companies have increased their market share in both life and non-life insurance segments over the years. Crop, health and motor insurance are expected to be key drivers of future growth in the industry.
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From Insurance being seen as a basic protection instrument against expected losses, the Indian Insurance industry has surely come a long way to become an absolute critical driver of economic prosperity and growth. The sector has helped account for risks; provide funds for capital intensive national building efforts besides lending social security to the citizens. Over a period of decade and a half, the industry has witnessed phases of spurt growth and moderation, intensifying competition and expansion of customer and geographic coverage.
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This document discusses the insurance sector in India. It outlines the evolution and nationalization of insurance in India in the 1950s and 1970s. It then discusses the current state of the insurance industry in India, including key statistics on market size, investments, and growth rates. The document also summarizes various initiatives taken by the Indian government to develop the insurance sector.
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This study tries to give an overview of the impacts of liberalization and deregulation processes in Indian life insurance industry.And also takes into account the efficiency improvement in the life insurance industry in the wake of deregulation. To sum up, following research questions are answered in the research study.
1) What is the present scenario of the industry? How different it is from the pre liberalization scenario?
2) The competition in the sector is expected to increase. So what is the present state and nature of competition? What changes have taken place in the market structure of life insurance industry?
3) Whether firms are efficient or not? Whether or not the efficiency and of the insurance market is improving after liberalization?
4) How did liberalization contributed in product innovation and customer service benchmark in life insurance industry?
5) What are the implications of liberalization on spread and coverage of social security measures?
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Insurance and banking
This document discusses foreign direct investment (FDI) and government policy related to the insurance sector in India. It provides background on the history of insurance regulation in India, including nationalization in the 1970s and the opening of the sector to private companies and 26% foreign ownership in 1999 with the passage of the IRDA Act. The document performs a SWOT analysis of the Indian insurance market, identifying strengths like new product offerings but also weaknesses like low insurance penetration. It examines trends in FDI levels and market share between public and private sector players. The objective is to analyze patterns of FDI and government regulation in the evolving Indian insurance industry.
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The document provides an overview of the insurance industry in India. Some key points:
- The overall insurance industry in India is expected to reach $280 billion by 2020. Life and non-life insurance markets are growing with life insurance generating $30.1 billion in revenue in FY2018.
- Private sector contribution to both life and non-life insurance has been increasing, with private sector companies' market share rising to 48% of the non-life market.
- Motor, health and crop insurance are expected to be major growth drivers. Government schemes like Pradhan Mantri Suraksha Bima Yojana are also fueling growth.
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- Growth is expected to be driven by segments like crop, health and motor insurance. Enrolment in government schemes is also increasing insurance penetration.
- Total life insurance premiums reached $64.8 billion in FY17, while non-life premiums were $23.38 billion in FY18. Both segments have seen strong growth over the past years
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The history of India’s political economy is replete with missed opportunities. The approach to growth and investment has been often stranded in the many romantic notions of selfreliance and what constitutes national interest. In every
decade since Independence, the approach to foreign direct investment has been influenced by a mistrust triggered by a colonial hangover. Every time India has opened its doors – or windows if you please – to foreign investment, it has been characterised by gradualism in the wake of much opposition. The debates around opening or expanding FDI are similar – as it was when telecom or banking opened up for foreign investment. What is important to recognise is that every such initiative has been beneficial, delivering greater common good.
Higher economic growth is driven by competition and consumer choice. Competition drives efficiency and efficiency drives growth. This is true of every country that has done well economically. It is also true of India since 1991, in segments where competition has been introduced. Any attempt to artificially introduce protection always has costs. Inefficient producers are protected, but at the expense of consumers. Consumers suffer from higher prices,bad service and limited choice. This is straightforward under-graduate economic theory. The gains to inefficient producers are more than neutralized by losses to consumers, leading to an overall deadweight welfare loss to the country.
In this argument, the colour of the competition, whether it is domestic or foreign, does not matter. In addition, there is the macroeconomic argument about a current account deficit having to be met through capital account inflows and non-debt-creating FDI inflows are preferable to debt-creating capital inflows. While these broad arguments about competition and FDI are accepted, the question to ask is, why should the insurance sector not be subject to these compelling arguments? Is there anything special about insurance that rational arguments should not be applied to
this sector? In every sector where India has opened up to FDI, be it manufacturing or be it services, two propositions are empirically evident. First, liberalization helps consumers. Second, fears about inefficient producers being eliminated are also vastly exaggerated.
Instead, producers of goods and services adapt and survive, based on access to capital, technology, knowhow, improved management practices and customer orientation. Therefore, protection not only harms the cause of consumers, it also harms the cause of producers. There is no reason why insurance should be treated differently. And economic logic and rationale should not be conditional on whether one is within the government or is in opposition.
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India has a diversified financial sector, which is undergoing rapid expansion. The sector comprises commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds and other smaller financial entities. The financial sector in India is predominantly a banking sector with commercial banks accounting for more than 60 per cent of the total assets held by the financial system says Pawan Bansal MD of Altius Finserv.
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The insurance market in India is growing rapidly due to liberalization and the entry of private players. Sun Life Financial entered India through a joint venture with Aditya Birla Group to take advantage of the large untapped market potential. Both India and China offer attractive opportunities due to their large populations and economic growth, though India has higher premium growth rates currently. Recommendations to attract more foreign investment include increasing foreign ownership caps, improving regulations and distribution channels, and enhancing transparency.
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The document summarizes the key changes and impacts of the Insurance Laws (Amendment) Bill passed in India in 2015. Specifically:
- The bill raises the cap on foreign direct investment in the Indian insurance sector from 26% to 49%. This is expected to bring $20-25 billion in short term funds to insurance companies.
- It allows insurance companies to raise capital through methods other than equity shares. It also establishes councils to regulate the life and general insurance industries.
- Raising the FDI cap could increase insurance penetration in India, meet long-term capital needs, and bring opportunities from global insurance companies entering the market. However, it may also face challenges around regulation and developing insurance awareness.
Impact of FDI on Indian Life Insurance Sector
The document discusses foreign direct investment (FDI) in the Indian insurance sector. It provides background on the liberalization of the insurance industry in India and the growth of private insurance companies. The summary analyzes data on three major life insurance companies (ICICI Prudential, HDFC Standard Life, and SBI Life) that have benefited from FDI. It shows increasing capitalization from foreign partners Prudential, Standard Life, and BNP Paribas over several years. FDI is playing a key role in the development and increased capacity of the private insurance industry in India.
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This document provides an overview of business and risk management in India. It discusses the key sectors of the Indian economy including agriculture, industry and services. The service sector has seen increasing growth and employment. Banking and insurance are also outlined as important industries. Banking topics covered include the nationalized banking system, reforms and regulations set by the Reserve Bank of India. Insurance topics covered include the need for insurance, different types of policies, and the regulatory role of the Insurance Regulatory and Development Authority. Risk management techniques for businesses are also summarized.
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The document provides an overview of the life insurance and financial planning industry in India. It discusses key topics such as the historical development of the insurance sector, current regulatory framework, major players and their market shares, various insurance products offered, and distribution channels. The industry is set for rapid growth in the coming years driven by increasing incomes, financial awareness and the entry of private players. Customer service and use of new distribution channels like bancassurance are becoming important for companies to succeed in this competitive environment.
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This document presents information about the insurance sector in India. It discusses the privatization of insurance, the growth of major private players in the sector, and the key driving factors such as rising incomes and demand from semi-urban populations. It also outlines some of the challenges and opportunities in the Indian insurance market since privatization, such as the need for effective mass marketing strategies and leveraging new technologies. Overall, the privatization of insurance has led to increased competition, new products, and higher salaries compared to when it was previously dominated by state-owned providers.
Project
Insurance allows people to share financial risks and losses by contributing regular premiums to a common fund. It provides peace of mind by helping restore people's financial status if unexpected events like accidents, illness or death occur. While such events can be financially devastating for individuals, insurance premiums paid by many ensure claims can be paid out.
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The document summarizes the Indian health insurance industry. It notes that the Indian insurance market is one of the fastest growing in the world due to its large population and potential for growth. The health insurance segment makes up a prominent share and is expected to increase further as healthcare costs rise and awareness grows. Though the global industry was impacted by recession, the Indian health insurance sector continued growing in 2011-12. As of 2012, 52 insurance companies operated in India, with health insurance premiums reaching INR 131 billion in 2011-12 and growing at a rate of 14.05% annually. Major players in the industry are discussed and recent regulatory changes and product launches are also summarized.
Insurance Sector Repor June 2018
The document provides an overview of the insurance industry in India. It discusses that the overall insurance industry is expected to reach US$ 280 billion by 2020. The life insurance industry registered 10.99% growth in new business premium in 2017-18, generating Rs. 1.94 trillion in revenue. The non-life insurance industry saw gross direct premiums increase by 17.54% in FY18. Private sector companies have increased their market share in both life and non-life insurance segments over the years. Crop, health and motor insurance are expected to be key drivers of future growth in the industry.
Indian Insurance Industry: Reaching out to Exponential Growth
From Insurance being seen as a basic protection instrument against expected losses, the Indian Insurance industry has surely come a long way to become an absolute critical driver of economic prosperity and growth. The sector has helped account for risks; provide funds for capital intensive national building efforts besides lending social security to the citizens. Over a period of decade and a half, the industry has witnessed phases of spurt growth and moderation, intensifying competition and expansion of customer and geographic coverage.
Insurance
This document discusses the insurance sector in India. It outlines the evolution and nationalization of insurance in India in the 1950s and 1970s. It then discusses the current state of the insurance industry in India, including key statistics on market size, investments, and growth rates. The document also summarizes various initiatives taken by the Indian government to develop the insurance sector.
“A STUDY OF THE IMPACT OF LIBERALIZATION ON THE INDIAN LIFE INSURANCE INDUSTRY”
This study tries to give an overview of the impacts of liberalization and deregulation processes in Indian life insurance industry.And also takes into account the efficiency improvement in the life insurance industry in the wake of deregulation. To sum up, following research questions are answered in the research study.
1) What is the present scenario of the industry? How different it is from the pre liberalization scenario?
2) The competition in the sector is expected to increase. So what is the present state and nature of competition? What changes have taken place in the market structure of life insurance industry?
3) Whether firms are efficient or not? Whether or not the efficiency and of the insurance market is improving after liberalization?
4) How did liberalization contributed in product innovation and customer service benchmark in life insurance industry?
5) What are the implications of liberalization on spread and coverage of social security measures?
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Total individual wealth in India is expected to nearly triple to 249 lakh crore by 2016 from the current 86.5 lakh crore. Fixed deposits remain the most popular investment class, making up over 30% of individual wealth, though equities are expected to increase to 37% of wealth by 2016. Various asset classes like pension funds, structured products, and insurance investments are also predicted to see strong growth over the next five years. The report analyzes India's rapidly growing economy and individual wealth, finding that total wealth will be largely driven by rising incomes and a growing middle class seeking financial advice on investment options.
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This document discusses foreign direct investment (FDI) and government policy related to the insurance sector in India. It provides background on the history of insurance regulation in India, including nationalization in the 1970s and the opening of the sector to private companies and 26% foreign ownership in 1999 with the passage of the IRDA Act. The document performs a SWOT analysis of the Indian insurance market, identifying strengths like new product offerings but also weaknesses like low insurance penetration. It examines trends in FDI levels and market share between public and private sector players. The objective is to analyze patterns of FDI and government regulation in the evolving Indian insurance industry.
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The document provides an overview of the insurance industry in India. Some key points:
- The overall insurance industry in India is expected to reach $280 billion by 2020. Life and non-life insurance markets are growing with life insurance generating $30.1 billion in revenue in FY2018.
- Private sector contribution to both life and non-life insurance has been increasing, with private sector companies' market share rising to 48% of the non-life market.
- Motor, health and crop insurance are expected to be major growth drivers. Government schemes like Pradhan Mantri Suraksha Bima Yojana are also fueling growth.
- While insurance penetration is growing, it remains
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Awareness about insurance
It gives you a general and clear idea about how we can increase awareness of Insurance in the society and we can work with our mind for how we can take advantage of this unawareness in work place.
Insurance Sector in 2015
Insurance, Sector History, FDI in Insurance, Government Role in Insurance, Industry Growth Pattern, Challenges of Insurance Market, Foreign Direct Investment in Insurance
Insurance
The document provides an overview of the insurance sector in India. It discusses the history and evolution of insurance in India including the establishment of key insurance companies. It describes the different types of insurance such as life insurance (term plans, endowment plans, etc.) and general insurance (health, fire, marine, motor, etc.). It also discusses the major players in the life and general insurance sectors in India as well as the role of the Insurance Regulatory and Development Authority (IRDA).
Insurance sector in india
For full text artical go to: http://www.educorporatebridge.com/insurance/insurance-sector-in-india/Insurance sector in India is considered as a huge market due to its momentous untapped potential. This sector is said to improve the standard of living of the people in an economy as it leads to risk free lives, promotes entrepreneurship, mobilizes savings and leads to protection of trade and industry which contributes in human progress.
Insurance and Banking sector India
The insurance sector in India has historically been dominated by LIC, but private insurers have gained market share since 2000 when the sector was opened to privatization. The life insurance industry has grown substantially in the last decade, with the number of policies and amount of premiums increasing significantly. Growth has been driven by rising incomes and awareness as well as government initiatives to expand insurance coverage. However, there remains huge potential for further growth given low insurance penetration rates currently. Major players include both public sector insurers like LIC and private insurers such as HDFC, ICICI and Bajaj. The general insurance sector is also growing with motor insurance making up a large portion of the market.
A PROJECT REPORT ON RISK ANALYSIS AND RISK MANAGEMENT IN INVESTING IN INSUR...
The project has been undertaken to know about different types of risk that can covered by insurance policies and how to analyse and mange those risks as there are various types of risk that a person can suffers in his life term.
The project talks about what are the various things that customer should consider before buying an insurance policy and various steps that need to consider before buying it.
India & insurance 32
The document discusses the present state and prospects of the Indian insurance sector in a global context. It provides a brief history of insurance in India and outlines key milestones. It also discusses the current scenario in India, comparing factors like insurance penetration and density to other countries. The major driving forces for the industry are identified as globalization, deregulation, and the growing market opportunities in India. Issues facing the sector include a need for diversification and improving agent quality. The document concludes by emphasizing the importance of a well-regulated insurance industry for future economic progress in India.
India & insurance 34
This document provides an overview of the Indian insurance sector, including its history, current state, position globally, and future prospects. It discusses key milestones such as the nationalization of insurance in India in 1956 and 1999. Currently, India's insurance penetration and density is lower than other countries, but the sector is growing rapidly due to reforms, deregulation, and the entry of private players. While the industry faces issues like lack of agent quality, trends such as the expanding rural market and health insurance provide opportunities for future growth. Strengthening regulations and using technology are some suggestions to further develop the insurance sector in India.
India & insurance
This document provides an overview of the insurance sector in India, including its history, current state, and prospects. It discusses key milestones in the development of life and general insurance in India. It outlines the current regulatory framework and major players. It also places the Indian insurance sector in a global context, noting opportunities for growth. While penetration and density are still low compared to other countries, factors like deregulation, technology, and a large population provide potential for expansion. Issues around product diversification and quality of agents need addressing. The sector is poised for continued growth if it offers innovative products tailored to customer needs.
Insurance ppt final edit.pptx
The insurance sector in India is the fifth largest globally and is growing at a rate of 32-34% annually. There are 57 insurance companies in India, with 24 in life insurance and 34 in general insurance. Key players include LIC, HDFC Life, ICICI Prudential Life, SBI Life, and Bajaj Allianz Life for life insurance, and GIC, ICICI Lombard, AIC, Bajaj Allianz General, and National Insurance for general insurance. The sector is driven by low insurance penetration, government initiatives like PMJJBY and PMSBY, and growth in sectors like automotive and health insurance. The future outlook remains positive due to these factors and increasing digital adoption
Bajaj Allianz General Insurance
Bajaj Allianz General Insurance Company Limited (BAGIC) is a joint venture between Bajaj Finserv Limited and Allianz SE. BAGIC primarily offers motor insurance and health insurance. It has a strong presence in the crop insurance segment as well. The insurance industry in India includes 53 insurance companies, with 24 in life insurance and 29 in non-life insurance. The life insurance and general insurance markets in India are growing significantly and are expected to continue growing in the future. The government has also taken several initiatives to boost the insurance sector in India.
Changing face of indian insurance industry
A presentation on changing trends of insurance sector in india.This is for presentation purpose only.
Total project insurance sector
This document is Joydip Roy's declaration for his project completed at SBI Life Insurance Cooch Behar from March 3rd to April 3rd, 2011 under the guidance of Mr. Tuhin Nandi and Mr. Subendhu Chakroborty. It includes certificates from his college confirming his student status and completion of the project. The document discusses SBI Life Insurance and provides background on State Bank of India and BNP Paribas, the joint venture partners of SBI Life Insurance.
Insurance
The document discusses the insurance industry in India. It notes that India has 53 insurance companies, with 24 in life insurance and 29 in non-life insurance. The life insurance market is the largest in the world, with 360 million policies, though penetration is still low compared to other countries. The industry is expected to grow at a CAGR of 12-15% over the next five years. Major players include LIC, HDFC Life, ICICI Prudential Life, and SBI Life Insurance. The regulatory body is IRDA. While growth has been strong, there remains significant potential for further expansion of insurance coverage across India.
IDBI Federal Comparative study with LIC
The presentation discusses the comparative study of IDBI Federal Life Insurance Co. Ltd. and LIC of India. The comparison is done on the basis of products & plans, market share, new policies issued, grievances resolved percentage, premium collection, claim settlement ratio. The presentation also gives the analysis of customer awareness and satisfaction level for both the companies.
20818316 lic-strategy
The document provides an overview of the evolution and current state of the Indian life insurance industry. It discusses how life insurance progressed from being privately-owned pre-1956 to becoming nationalized, and then opening to private players post-2000. It analyzes key LIC products like endowment and money back policies that were popular historically due to commissions. New private insurers are introducing more customized products and innovative features to attract customers and gain market share.
Analysis of Indian Insurance Industry
The document provides an overview of the Indian insurance industry. It discusses the market size, key players, and LIC's dominance. It also covers entry barriers like foreign ownership restrictions, high capital requirements, and lack of composite licenses. Competition is increasing as private players challenge LIC's monopoly, though LIC and GIC still dominate market share. The future growth depends on improved customer-centric products and distribution channels to increase rural penetration.
insurance.pptx
The document discusses various topics related to insurance. It begins by defining insurance as a way to manage risk by purchasing protection from unexpected losses, with insurance companies paying policyholders if something bad happens. It then discusses why insurance is needed, including providing financial backup in emergencies and making retirement secure. The document also covers common types of insurance like health, motor, home and travel insurance as well as life insurance policies. It concludes by noting that the basic function of all insurance is to provide damage control for policyholders by pooling risks.
Life insurance companies in india
This document discusses life insurance companies in India. It begins by introducing members of a research group and then provides an introduction to insurance companies and the major types of life insurance policies. It discusses the different distribution channels for life insurance businesses such as agents, brokers, and bancassurance. It also outlines the role of LIC in India, including investment, underwriting, lending, and social orientation. Finally, it provides an overview of major public and private sector life insurance companies in India and concludes by discussing the importance of insurance.
The Role of FDI in the Indian Insurance Industry
Foreign direct investment (FDI) plays an important role in India's insurance industry. While India was previously closed to foreign investment in insurance, it has increasingly opened up to FDI over the past few decades. Raising the FDI cap to 49% provides benefits like increased insurance penetration, capital inflows, and job creation. However, some drawbacks are that domestic insurance companies may lose business and have less control over foreign insurers. The document discusses the history and evolution of insurance in India, current status and opportunities in the sector, as well as the benefits and challenges of increased FDI limits.
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Indian insurance industry overview & market development analysis
- 1. Indian Insurance Industry Overview & Market Development Analysis
- 2. Introduction • The insurance industry of India consist of 53 insurance companies out of which 24 are in life insurance business and 29 are non-life insurers. • With 70.4 per cent share market share in FY16, LIC continues to be the market leader, followed by SBI (5.1 per cent), ICICI (4.9 per cent) and HDFC (4.1 per cent). • Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. • there is sole national re-insurer, namely, General Insurance Corporation of India (GIC Re). • The number of lives covered under Health Insurance policies during 2015-16 was 36 crore which is approximately 30 per cent of India's total population. The number has seen an increase every subsequent year as 28.80 crore people had the policy in the previous fiscal. • During April 2015 to March 2016 period, the life insurance industry recorded a new premium income of Rs 1.38 trillion indicating a growth rate of 22.5 per cent.
- 3. Types of insurance • There are two main types of insurance, namely 1. life insurance and 2. general insurance which covers different aspects in your life.
- 4. What are the various types of life insurance • Term insurance Term plan are the most basic form of life insurance. They provide life cover with no savings / profits component. They are the most affordable form of life insurance as premiums are cheaper compared to other life insurance plans. • Whole Life Policy The policyholder pays regular premiums until his death, upon which the corpus is paid out to the family • Endowment Plans Endowment plans pay out the sum assured under both scenarios - death and survival. • Money Back Policy Money back plan is a life insurance product as well as an investment plan which provides life insurance cover against death of the policy holder along with periodic returns as a percentage of sum assured. • Unit Linked Insurance Plans ULIP is a life insurance product, which provides risk cover for the policy holder along with investment options to invest in any number of qualified investments
- 5. General insurance or Non Life insurance • General insurance is basically an insurance policy that protects you against losses and damages other than those covered by life insurance. For more comprehensive coverage, it is vital for you to know about the risks covered to ensure that you and your family are protected from unforeseen losses. • The main products of general insurance includes: 1. Motor insurance 2. Fire/ House owners/ Householders insurance 3. Personal accident insurance 4. Medical and health insurance 5. Travel insurance
- 6. Premium collected in non life insurance(2015-16) Fire - Rs8731 Marine - Rs2984 Motor - Rs42301 Health - Rs27457 Others - Rs14905
- 7. RATE MAKING AND PREMIUM • Insurance is a practice of exchanging a contingent claim for a fixed payment called premium. It is closely associated with underwriting, and is the determination of what rates or premiums to be charged for insurance. • Rate making is the determination of what rates, or premiums, to charge for insurance. A rate is the price per unit of insurance for each exposure unit, which is a unit of liability or property with similar characteristics. The premium or rate making 1. Judgment Rating or Individual Rating 2. Pure Premium Method 3. Loss Ratio Method 4. Merit Rating
- 8. Recent update and analysis • The country’s insurance market is expected to quadruple in size over the next 10 years from its current size of US$ 60 billion. During this period, the life insurance market is slated to cross US$ 160 billion • The general insurance business in India is currently at Rs 78,000 crore (US$ 11.44 billion) premium per annum industry and is growing at a healthy rate of 17 per cent. • India currently accounts for less than 1.5 per cent of the world’s total insurance premiums and about 2 per cent of the world’s life insurance premiums despite being the second most populous nation. The country is the fifteenth largest insurance market in the world in terms of premium volume, and has the potential to grow exponentially in the coming years. • India’s insurable population is anticipated to touch 750 million in 2020, with life expectancy reaching 74 years. Furthermore, life insurance is projected to comprise 35 per cent of total savings by the end of this decade, as against 26 per cent in 2009-10. • Demographic factors such as growing middle class, young insurable population and growing awareness of the need for protection and retirement planning will support the growth of Indian life insurance.