The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach US$ 280 billion by 2020, up from US$ 23 billion in 2005.
- Life and non-life insurance premiums have grown at a compound annual growth rate of 11.48% between 2005-2017.
- Private sector participation in the insurance industry has increased, with their market share in non-life rising from 13.12% in 2003 to 48.01% in 2017.
- Growth in the agriculture, health and motor insurance segments is expected to drive further expansion of the insurance industry in India.
The document provides an overview of the insurance industry in India. Some key points:
- The overall insurance market in India is expected to reach US$ 280 billion by 2020, up from US$ 84.74 billion in FY17.
- Life and non-life insurance segments are growing, with life insurance premiums reaching US$ 64.92 billion in FY17 and non-life premiums reaching US$ 19.88 billion.
- Growth is being driven by factors like increasing penetration of insurance in rural areas, rising demand for health and crop insurance, and growth in the automotive sector.
- The government has also introduced various insurance schemes to boost coverage like Pradhan Mantri
The document provides an overview of the insurance industry in India. Some key points:
1) The overall insurance industry in India is expected to reach US$ 280 billion by 2020, with life and non-life insurance growing at brisk paces in recent years.
2) Private sector companies have increased their market share in both life and non-life insurance segments over time, though LIC remains the dominant player in life insurance.
3) Motor, health and crop insurance are seen as key drivers of future growth in the non-life insurance space, while pension and health segments also offer opportunities in life insurance.
The insurance industry in India is growing rapidly and is expected to reach US$ 280 billion by 2020. Life insurance premiums have grown at a CAGR of 13.28% from FY02-FY17 to US$ 64.92 billion, while non-life insurance premiums have grown at a CAGR of 17.7% to US$ 19.8 billion over the same period. The private sector contribution to the insurance industry has also increased, with the private sector accounting for 28.93% of the life insurance market and 48.01% of the non-life insurance market as of FY18. Key growth drivers for the insurance industry include increasing penetration of crop, health and motor insurance.
The document provides an overview of the Indian insurance market. Some key points:
- The life and non-life insurance markets in India are growing rapidly, with life insurance premiums increasing at a CAGR of 12.49% between FY02-FY16 and non-life premiums growing at a CAGR of 10.49% in the same period.
- Private sector players are contributing more to the non-life insurance market, with their share rising from 13.12% in FY03 to 48.01% in FY17.
- Segments like crop, health and motor insurance are expected to drive future growth in the insurance industry. Crop insurance covers over 32 million
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 $30.1 billion in revenue in FY2018.
- Private sector contribution to both life and non-life insurance has been increasing, with private sector companies' market share rising to 48% of the non-life market.
- Motor, health and crop insurance are expected to be major growth drivers. Government schemes like Pradhan Mantri Suraksha Bima Yojana are also fueling growth.
- While insurance penetration is growing, it remains
The document provides an overview of the insurance industry in India. It discusses that the overall insurance industry is expected to reach US$ 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.
The document provides an overview of the insurance industry in India. Some key points:
- Life and non-life insurance premiums have grown significantly over the past decade, with total premiums reaching $68.88 billion in FY2016.
- Private sector participation has increased substantially in both life and non-life insurance. However, LIC still dominates the life insurance market with a 71% market share.
- Growth drivers for the insurance industry include increasing penetration in rural areas, expansion of health and motor insurance, and the large crop insurance market.
The document provides an overview of the insurance industry in India. Some key points:
- India's overall insurance industry is expected to reach $280 billion by 2020, with life insurance premiums reaching $71.1 billion and non-life reaching $23.38 billion in FY18.
- Private sector participation is growing, with private players accounting for 30.3% of new business in life insurance and 51.07% of the non-life market.
- Segments like health, crop and motor insurance are expected to drive future growth, supported by government schemes promoting insurance coverage.
The document provides an overview of the insurance industry in India. Some key points:
- The overall insurance market in India is expected to reach US$ 280 billion by 2020, up from US$ 84.74 billion in FY17.
- Life and non-life insurance segments are growing, with life insurance premiums reaching US$ 64.92 billion in FY17 and non-life premiums reaching US$ 19.88 billion.
- Growth is being driven by factors like increasing penetration of insurance in rural areas, rising demand for health and crop insurance, and growth in the automotive sector.
- The government has also introduced various insurance schemes to boost coverage like Pradhan Mantri
The document provides an overview of the insurance industry in India. Some key points:
1) The overall insurance industry in India is expected to reach US$ 280 billion by 2020, with life and non-life insurance growing at brisk paces in recent years.
2) Private sector companies have increased their market share in both life and non-life insurance segments over time, though LIC remains the dominant player in life insurance.
3) Motor, health and crop insurance are seen as key drivers of future growth in the non-life insurance space, while pension and health segments also offer opportunities in life insurance.
The insurance industry in India is growing rapidly and is expected to reach US$ 280 billion by 2020. Life insurance premiums have grown at a CAGR of 13.28% from FY02-FY17 to US$ 64.92 billion, while non-life insurance premiums have grown at a CAGR of 17.7% to US$ 19.8 billion over the same period. The private sector contribution to the insurance industry has also increased, with the private sector accounting for 28.93% of the life insurance market and 48.01% of the non-life insurance market as of FY18. Key growth drivers for the insurance industry include increasing penetration of crop, health and motor insurance.
The document provides an overview of the Indian insurance market. Some key points:
- The life and non-life insurance markets in India are growing rapidly, with life insurance premiums increasing at a CAGR of 12.49% between FY02-FY16 and non-life premiums growing at a CAGR of 10.49% in the same period.
- Private sector players are contributing more to the non-life insurance market, with their share rising from 13.12% in FY03 to 48.01% in FY17.
- Segments like crop, health and motor insurance are expected to drive future growth in the insurance industry. Crop insurance covers over 32 million
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 $30.1 billion in revenue in FY2018.
- Private sector contribution to both life and non-life insurance has been increasing, with private sector companies' market share rising to 48% of the non-life market.
- Motor, health and crop insurance are expected to be major growth drivers. Government schemes like Pradhan Mantri Suraksha Bima Yojana are also fueling growth.
- While insurance penetration is growing, it remains
The document provides an overview of the insurance industry in India. It discusses that the overall insurance industry is expected to reach US$ 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.
The document provides an overview of the insurance industry in India. Some key points:
- Life and non-life insurance premiums have grown significantly over the past decade, with total premiums reaching $68.88 billion in FY2016.
- Private sector participation has increased substantially in both life and non-life insurance. However, LIC still dominates the life insurance market with a 71% market share.
- Growth drivers for the insurance industry include increasing penetration in rural areas, expansion of health and motor insurance, and the large crop insurance market.
The document provides an overview of the insurance industry in India. Some key points:
- India's overall insurance industry is expected to reach $280 billion by 2020, with life insurance premiums reaching $71.1 billion and non-life reaching $23.38 billion in FY18.
- Private sector participation is growing, with private players accounting for 30.3% of new business in life insurance and 51.07% of the non-life market.
- Segments like health, crop and motor insurance are expected to drive future growth, supported by government schemes promoting insurance coverage.
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 Rs. 1.51 trillion.
- Private sector participation is increasing, with private players having a 50.06% market share in non-life insurance and 32.12% in new business in life insurance as of FY19.
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 Rs. 1.51 trillion.
- Private sector participation is increasing, with private players having a 31.80% market share in new life insurance business in FY19.
The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Total premiums reached Rs. 5.53 trillion in FY18, with life insurance making up Rs. 4.58 trillion and non-life Rs. 1.51 trillion.
- Private sector participation is increasing, with their market share rising to 54.32% in non-life and 33.51% in new business in life insurance.
- Growth is expected in segments like crop, health and motor insurance.
The insurance industry in India is growing rapidly and is expected to reach US$ 280 billion by 2020. Some key points:
- Life and non-life insurance premiums reached Rs. 5.53 trillion (US$ 94.48 billion) in FY18, with life insurance making up Rs. 4.58 trillion (US$ 71.1 billion).
- Private sector participation is increasing in both life and non-life insurance, with private players having a 33.7% market share in life insurance new business in FY19 and a 54.7% market share in non-life insurance premiums in FY19.
- Segments like crop, health and motor insurance are expected to drive future
The document provides an overview of the insurance industry in India. Some key points:
- The life and non-life insurance markets in India have been growing at a brisk pace, with the total insurance market expanding from US$23 billion in FY05 to US$68.88 billion in FY16.
- Private sector participation has increased over the years, with the private sector share rising in both life and non-life insurance. However, LIC still dominates the life insurance market with a 71% market share.
- Emerging segments like health, crop and motor insurance are expected to drive future growth in the insurance industry. The government has also introduced various schemes to boost insurance penetration.
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
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
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.
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.
October 2016 Edition of BEACON, A Monthly Newsletter by SIMCON.
Inside this issue:
About Us
Our Team
INDUSTRY ANALYSIS : Insurance
Brand Analysis: Bata
Case Study Analysis: Ola
Concept of the month: Bug Bounty
Guest Lecture by Devang Mehta
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.
Penetration Of Life Insurance and General Insurance In IndiaSudipta Das
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.
The document provides an overview of the insurance market in India. It notes that India ranks 11th in the global life insurance business and 21st in the non-life insurance market. Both the life and non-life insurance premium markets have grown rapidly in recent years at a CAGR of 14% and 16.3% respectively. The market share of private sector companies in non-life insurance has increased from 9.6% to 41% over the period FY03 to FY16. Crop, health and motor insurance are expected to drive future market growth.
A study on the growth of indian insurance sectoriaemedu
The document summarizes the growth and development of the Indian insurance sector. It discusses key milestones like the nationalization of life insurance in 1956 and general insurance in 1972. It then covers the liberalization period starting in 1999 with the establishment of IRDA, which allowed private players to enter the market. Today there are 29 insurance companies with private players controlling around 26% of life and non-life markets. While competition has increased, the four public sector insurers still dominate with over 70% combined market share. The document also provides tables outlining the major players in life and general insurance.
The document provides an overview of the insurance sector in India. It highlights that the life insurance sector grew premiums by 22.55% in FY2016, while the non-life insurance premium market grew at a CAGR of 12.1% from FY2004 to FY2016. The contribution of private sector companies in non-life insurance increased from 13.12% in FY2003 to 45.4% in FY2016. Segments like crop, health and motor insurance are expected to drive future growth.
The document discusses the Insurance Regulatory and Development Authority of India (IRDAI), which regulates and develops the insurance industry in India. It was established in 1999 by an act of Parliament. IRDAI operates from its headquarters in Hyderabad, Telangana. It oversees 24 life insurance companies and 28 general insurance companies in India. IRDAI's goals include protecting policyholders, promoting fair practices in the insurance industry, and ensuring its orderly growth to benefit the Indian economy.
Indian Life Insurance market to see ~11.6% in the next five yearsBella Harris
As the life insurance market in India was valued at INR 4,185 Bn. With the upcoming development projects by the government, it may expand at a CAGR of ~11.6% by 2023.
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.
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.
The document provides an overview of the insurance sector in India. It highlights that the life insurance premium market grew at a CAGR of 14% from FY04 to FY15, reaching USD61.78 billion. The non-life insurance premium market grew at a CAGR of 13.8% from FY02 to FY15, reaching USD13.9 billion. The private sector's contribution to the non-life insurance premium market rose from 13.12% in FY03 to 45.4% in FY16. Crop, health and motor insurance are expected to be key drivers of future growth.
The document provides an overview of the insurance industry in India. Some key points:
- The life and non-life insurance markets in India have been growing at a brisk pace, with the total insurance market expanding from US$23 billion in FY05 to US$68.88 billion in FY16.
- Private sector participation has increased over the years, with private players accounting for 29.6% of the life insurance market in FY16, up from 2% in FY03.
- While LIC continues to dominate the life insurance segment with a 71.07% market share in FY17, other players like ICICI Prudential, HDFC, and SBI Life have increased
The document provides an overview of the insurance industry in India. Some key points:
- Life insurance premiums grew from $10.5 billion in 2002 to $54.58 billion in 2016, a CAGR of 12.49%. Private sector contribution to the life insurance market increased from 2% in 2003 to 29.6% in 2016.
- Non-life insurance premiums increased from $3.4 billion in 2004 to $13.35 billion in 2016, a CAGR of 12.1%. The total insurance market grew from $23 billion in 2005 to $68.88 billion in 2016 at a CAGR of 10.49%.
- Crop, health and motor insurance
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 Rs. 1.51 trillion.
- Private sector participation is increasing, with private players having a 50.06% market share in non-life insurance and 32.12% in new business in life insurance as of FY19.
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 Rs. 1.51 trillion.
- Private sector participation is increasing, with private players having a 31.80% market share in new life insurance business in FY19.
The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Total premiums reached Rs. 5.53 trillion in FY18, with life insurance making up Rs. 4.58 trillion and non-life Rs. 1.51 trillion.
- Private sector participation is increasing, with their market share rising to 54.32% in non-life and 33.51% in new business in life insurance.
- Growth is expected in segments like crop, health and motor insurance.
The insurance industry in India is growing rapidly and is expected to reach US$ 280 billion by 2020. Some key points:
- Life and non-life insurance premiums reached Rs. 5.53 trillion (US$ 94.48 billion) in FY18, with life insurance making up Rs. 4.58 trillion (US$ 71.1 billion).
- Private sector participation is increasing in both life and non-life insurance, with private players having a 33.7% market share in life insurance new business in FY19 and a 54.7% market share in non-life insurance premiums in FY19.
- Segments like crop, health and motor insurance are expected to drive future
The document provides an overview of the insurance industry in India. Some key points:
- The life and non-life insurance markets in India have been growing at a brisk pace, with the total insurance market expanding from US$23 billion in FY05 to US$68.88 billion in FY16.
- Private sector participation has increased over the years, with the private sector share rising in both life and non-life insurance. However, LIC still dominates the life insurance market with a 71% market share.
- Emerging segments like health, crop and motor insurance are expected to drive future growth in the insurance industry. The government has also introduced various schemes to boost insurance penetration.
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
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
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.
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.
October 2016 Edition of BEACON, A Monthly Newsletter by SIMCON.
Inside this issue:
About Us
Our Team
INDUSTRY ANALYSIS : Insurance
Brand Analysis: Bata
Case Study Analysis: Ola
Concept of the month: Bug Bounty
Guest Lecture by Devang Mehta
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.
Penetration Of Life Insurance and General Insurance In IndiaSudipta Das
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.
The document provides an overview of the insurance market in India. It notes that India ranks 11th in the global life insurance business and 21st in the non-life insurance market. Both the life and non-life insurance premium markets have grown rapidly in recent years at a CAGR of 14% and 16.3% respectively. The market share of private sector companies in non-life insurance has increased from 9.6% to 41% over the period FY03 to FY16. Crop, health and motor insurance are expected to drive future market growth.
A study on the growth of indian insurance sectoriaemedu
The document summarizes the growth and development of the Indian insurance sector. It discusses key milestones like the nationalization of life insurance in 1956 and general insurance in 1972. It then covers the liberalization period starting in 1999 with the establishment of IRDA, which allowed private players to enter the market. Today there are 29 insurance companies with private players controlling around 26% of life and non-life markets. While competition has increased, the four public sector insurers still dominate with over 70% combined market share. The document also provides tables outlining the major players in life and general insurance.
The document provides an overview of the insurance sector in India. It highlights that the life insurance sector grew premiums by 22.55% in FY2016, while the non-life insurance premium market grew at a CAGR of 12.1% from FY2004 to FY2016. The contribution of private sector companies in non-life insurance increased from 13.12% in FY2003 to 45.4% in FY2016. Segments like crop, health and motor insurance are expected to drive future growth.
The document discusses the Insurance Regulatory and Development Authority of India (IRDAI), which regulates and develops the insurance industry in India. It was established in 1999 by an act of Parliament. IRDAI operates from its headquarters in Hyderabad, Telangana. It oversees 24 life insurance companies and 28 general insurance companies in India. IRDAI's goals include protecting policyholders, promoting fair practices in the insurance industry, and ensuring its orderly growth to benefit the Indian economy.
Indian Life Insurance market to see ~11.6% in the next five yearsBella Harris
As the life insurance market in India was valued at INR 4,185 Bn. With the upcoming development projects by the government, it may expand at a CAGR of ~11.6% by 2023.
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.
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.
The document provides an overview of the insurance sector in India. It highlights that the life insurance premium market grew at a CAGR of 14% from FY04 to FY15, reaching USD61.78 billion. The non-life insurance premium market grew at a CAGR of 13.8% from FY02 to FY15, reaching USD13.9 billion. The private sector's contribution to the non-life insurance premium market rose from 13.12% in FY03 to 45.4% in FY16. Crop, health and motor insurance are expected to be key drivers of future growth.
The document provides an overview of the insurance industry in India. Some key points:
- The life and non-life insurance markets in India have been growing at a brisk pace, with the total insurance market expanding from US$23 billion in FY05 to US$68.88 billion in FY16.
- Private sector participation has increased over the years, with private players accounting for 29.6% of the life insurance market in FY16, up from 2% in FY03.
- While LIC continues to dominate the life insurance segment with a 71.07% market share in FY17, other players like ICICI Prudential, HDFC, and SBI Life have increased
The document provides an overview of the insurance industry in India. Some key points:
- Life insurance premiums grew from $10.5 billion in 2002 to $54.58 billion in 2016, a CAGR of 12.49%. Private sector contribution to the life insurance market increased from 2% in 2003 to 29.6% in 2016.
- Non-life insurance premiums increased from $3.4 billion in 2004 to $13.35 billion in 2016, a CAGR of 12.1%. The total insurance market grew from $23 billion in 2005 to $68.88 billion in 2016 at a CAGR of 10.49%.
- Crop, health and motor insurance
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 Rs. 4.58 trillion from life insurance and Rs. 1.51 trillion from non-life insurance.
- Private sector companies have increased their market share in both life and non-life insurance segments over the years, contributing to growth.
The document provides an overview of the insurance industry in India. Some key points:
- The life insurance market grew from USD10.5 billion in 2002 to USD56.05 billion in 2016, while the non-life insurance market grew from USD2.6 billion to USD13.4 billion over the same period.
- Private sector participation is increasing, with the private sector share of the life insurance market rising from 2% in 2003 to 29.6% in 2016. In non-life insurance, the private sector share increased from 13.12% in 2003 to 45.4% in 2016.
- Emerging segments like health, crop and motor insurance are expected to drive future growth in the
The document provides an overview of the insurance sector in India. It discusses key trends such as the growth of non-life insurance premiums at a CAGR of 12.1% from 2004-2016, reaching $13.35 billion in 2016. Private sector contribution to non-life premiums increased from 13.12% in 2003 to 45.4% in 2016. Emerging segments driving growth include crop, health and motor insurance. The industry is expected to reach $280 billion by 2020 compared to a size of $79.14 billion in 2016.
The document provides an overview of the insurance market in India. It notes that the life insurance and crop insurance segments are major drivers of growth in the non-life insurance sector. The insurance penetration and density have been increasing over the years but there remains significant potential for further growth. The life insurance market has also been growing, with private players increasing their market share each year, although LIC still dominates the sector. The budget announcement of an upcoming LIC IPO is also mentioned.
The document provides an overview of the insurance sector in India. It discusses key trends such as the growing life and non-life insurance premiums in the country. The life insurance market has been growing at a CAGR of 12.49% from 2002-2016, while the non-life insurance market has seen a CAGR of 7.48% from 2006-2016. There has also been an increasing contribution from private sector players in both life and non-life insurance. The insurance penetration and density are still lower compared to other countries but increasing over the years, indicating scope for further growth.
The document provides an overview of the insurance industry in India. It discusses key trends such as the growing life and non-life insurance premiums in the country. The life insurance market has been growing at a CAGR of over 12% and reached $54.58 billion in FY2016, while the non-life market grew at a CAGR of over 10% to $14.33 billion. The share of private players in the insurance sector has also increased substantially over the past decade. The government has introduced several regulations and policies to further support the growth of the insurance industry in India.
IBEF report on the Insurance market in IndiaManalVerma4
The document provides an overview of the Indian insurance market. It discusses the increasing private sector contribution to insurance since 2000. Crop, health and motor insurance are driving growth in the non-life segment. The life insurance market is growing rapidly, led by strong demand for new policies. Key factors fueling growth include rising incomes, government initiatives and increasing penetration of insurance.
Advertising startegies of idbi federal life insuranceChanchal Sharma
This document provides an overview of IDBI Federal Life Insurance Co. Ltd., including details about the company, its joint venture partners, products offered, market presence, and financial performance. Some key points:
- IDBI Federal is a joint venture between IDBI Bank, Federal Bank, and Ageas, a multinational insurance company.
- It offers life insurance products through over 3,000 bank branches of its joint venture partners across India.
- As of March 2015, IDBI Federal has issued over 835,000 policies with a total sum assured of over Rs. 53,918 crore.
Changing marketing trend of reliance life insurance (1)vaibhav003
The document provides information on the insurance industry in India and Reliance Life Insurance Company. It discusses the importance of insurance for the economy, the history and development of the insurance industry including key milestones and regulations. It also provides details on the present scenario, opportunities and challenges in the industry. Specifically for Reliance Life Insurance, it gives an overview of the company including its ownership and vision to offer integrated financial services.
The insurance industry in India has grown rapidly in recent years. Life insurance premiums grew at a CAGR of 20.1% from 2003-2012, while non-life premiums increased at 18%. Private sector participation also increased substantially over this period. Key growth areas for the insurance industry include health, motor, and crop insurance. The government has introduced several policies to support the development of the insurance industry in India.
This document provides a summary of a summer placement report submitted by Ravi Agarwal on their internship at HDFC Standard Life Insurance Company. The report includes an overview of the Indian insurance industry, history of insurance in India, key milestones, and reforms. It also discusses the present scenario of the life insurance industry in India and HDFC Standard Life's products, marketing strategies, competition, and recommendations for improving sales and market share.
Dynamics of-agency-recruitment-insurnace-sector1Nagpur home
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.
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.
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.
This document provides an overview of the history and growth of the Indian insurance sector. It discusses how the sector was initially nationalized but has since opened to private players. Some key points:
- Insurance began in India in the 1800s but was nationalized in 1956 for life insurance and 1973 for general insurance. Reforms began in 1999 allowing private firms.
- Today there are 29 insurance firms - 14 private life insurers, 9 private non-life insurers, and 6 public sector firms.
- While private firms now make up over 26% of the markets, public sector firms still dominate with LIC having over 74% market share in life insurance as of 2005.
- Future growth areas include
Similar to Insurance Sector Report - February 2018 (17)
Tamil Nadu has a strong and growing economy, as evidenced by its GSDP which grew at a CAGR of 11.46% between 2011-12 and 2018-19, reaching Rs. 16.06 trillion (US$ 222.58 billion) in 2018-19. The state has a diversified industrial base and thriving services sector, especially in IT/ITeS. It also has robust infrastructure including roads, ports, airports, and an emphasis on further infrastructure development. With various initiatives like Vision 2023, Tamil Nadu aims to boost its economy and attract significant domestic and foreign investments over the coming years.
India has become the second largest steel producer in the world in 2018. Steel production and capacity in India have grown rapidly over the past decade, with capacity reaching 137.98 million tonnes in 2017-18. Consumption has also increased steadily, driven by growth in infrastructure, automotive, and other sectors. The government has implemented policies like the National Steel Policy to encourage further capacity growth to 300 million tonnes by 2030-31. Low per capita consumption compared to other countries also provides significant potential for further demand growth.
The document provides an overview of India's services sector, including:
1) The services sector contributes over 50% of India's GDP and grew at 12.75% in 2018-19, demonstrating its importance as the key driver of India's economic growth.
2) India has a large skilled workforce and is a global outsourcing hub, commanding a 55% share of the global sourcing market, which has helped establish the country as a leading provider of technology and digital services.
3) The government is working to further develop the services sector through initiatives like 'Startup India' and reforms that make India an attractive investment destination for both domestic and foreign investors.
The document provides an overview of the real estate sector in India. It discusses that the real estate sector is expected to reach $1 trillion by 2030 and contribute 13% of India's GDP by 2025. Rapid urbanization is driving demand for residential and commercial real estate space. The residential segment contributes around 80% of the sector currently. Government policies like Housing for All and Smart Cities are further boosting growth.
Rajasthan has experienced strong economic growth in recent years. Between 2011-12 and 2018-19, the state's Gross State Domestic Product grew at a compound annual growth rate of 11.37% to reach $128.1 billion. The tourism industry in Rajasthan is thriving, with over 47.5 million tourist arrivals in 2017, and the state is a leading producer of agro-based products. Rajasthan also has immense potential for renewable energy generation from solar and wind sources.
Indian Railways is the third largest rail network in the world by size. It saw strong revenue growth over the past decade, with freight accounting for over 65% of revenues in FY19. Freight and passenger traffic have both increased steadily in recent years. Various modernization initiatives are underway to upgrade infrastructure and technology. Private sector participation is being encouraged to augment rail connectivity and capacity.
India has the third largest installed power capacity in the world at 356.10 GW as of March 2019. It is the third largest producer and consumer of electricity globally. India has achieved 100% household electrification and aims to increase renewable energy capacity to 175 GW by 2022. Thermal energy accounts for over 63% of total installed capacity, while renewable sources account for 21.8%. The power sector in India is growing rapidly and offers many opportunities for investment and development.
Nagaland has a Gross State Domestic Product (GSDP) of around 0.24 trillion Indian rupees in 2017-18, growing at a CAGR of 11.83% between 2011-12 and 2017-19. The per capita GSDP in 2017-18 was 113,549 rupees, growing at a CAGR of 10.66% in the same period. Nagaland's Net State Domestic Product (NSDP) in 2016-17 was 0.19 trillion rupees, growing at 15.72% between 2011-12 and 2016-17. The per capita NSDP in 2016-17 was 90,168 rupees, growing at 12.
Meghalaya has the highest rainfall in India and diverse soil types that support agriculture. The state has strong potential in floriculture, bamboo processing, and medicinal plants due to its biodiversity. Meghalaya also has large hydroelectric power potential and abundant mineral resources. The state aims to promote industries like agro-processing, horticulture, minerals and tourism to create opportunities for its population.
- The Indian infrastructure sector is experiencing significant growth due to rising government investments and initiatives such as allocating Rs 4.56 lakh crore for infrastructure in the FY 2019-20 budget.
- Private sector participation is increasing across segments like roads, power and airports. Infrastructure sectors like power transmission and renewable energy will drive future investments.
- Improving connectivity through initiatives like Bharatmala Pariyojana and Sagarmala will boost infrastructure growth. 100% villages connectivity through roads is expected by 2019 under PMGSY.
The document provides an overview of the media and entertainment industry in India. Some of the key points from the document are:
- The Indian media and entertainment industry is growing rapidly at a CAGR of 12-13% and is expected to reach Rs. 3.73 lakh crore by 2022.
- Television is the largest segment with a market size of Rs. 740 billion in 2018, expected to reach Rs. 955 billion by 2021. Digital media, animation and VFX, and online gaming are among the fastest growing segments.
- Advantages for the industry in India include rising incomes, evolving lifestyles, a large young population, increasing digitization, and government support through
- The manufacturing sector is a major employer in India and aims to provide 25% of GDP and 100 million new jobs by 2022. It has grown at a CAGR of 4% between FY12-19 and contributes significantly to India's exports.
- The document discusses India's advantage in manufacturing including a large domestic market, favorable demographics, and government initiatives like Make in India. Key sub-sectors, growth drivers and the evolution of the sector are also outlined.
- Recent trends show growth in production, IIP, capacity utilization and exports, indicating the sector is expanding. The government has implemented various policies to develop manufacturing and make India a global hub.
Manipur has a flourishing bamboo processing industry as it is one of India's largest bamboo producing states. It also has a strong handicrafts industry, being home to the highest number of handicraft units and artisans in North East India. Handlooms is the largest cottage industry in Manipur. The state has strong potential for border trade opportunities through Moreh town, which is India's only land route for trade with Myanmar and Southeast Asia. Manipur is also home to the Ema Bazaar, one of India's largest markets run exclusively by women. Due to its natural beauty and biodiversity, Manipur is a popular tourist destination known as the "Switzerland of the East".
The document provides an overview of the economy of Himachal Pradesh, India. Some key points:
- Himachal Pradesh has a strong economic growth rate, with its GSDP reaching Rs. 1.52 trillion (US$21.04 billion) in 2018-19 growing at 11.09% annually.
- The state has a diverse economy with key sectors being tourism, agriculture, and hydroelectric power. Agricultural production and tourism visitor numbers are increasing.
- Himachal Pradesh has a large hydroelectric power potential and is becoming a major hub for hydroelectricity in India, though only around 40% of its potential has been harnessed so far.
Gujarat has experienced high economic growth rates in recent years.
- Gujarat's GSDP grew at a CAGR of 13.55% from 2011-12 to 2016-17, reaching Rs. 11.62 trillion (US$ 173.24 billion) in 2016-17.
- The state's per capita GSDP increased from Rs. 101,075 (US$ 2,108) in 2011-12 to Rs. 178,043 (US$ 2,654) in 2016-17, registering a CAGR of 11.99%.
The document provides an overview of India's gems and jewellery sector. Some key points:
- India is a major player in global gems and jewellery trade, contributing about 7% to India's GDP and employing over 4.6 million people.
- India is the world's largest cut and polished diamond exporter, exporting over 75% of global polished diamonds. It also processes over $23 billion worth of diamonds annually.
- Exports of cut and polished diamonds and gold jewellery have registered steady growth in recent years. Imports have also increased at a CAGR of nearly 8% between 2004-2018.
- The sector is adopting strategies like expanding retail networks, providing financing options
The engineering and capital goods industry in India is growing rapidly. The turnover of the capital goods industry reached $70 billion in 2017 and is forecasted to reach $115.17 billion by 2025. Electrical equipment production is also growing and is expected to reach $100 billion by 2022, up from $27.3 billion in 2017-18. The engineering research and design segment is also expanding, with revenues projected to increase from $28 billion in FY18 to $42 billion in FY22. Growth is being driven by increasing industrialization, infrastructure development, and capacity expansion across various core sectors in India.
Major e-commerce players in India have adopted strategies like expanding into new categories like groceries and used goods, acquiring analytics startups to improve pricing and positioning, and launching ancillary services like payments, logistics and video streaming. They have also introduced subscription models and personalized experiences to provide extra benefits and tailor their offerings to individual customer needs and interests.
Delhi has experienced strong economic growth, with its gross state domestic product increasing at a compound annual growth rate of 12.41% between 2011-12 and 2018-19. The real estate sector has been an important contributor to the state's economy. Delhi also has a growing tourism industry, owing to its historical and cultural attractions. The state government is working to improve infrastructure and implement policies to facilitate industrial development and attract investment across various sectors.
Chhattisgarh has a strong mineral production base and is a leading producer of coal and iron ore in India. It is the only state that produces tin concentrates. The state has emerged as a preferred investment destination and has witnessed strong growth in the agriculture sector. Key sectors driving growth include minerals, power, agriculture and tourism. Chhattisgarh aims to further develop its infrastructure, promote industries and boost skill development to achieve its vision of becoming an industrialized state.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
2. Table of Content
Executive Summary……………….….…….3
Advantage India…………………..….……...4
Market Overview and Trends……….….…..6
Porters Five Forces Analysis.….…..……....22
Strategies Adopted……………...…………..24
Growth Drivers……………………................26
Case Studies……………....……..………..…39
Opportunities…….……….......………………31
Useful Information……….......…………...….45
3. For updated information, please visit www.ibef.orgInsurance3
EXECUTIVE SUMMARY
The overall insurance industry is expected to reach US$ 280 billion by 2020
The domestic life insurance industry registered 16.83 per cent y-o-y growth for new business premium in
2017-181, generating a revenue of Rs 1.51 trillion (US$ 23.32 billion). Premium income of the life insurance
segment had increased 14.04 per cent in FY17 to Rs 4.18 trillion (US$ 64.92 billion).
Gross direct premiums for general and health insurance segment reached Rs 1.28 trillion (US$ 19.88 billion)
in 2016-17. Gross direct premiums for non-life insurance industry increased by 18.87 per cent y-o-y in FY182.
Rapidly growing
insurance segments
The market share of private sector companies in the non-life insurance market rose from 13.12 per cent in
FY03 to 48.01 per cent in FY183.
Increasing private
sector contribution
Pradhan Mantri Fasal Bima Yojana (PMFBY) covered 50.9 million farmers in India in 2016-17.
Strong growth in the automotive industry over the next decade to be a key driver of motor insurance.
Crop, health and motor
insurance to drive
growth
Notes: 1up to January 2018, 2up to December 2017, 3as of October 2017
Source: Swiss-Re, IRDA Annual Report
5. For updated information, please visit www.ibef.orgInsurance5
ADVANTAGE INDIA
Growing interest in insurance among
people; innovative products and
distribution channels aiding growth
Increasing demand for insurance
offshoring
Growing use of internet has started
increasing demand
Life insurance in low-income urban
areas
Health insurance, pension segment
Strong growth potential for micro
insurance, especially from rural areas
Insurance sector companies in India
have raised around Rs 434.3 billion
(US$ 6.7 billion) through public issues
in 2017.
Increase in FDI limit to 49 per cent
from 26 per cent, approved in 2016,
will further fuel investments
Tax incentives on insurance products
Passing of Insurance Bill gives IRDA
flexibility to frame regulations
Clarity on rules for insurance IPOs
would infuse liquidity in the industry
Repeated attempts to make the sector
more lucrative for foreign participants
ADVANTAGE
INDIA
Notes: 2020E - Expected value for 2020; Estimate according to BCG, IRDA - Insurance Regulatory and Development Authority, Motilal Oswal Research
Source: IRDA
7. For updated information, please visit www.ibef.orgInsurance7
EVOLUTION OF THE INDIAN INSURANCE SECTOR
Source: IRDA
Notes: 1As of September 2012, LIC - Life Insurance Corporation of India, GIC - General Insurance Corporation of India, IRDA - Insurance Regulatory and Development Authority
All life insurance companies were
nationalised to form LIC in 1956 to
increase penetration and protect policy
holders from mismanagement
The non-life insurance business was
nationalised to form GIC in 1972
Post liberalisation, the insurance industry recorded significant growth;
the number of private players increased to 44 in 2012(1)
The industry has been spurred by product innovation, vibrant distribution
channels, coupled with targeted publicity and promotional campaigns by
the insurers
In December 2014, Government approved the ordinance increasing FDI
limit in Insurance sector from 26 per cent to 49 per cent. This would
likely to attract investment of US$ 7-8 billion
As per Union Budget 2016-17, new health
insurance scheme under the National Health
Protection Scheme has been introduced
In Union Budget 2017, government
increased the coverage from 30 per cent to
40 per cent under Pradhan Mantri Fasal
Bima Yojna.
Insurance companies raised more than US$
6 billion from public issues in 2017.
Malhotra Committee recommended opening
up the insurance sector to private players
IRDA, LIC and GIC Acts were passed in
1999, making IRDA the statutory regulatory
body for insurance and ending the monopoly
of LIC and GIC
In 2015, Government introduced Pradhan
Mantri Suraksha Bima Yojna and Pradhan
Mantri Jeevan Jyoti Bima Yojana
Government introduced Atal Pension Yojana
and Health insurance in 2015
1956-72 1993-99 20152000-14
2016-17
onwards
8. For updated information, please visit www.ibef.orgInsurance8
IRDA GOVERNS THE INDIAN INSURANCE SECTOR
Insurance Regulatory and Development Authority (IRDA)
• Established in 1999 under the IRDA Act
• Responsible for regulating, promoting and ensuring orderly growth of the insurance and re-insurance business in India
Ministry of Finance
Government of India)
Insurance Regulatory and
Development Authority
(IRDA)
Source: IRDA,
Private (23) Private (17)
Life insurance (24
players)
General insurance
(21 players)
Specialised
Insurers
(2 players)
Standalone Health
Insurance
(6 player)
Public (1) Public (4) Public (2) Private (6)
Re-insurance
(2 players)
Public (1)
Private (1)
Foreign
Reinsurers’
branches
Private (7)
9. For updated information, please visit www.ibef.orgInsurance9
PREMIUMS GROWING AT A BRISK PACE
19
24
34
50
48
56
64
60
52
52
61.78
54.58
64.92
4
5
6
7
7
8
10
11
12
13
13.9
14.3
19.8
0
10
20
30
40
50
60
70
80
90
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
Life Non life
Source: Insurance Regulatory and Development Authority
Note: CAGR - Compound Annual Growth Rate, *up to January 2018
Visakhapatnam port traffic (million tonnes)Gross premiums written in India (US$ billion)
CAGR 11.48%
The total insurance market expanded from US$ 23 billion in FY05
to US$ 84.74 billion in FY17.
Over FY05–FY17, total premiums increased at a CAGR of 11.48
per cent .
Life insurance companies in India earned US$ 25.12 billion as first
year premiums in FY17 and Rs 1.51 trillion (US$ 23.32 billion) in
FY18*.
10. For updated information, please visit www.ibef.orgInsurance10
LIFE INSURANCE MARKET APPEARS VIBRANT
1
2
3
6
13
14
17
19
18
14
13
15
15
18.31
10
11
14
17
21
28
37
34
39
45
42
38
39
39.3
39.6
46.61
0
10
20
30
40
50
60
70
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
Private Public
Source: Insurance Regulatory and Development Authority, Financial Express
Note: CAGR - Compounded Annual Growth Rate, Figures are as per latest data available
Visakhapatnam port traffic (million tonnes)Growth in life insurance premiums (US$ billion) The life insurance market grew from US$ 10.5 billion in FY02 to
US$ 64.92 billion in FY17.
During 2016-17, private sector life insurers recorded premium of
Rs 1.18 trillion (US$ 18.31 billion) while LIC, the only public sector
life insurer recorded premium of Rs 3 trillion (US$ 46.61 billion).
Over FY02–17, life insurance premiums expanded at a CAGR of
13.28 per cent.
In August 2017, the Life Insurance industry reported a 19 per cent
growth in overall annualised premium equivalent with the help of
both private players and Life Insurance Corporation .
The life insurance industry has the potential to grow 2-2.5 times by
2020 in spite of multiple challenges supported by long-term trends
and fundamentals underlying household savings.
Private life insurers in India posted 28 per cent year-on-year
increase in its annual premium equivalent (APE) for June 2017.
Life insurance industry in India is expected to grow at 15-18 per
cent on APE basis in FY18.
CAGR 13.28%
11. For updated information, please visit www.ibef.orgInsurance11
INCREASING PENETRATION AND DENSITY OF LIFE
INSURANCE OVER THE YEARS
Source: Insurance Regulatory and Development Authority (IRDA)
Note: Life insurance density* is defined as the ratio of premium underwritten to the total population in a given year, Figures as per latest available data
4.1
4
4
4.6
4.4
3.4
3.17
3.1
2.6
2.72
2.72
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Insurance penetration (%) Insurance density (US$ )
33.2
40.4
41.2
47.7
55.7
49
42.7
41
44
43.2
46.5
0
10
20
30
40
50
60
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Life insurance penetration reached 2.72 per cent in 2016.
Life insurance density in India increased from US$ 33.2 in 2006 to US$ 46.5 in 2016.
12. For updated information, please visit www.ibef.orgInsurance12
INCREASING PRIVATE SECTOR ACTIVITY IN LIFE
INSURANCE SEGMENT
Source: IRDA, Aranca Research
Note: Figures are as per latest data available, E- estimated, based on first year premium collection
Over the years, share of private sector in life insurance segment has grown from around 2 per cent in FY03 to 29.6 per cent in FY16. The share of
private life insurers is estimated at 28.93 per cent in FY17.
98.00%
2.00%
Public sector
Private sector
Share of public and private sector in life insurance segment (%)
FY03
Share of public and private sector in life insurance segment (%)
FY17E
71.06%
28.93%
Public sector
Private sector
13. For updated information, please visit www.ibef.orgInsurance13
LIC CONTINUES TO DOMINATE LIFE INSURANCE
SEGMENT
Source: Aranca Research, IRDA
Visakhapatnam port traffic (million tonnes)
Market share of major companies in terms of first year life
insurance premium collected (FY17)
As of November 2017, life insurance sector had 23 private players
in comparison to only 4 in FY02.
With 71.07 per cent share market share in FY17, LIC continues to
be the market leader, followed by ICICI Prudential.
71.07%
4.49%
4.97%
5.80%
13.67%
LIC
ICICI
HDFC
SBI Life
Others
14. For updated information, please visit www.ibef.orgInsurance14
SHIFT TOWARDS NON-LINKED INSURANCE PLANS
41% 42%
37%
24%
17% 15%
12% 13% 13% 13%
59% 58%
63%
76%
83% 85% 88% 87% 87% 87%
0%
20%
40%
60%
80%
100%
120%
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18*
Linked Premium Non linked Premium
Source: IRDA Annual Report, KPMG Analysis
Notes: *Growth rate in INR terms, * renewal premium as of September 2017
Visakhapatnam port traffic (million tonnes)Share of linked and non-linked insurance premium The industry is witnessing a shift towards the traditional non-linked
insurance plans.
The share of non-linked insurance increased from 59.1 per cent in
FY09 to 86.81 per cent in FY18*
15. For updated information, please visit www.ibef.orgInsurance15
STRONG GROWTH IN NON-LIFE INSURANCE MARKET
Source: IRDA
The non-life insurance market grew from US$ 2.6 billion in FY02 to US$ 19.8 billion in FY17.
Over FY08-17, non-life insurance premiums increased at a CAGR of 17.7 per cent.
The number of policies issued increased from 65.55 million in FY08 to 161.17 million in FY17, at a CAGR of 10.5 per cent.
65.55
67.06
88.49
91.65
100.29
109.5
116.68
126.06
126.48
161.17
0
20
40
60
80
100
120
140
160
180
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
0.8
1.2
1.9
2.7
2.7
2.9
3.8
4.7
5.1
5.7
6.3
5.9
9.25
3.3
3.6
3.8
4.4
4.2
4.6
5.8
6.7
6.8
7.2
7.7
7.09
10.55
0
5
10
15
20
25
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
Private Public
CAGR 11.05%
Growth in non-life insurance premium (US$ billion) Number of non-life insurance policies (million)
CAGR 10.5%
16. For updated information, please visit www.ibef.orgInsurance16
PENETRATION AND DENSITY LOWER, INDICATING
ROOM FOR GROWTH
Source: General Insurance Council
Non-life insurance penetration at current prices (per cent)
Non-life insurance density (INR) (Gross Direct Premium/
Population)
Non life insurance density increased from Rs 263 (US$ 4.08) in FY08 to Rs 958 (US$ 14.86) in FY17.
As per IRDA, in order to increase the market penetration in health insurance people are needed to be educated about the benefits of health
insurance along with providing incentives and free check-ups.
0.61 0.60 0.61 0.62
0.66
0.72
0.69 0.68 0.70
0.84
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
263.0
286.0
329.0
398.0
498.0
572.0
614.0
657.0
724.0
958.0
0
200
400
600
800
1000
1200
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
CAGR 15.44%
17. For updated information, please visit www.ibef.orgInsurance17
SHARES IN NON-LIFE INSURANCE MARKET: MOTOR
INSURANCE LEADS
Source: General Insurance Council, Aranca Research
Visakhapatnam port traffic (million tonnes)Break-up of non-life insurance market in India (FY18*) Non-Life insurers include general insurers, standalone health
insurers and specialized insurers.
Motor insurance accounted for 39.4 per cent of non-life insurance
premiums earned in India in FY18*.
With Gross Direct Premiums at Rs 26,058.99 crore (US$ 4.03
billion) in FY18*, the health segment has a 24 per cent share in
gross direct premiums earned in the country.
Private players accounted for a share of around 48.01 per cent in
the Gross Direct Premiums generated in non-life insurance sector
while public sector companies and specialised garnering around
52 per cent share in October 2017
Major private players are ICICI Lombard, Bajaj Allianz, IFFCO
Tokio, HDFC Ergo, Tata-AIG, Reliance, Cholamandalam, Royal
Sundaram and other regional insurers
39.40%
24.00%
7.50%
2.00%
27.1%
Motor
Health
Fire
Marine
Others
Source: *till December 2017
18. For updated information, please visit www.ibef.orgInsurance18
HIGHER PRIVATE SECTOR PARTICIPATION IN NON-
LIFE SEGMENT
Source: General Insurance Council, Aranca Research
Note: CAGR - Compound Annual Growth Rate, * up to October 2017
The market share of private sector companies in non-life insurance segment rose from 15 per cent in FY04 to 48.01 per cent in FY18*.
The Gross Direct Premium of private companies increased from US$ 0.8 billion in FY05 to Rs 59,601.56 crore (US$ 9.25 billion) in FY17,
witnessing growth at a CAGR of 22.6 per cent.
0.8
1.2
1.9
2.7 2.7 2.9
3.8
4.7
5.1
5.7
6.3
5.9
9.25
0
1
2
3
4
5
6
7
8
9
10
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
Growing share of private sector Non-life insurance premium of private sector (US$ billion)
51.99%
48.01%
FY18*
75.00%
15.00%
FY04
Public sector Private sector
19. For updated information, please visit www.ibef.orgInsurance19
KEY PLAYERS IN THE NON-LIFE INSURANCE
SEGMENT
Source: General Insurance Council
Visakhapatnam port traffic (million tonnes)
Market share of major companies in terms of Gross Direct
Premium collected (FY18*)
The number of companies increased from 15 in FY04 to 24 in
FY17; six of these companies are in the public sector.
The public sector companies accounted for a cumulative share of
about 51.99 per cent of the total Gross Direct Premium in the non-
life insurance segment FY18*.
New India leads the market with 15.18 per cent share.
Private players are not far behind and compete better in the non-
life insurance segment. 15.05%
10.65%
11.03%
7.72%
8.81%6.32%
5.07%
35.35%
New India
United India
National
Oriental
ICICI-Lombard Oriental
Bajaj Allianz
HDFC Ergo
Others
Total size:
US$ 13.39
billion
Note: * up to October 2017
20. For updated information, please visit www.ibef.orgInsurance20
NOTABLE TRENDS IN THE INSURANCE SECTOR
New distribution channels like bancassurance, online distribution and NBFCs have widened the reach and reduced costs
Firms have tied up with local NGOs to target lucrative rural markets
In April 2017, IRDAI started a web portal – isnp.irda.gov.in – that will allow the insurers to sell and register policies online.
This portal is open to intermediaries in insurance business as well.
India Post Payments Bank (IPPB) plans to start selling insurance products and mutual funds of other companies by early
2018, and is to be open only to "non- exclusive" tie-ups. Nearly 100 firms, domestic as well as foreign, have showed keen
interest in partnering with the bank
Emergence of new
distribution channels
Notes: NBFC - Non Banking Financial Company, NGO - Non-Governmental Organisation, EV - Embedded Value, * up to October 2017
In the life insurance segment, share of private sector in the total premium increased to 29.6 per cent in FY16 from 2.0 per
cent in FY03
In the non-life insurance segment, share of private sector increased to 48.01 per cent in FY18* from 14.5 per cent in FY04
Growing market share
of private players
The life insurance sector has witnessed the launch of innovative products such as Unit Linked Insurance Plans (ULIPs)
Other traditional products have also been customised to meet specific needs of Indian consumers
Launch of innovative
products
Large insurers continue to expand, focusing on cost rationalisation and aligning business models to realise reported
Embedded Value (EV), and generate value from future business rather than focus on present profits
Mounting focus on EV
over profitability
22. For updated information, please visit www.ibef.orgInsurance22
Porter’s Five Forces Framework Analysis
Supplier being the distributor or
agent have high bargaining power
because they have customer
database and can influence
customers in making choices
Bargaining Power of Suppliers
Similarity in services makes
switchover a potent threat
Investment oriented customers have
switched to other avenues
Threat of Substitutes
Insurance industry is becoming
highly competitive with 52 players
operating in the industry
Companies are competing on price
and also using low price and high
returns strategy for customers to lure
them
Competitive Rivalry
Other financial companies can enter
the industry
Overall threat is medium given that
entry is subject to license and
regulations
Threat of New Entrants
Bargaining power of customers
especially corporate is very high
because they pay huge amount of
premium
Bargaining Power of Buyers
Positive Impact
Neutral Impact
Negative Impact
Source: Aranca Research
24. For updated information, please visit www.ibef.orgInsurance24
STRATEGIES ADOPTED
Source: Aranca Research
Players in industry are investing in Information Technology to automate various processes and cut costs without
affecting service delivery. It is estimated that digitisation will reduce 15-20 per cent of total cost for life insurance
and 20-30 per cent for non-life insurance
From October 2016, IRDAI has mandated having an E-insurance (electronic insurance) account to purchase
insurance policies
Cost optimisation
Companies are trying to differentiate themselves by providing wide range of products with unique features. For
example, New India Assurance launched Farmers’ Package Insurance to covering farmer’s house, assets, cattle
etc. United India launched Workmen Medicare Policy to cover hospitalisation expenses arising out of accidents
during and in the course of employment
In March 2017, HDFC Life in collaboration with Haptik, has announced the launch of the country’s 1st life insurance
chatbot which will help the customer as a financial guide to aid them to choose the most suitable plans befitting their
needs.
Differentiation
Focus on providing one kind of service help insurance companies in differentiation. For example, SBI is
concentrating on individual regular premium products as against single premium and group products
Focus
26. For updated information, please visit www.ibef.orgInsurance26
DEMAND GROWTH FOR INSURANCE PRODUCTS SET
TO ACCELERATE … (1/2)
Source: ICICI, RBI Annual Report,
Household savings (US$ billion) India’s robust economy is expected to sustain the growth in insurance
premiums written.
Higher personal disposable incomes would result in higher household
savings that will be channelled into different financial savings
instruments like insurance and pension policies.
Household savings reached US$ 388.20 billion in 2016 from US$ 89
billion in 2000.
89.0
306.0
373.7
339.3
378.2
388.2
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
2000 2010 2013 2014 2015 2016
27. For updated information, please visit www.ibef.orgInsurance27
1.5% 2.0% 5.0%
3.0%
6.0%
11.0%8.0%
15.0%
20.0%
42.0%
45.0%
46.0%
44.0% 31.0% 18.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
2005 2016 2025F
Elite(>30800) Affluent(15400-30800)
Aspirers(7700-15400) Next billion(2300-7700)
Strugglers(<2300)
209.10 266.5
304.8
304.8
DEMAND GROWTH FOR INSURANCE PRODUCTS SET
TO ACCELERATE … (2/2)
Visakhapatnam port traffic (million tonnes)Million household, 100% Per capita income and rural income are increasing
The number of middle class households (earning between US$
2,300 and US$ 30,800 per annum) is estimated to increase more
than fourfold to 234 million by 2025 from 113 million in 2005
Rising per capita income leads to increased spending on medical
and healthcare services
Lifestyle diseases are set to account for a greater part of the
healthcare market
Lifestyle diseases such as cardiac diseases, cancer and diabetes
are treated with the help of biotechnology products, thereby
boosting revenues of biotech companies
Source: Fortis Healthcare Limited, McKinsey Quarterly, NCAER, Aranca Research
Notes: Income distribution is calculated in constant 2015 dollars; $1=65. Because of rounding, not all percentages add up to 100. F - Forecast
28. For updated information, please visit www.ibef.orgInsurance28
FAVOURABLE POLICY MEASURES AID THE SECTOR
IRDA recently allowed life insurance companies that have completed 10 years of operations to raise capital through
Initial Public Offerings (IPOs). Companies will be able to raise capital if they have embedded value of twice the paid
up equity capital
SBI Life has already raised funds through its IPO.
Life insurance
companies allowed
to go public
The government will merge three of the public sector insurance companies - The Oriental Insurance Co. Ltd,
National Insurance Co. Ltd and United India Insurance Co. Ltd and list the merged entity.
National Health Protection Scheme will be launched under Ayushman Bharat to provide coverage of up to Rs
500,000 (US$ 7,723) to more than 100 million vulnerable families.
Union Budget
2018-19
Insurance products are covered under the exempt, exempt, exempt (EEE) method of taxation. This translates to an
effective tax benefit of approximately 30 per cent on select investments (including life insurance premiums) every
financial year
In 2015, Tax deduction under Health Insurance Scheme has been increased to US$409.43 from US$245.66 and for
senor citizens tax deduction has been increased to US$491.32
Tax incentives
Revival package by government will help companies get faster product clearances, tax incentives and ease in
investment norms. FDI limit for insurance company has been raised from 26 per cent to 49 per cent, providing
safeguard and ownership control to Indian owners
Approval of
increase in FDI limit
and revival package
29. For updated information, please visit www.ibef.orgInsurance29
RISING PRIVATE SECTOR INVESTMENT IN
INSURANCE
Investments from the private sector are increasing, as they see a
huge opportunity in the growing insurance sector of the country
Religare Health Insurance US$ 110.4 million by 2016
AEGON Religare Life
US$ 71 million in 2010; plans to invest
US$ 445 million through 2016
HDFC Life
Planning to raise US$ 3.9 billion with 10
per cent stake sale. Through IPO which
is expected in September 2015
HDFC Life has enter the micro-
insurance segment by launching two
schemes named Jeevan Suraksha and
Credit Suraksha
Source: Towers Watson; Assorted news articles
Most of the existing players are tying up with banks to expand
their distribution network
Few players like HDFC Life are planning to go public; others are
selling stakes to generate funds
In 2015, Insurance Bill was passed that will raise the stake of
foreign investors in the insurance sector to 49 per cent, fuelling
the participation of private sector investment in the insurance
sector in the country
In February 2017, Bank of Maharashtra partnered with insurance
company Cigna TTK Health, to market their insurance products in
the bank’s branches, across the country.
Dena Bank and Apollo Munich Health Insurance announced a
corporate agency tie up in March 2017. As per the tie-up, Dena
Bank would be distributing Apollo’s health insurance products.
In December 2017, the Insurance Regulatory and Development
Authority of India (IRDAI) allowed private equity investors to
become promoters in unlisted insurance companies. The move is
expected to enhance PE investments in the sector.
As of September 2017, PE investments in listed Indian insurance
companies were Rs 10,477 crore (US$ 1.63 billion).
31. For updated information, please visit www.ibef.orgInsurance31
INDIA’S INSURANCE MARKET OFFERS A HOST OF
OPPORTUNITIES ACROSS BUSINESS LINES
Opportunities for
Indian
insurance market
Low-income urban and
pension markets
Crop insurance
Motor insurance
markets
Micro-insurance
Health insurance
markets
32. For updated information, please visit www.ibef.orgInsurance32
NON-LIFE INSURERS: MOTOR INSURANCE MARKETS
Source: IRDA, ACMA, SIAM, Aranca Research
Note: E -estimates, CAGR - Compound Annual Growth Rate, ACMA - Automotive Component Manufacturers Association of India, *up to October 2017
Strong growth in the automotive industry over the next decade will be a key driver of motor insurance
Proposed IRDA draft envisages a 10–80 per cent rise in premium rates for the erstwhile loss-making 3rd party motor insurance
In 2016, number of commercial vehicles and passenger vehicles sold in the country were recorded at 0.8 million and 3.4 million respectively, while
the number of two and three wheelers sold were 19.76 million
In FY18*, Motor and Health sector constituted 62.2 per cent of the non-life insurance market
Breakup of non-life insurance market in India FY18* Vehicle production in India (million units)
38.70%
23.50%
7.50%
2.00%
28.3%
Motor
Health
Fire
Marine
Others
3.4
0.8
19.76
10
2.4
30.2
0
5
10
15
20
25
30
35
Car Commercial
Vehicles
2&3 wheelers
2016 2021E
33. For updated information, please visit www.ibef.orgInsurance33
NON-LIFE INSURERS: HEALTH INSURANCE MARKETS
Only 1.5–2 per cent of total healthcare expenditure in India is currently covered by insurance providers.
Only 18 per cent of people in urban areas and 14.1 per cent in rural areas are covered under any kind of health insurance scheme
Total health insurance premiums increased from US$ 733.1 million in FY07 to US$ 4,084.03 million in FY16, witnessing growth at a CAGR of
21.03 per cent. In FY17 gross direct premium income underwritten under health insurance was US$ 4.78 billion. Gross premium underwritten for
health insurance was US$ 3.15 billion in FY18*..
Absence of a government-funded health insurance makes the market attractive for private players
Introduction of health insurance portability expected to boost the orderly growth of the health insurance sector
In July 2016, IRDA issued Health Insurance Regulations, 2016. These regulations replace the Health Insurance Regulations, 2013. As per these
new norms, companies will provide better data disclosure, pilot products, coverage in younger years, etc.
Private insurance coverage is estimated to grow by nearly 15per cent annually till 2020
Government-sponsored programmes expected to provide coverage to nearly 380 million people by 2020, driven by initiatives such as RSBY and
ESIC
RSBY is a centrally sponsored scheme to provide health insurance to Below Poverty Line (BPL) families and eleven other defined categories of
unorganised workers, namely building and other construction workers, licensed railway porters, street vendors, MGNREGA workers, etc.
Note: RSBY - Rashtriya Swasthya Bima Yojana, ESIC – Employees’ State Insurance Corporation, MREGA – Mahatma Gandhi National Rural Employment Guarantee Act., NSSO, up to
October 2017
34. For updated information, please visit www.ibef.orgInsurance34
STRONG POTENTIAL IN CROP INSURANCE
Source: Agricultural Insurance Company of India Annual Report, Department of Agriculture and Cooperation, IRDA, Livemint, PTI
Awareness about crop insurance in India is 38.8 per cent and still crop insurance market in India is the largest in the world, covering around 30
million farmers. Over 9 million farmers benefited from ‘Pradhan Mantri Fasal Bima Yojana’ in 2016-17. Government of India released Rs 28386.91
crore (US$ 4.23 billion) in 2016-17 under various crop insurance schemes.
To provide crop insurance to farmers, Government has launched various schemes like National Agriculture Insurance Scheme (NAIS), Modified
National Agriculture Insurance Scheme (MNAIS) and Weather-based Crop Insurance Scheme (WBCIS)
Total sum insured under crop insurance was US$ 919.41 million in FY16
As of February 2017, the Central Government aims at enhancing crop insurance cover from 22 per cent of farmers to 50 per cent in the
forthcoming 2 years.
Number of farmers covered under PMFBY (million) Sum Insured (US$ million)
10.1
6.9
7.3
10.4
6.7
10.5
0
2
4
6
8
10
12
FY11 FY12 FY13 FY14 FY15 FY16
877.1
516.0 487.1
1062.4
836.6
919.41
0
200
400
600
800
1000
1200
FY11 FY12 FY13 FY14 FY15 FY16
Note: Figures are as per latest available data
36. For updated information, please visit www.ibef.orgInsurance36
SBI LIFE
Source: SBI Life Annual Report, IRDA, Company website, Aranca Research
Notes: CAGR - Compound Annual Growth Rate
SBI Life Insurance is a joint venture between Indian banking giant State Bank of India (74 per cent) and France headquartered BNP Paribas
Assurance (26 per cent). The company’s IPO was in September 2017
The company primarily deals in life insurance and pension plans with 758 offices across India. In FY16, it issued around 1.274 million insurance
policies.
Between FY08 and FY17, SBI Life’s profits increased at a CAGR of 36.91 per cent with its annual profits increasing to US$ 141.99 million by
FY17. In FY16, it accounted for a market share of 17.2 per cent among all life insurance companies.
The company earned US$ 837.5 million as net premium in Q2FY18.
Total premium collected (US$ billion) Net profit (US$ million)
1.4
1.6
2.1
2.8 2.8
1.9 1.8
2.1
2.4
3.1
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
CAGR 9.23%
8.4
39.0
58.2
80.2
118.6
114.5
122.8
136.0
131.5
142.0
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
CAGR 36.91%
37. For updated information, please visit www.ibef.orgInsurance37
TATA-AIA LIFE … (1/2)
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture between Tata Sons (74 per cent) and AIA Group Limited (26 per cent).
Overall life insurance premium increased from US$ 198.8 million in FY06 to US$ 497 million in FY 17, witnessing growth at a CAGR of 8.68 per
cent over FY06-17.
The sum assured increased from US$ 4 billion in FY06 to US$ 10 billion in FY16, rising at a CAGR of 9.60 per cent. The company earned US$
96.98 million as premium in Q1 FY18.
4.00
9.00
9.00
10.00
11.00
13.00
13.00
10.00
9.20
12.00
10.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
199
303
508
595
737
874
774
508
385
351
389
497
0
100
200
300
400
500
600
700
800
900
1000
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
Total life insurance premium (US$ million) Total sum assured (US$ billion)
CAGR 8.68% CAGR 9.60%
Source: Company website, IRDA, Aranca Research
Notes: CAGR - Compound Annual Growth Rate, (1): As on September 30, 2016
38. For updated information, please visit www.ibef.orgInsurance38
TATA-AIG LIFE …(2/2)
Objective for establishing micro insurance
Fulfilment of corporate social responsibility
Increase brand recognition to boost market entry –today’s micro
clients maybe tomorrow’s high-premium clients
To target untapped markets and income groups of rural India
Key strategic decisions
The micro insurance business model must be separated from
business model
Selling micro insurance would require new, alternative distribution
mechanisms
The micro insurance business model
A special microinsurance
team called the Rural and
Social Team is formed
Identify and partner with
credible NGOs operating in
the local community
NGO suggests good
agents for microinsurance
policies (micro-agents)
A group of micro-agents
called a Community Rural
Insurance Group (CRIG) is
formed; it relies on direct
marketing of
microinsurance policies to
local community members
Local operations like
collecting and aggregating
the premiums, training
micro-agents, and helping
to distribute benefits
looked after by the NGO;
this saves administrative
costs for Tata-AIG
New business unit Partnering with NGOs Forming CRIGs
Local operations
managed by NGOs
Source: Company website, Aranca Research
39. For updated information, please visit www.ibef.orgInsurance39
NEW INDIA ASSURANCE
New India Assurance, a wholly owned subsidiary of Government of
India, is the largest non-life insurance company in India with a
market share of 16 per cent in FY17 in the non-life insurance
segment
It is the largest non-life insurer in Afro-Asia, excluding Japan
New India Assurance has been selected as the Best General
Insurance Company by IBN Lokmat Channel in association with
Maharashtra Chamber of Commerce, Industry and Agriculture
(MACCIA)
The company has overseas presence in 22 countries: Japan, UK,
Middle East, Fiji and Australia
It has been rated as "A-" (Excellent) for six consecutive years,
indicating its excellent risk-adjusted capitalisation, prospective
improvement in underwriting performance and leading business
profile in the direct insurance market in India
Gross Direct Premium in the country increased from US$ 1.19 billion
in FY09 to US$ 2.3 billion in FY16, growing at a CAGR of 9.92 per
cent over FY09-16. The figure reached US$ 2.97 billion in FY17.
The company raised Rs 9,600 crore (US$ 1.49 billion) through its
IPO in November 2017.
Visakhapatnam port traffic (million tonnes)Gross Direct Premium (US$ billion)
Source: IRDA, Company website, New India Assurance Annual Report, A.M. Best Europe Ltd, Alfred Magilton Best Company Limited
1.19
1.27
1.56
1.82
1.85
1.91
2.02
2.31
2.97
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
CAGR 12.04%
Notes: CAGR - Compound Annual Growth Rate
40. For updated information, please visit www.ibef.orgInsurance40
ICICI LOMBARD GIC
Source: ICICI Lombard Annual Report, IRDA, Company website, Aranca Research
Notes: CAGR - Compound Annual Growth Rate
ICICI Lombard GIC Ltd is a 74:26 joint venture between ICICI Bank Limited, India’s second largest bank, and Fairfax Financial Holdings Limited, a
Canada-based diversified financial services company. The company launched its Initial Public Offering in September 2017.
It has a market share of 8.39 per cent in the non-life insurance sector in FY16
As of FY16, ICICI Lombard GIC had 257 pan India branches with an employee strength of 7,954
Company’s Gross Direct Premium increased from US$ 812.5 million in FY09 to US$ 1704.1 million in FY17 at a CAGR of 9.7 per cent over
FY09-17. The gross written premium reached Rs 3,234 crore (US$ 503 million) in Q2 FY18.
4.0
4.5
5.6
7.6
9.2
11.2
13.8
15.8
17.7
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
812.5
723.6
966.4
1143.1
1182.0
1183.5
1146.9
1269.1
1704.1
0.0
200.0
400.0
600.0
800.0
1000.0
1200.0
1400.0
1600.0
1800.0
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
Gross Written Premium (US$ million) Number of policies issued (million)
CAGR 9.70% CAGR 20.46%
42. For updated information, please visit www.ibef.orgInsurance42
INDUSTRY ORGANISATIONS
3rd Floor, Parisrama Bhavan, Basheer Bagh, Hyderabad–500 004
Phone: 91-040-23381100
Fax: 91-040-66823334
E-mail: irda@irda.gov.in
Insurance Regulatory and Development Authority (IRDA)
5th Floor, Royal Insurance Building, 14, Jamshedji TATA Road,
Churchgate, Mumbai–400020
Phone: 91-22-22817511, 22817512
Fax: 91-22-22817515
E-mail: gicouncil@gicouncil.in
General Insurance Council
4th Floor, Jeevan Seva Annexe Bldg. S. V. Road, Santacruz (W),
Mumbai–400054
Phone: 91-22-26103303, 26103306
E-mail: ninad.narwilkar@lifeinscouncil.org
Life Insurance Council
43. For updated information, please visit www.ibef.orgInsurance43
GLOSSARY
CAGR: Compound Annual Growth Rate
IRDA: Insurance Regulatory and Development Authority
IPO: Initial Public Offering
FDI: Foreign Direct Investment
LIC: Life Insurance Corporation of India
GIC: General Insurance Corporation of India
NBFC: Non-Banking Financial Company
NGO: Non-Governmental Organisation
RSBY: Rashtriya Swasthya Bima Yojana
PFRDA: Pension Fund Regulatory and Development Authority
GDP: Gross Domestic Product
ESIC: Employees State Insurance Corporation
FY: Indian Financial Year (April to March)
So, FY12 implies April 2011 to March 2012
GOI: Government of India
INR: Indian Rupee
US$ : US Dollar
Where applicable, numbers have been rounded off to the nearest whole number
44. For updated information, please visit www.ibef.orgInsurance44
EXCHANGE RATES
Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)
Year INR INR Equivalent of one US$
2004–05 44.81
2005–06 44.14
2006–07 45.14
2007–08 40.27
2008–09 46.14
2009–10 47.42
2010–11 45.62
2011–12 46.88
2012–13 54.31
2013–14 60.28
2014-15 61.06
2015-16 65.46
2016-17 67.09
Q1 2017-18 64.46
Q2 2017-18 64.29
Q3 2017-18 64.74
Year INR Equivalent of one US$
2005 43.98
2006 45.18
2007 41.34
2008 43.62
2009 48.42
2010 45.72
2011 46.85
2012 53.46
2013 58.44
2014 61.03
2015 64.15
2016 67.21
2017 65.12
Source: Reserve bank of India, Average for the year
45. For updated information, please visit www.ibef.orgInsurance45
DISCLAIMER
India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation
with IBEF.
All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced,
wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or
incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval
of IBEF.
This presentation is for information purposes only. While due care has been taken during the compilation of this presentation to ensure that the
information is accurate to the best of Aranca and IBEF’s knowledge and belief, the content is not to be construed in any manner whatsoever as a
substitute for professional advice.
Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do
they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation.
Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any
reliance placed or guidance taken from any portion of this presentation.