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 $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Gross premiums written reached Rs. 5.53 trillion (US$ 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.
- 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 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 $23.38 billion in FY18.
- Private sector participation is growing, with private players accounting for 30.3% of new business in life insurance and 51.07% of the non-life market.
- Segments like health, crop and motor insurance are expected to drive future growth, supported by government schemes promoting insurance coverage.
The document provides an overview of the insurance industry in India. It discusses that the overall insurance industry is expected to reach US$ 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 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:
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 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. 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.
- 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 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 $23.38 billion in FY18.
- Private sector participation is growing, with private players accounting for 30.3% of new business in life insurance and 51.07% of the non-life market.
- Segments like health, crop and motor insurance are expected to drive future growth, supported by government schemes promoting insurance coverage.
The document provides an overview of the insurance industry in India. It discusses that the overall insurance industry is expected to reach US$ 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 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:
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 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 $30.1 billion in revenue in FY2018.
- Private sector contribution to both life and non-life insurance has been increasing, with private sector companies' market share rising to 48% of the non-life market.
- Motor, health and crop insurance are expected to be major growth drivers. Government schemes like Pradhan Mantri Suraksha Bima Yojana are also fueling growth.
- While insurance penetration is growing, it remains
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach US$ 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 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 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 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.
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 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.
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 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 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.
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.
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
This document provides an overview of the insurance sector in India, including its history, current state, and prospects. It discusses key milestones in the development of life and general insurance in India. It outlines the current regulatory framework and major players. It also places the Indian insurance sector in a global context, noting opportunities for growth. While penetration and density are still low compared to other countries, factors like deregulation, technology, and a large population provide potential for expansion. Issues around product diversification and quality of agents need addressing. The sector is poised for continued growth if it offers innovative products tailored to customer needs.
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 is an industrial training project report submitted by a student for their MBA program. It includes sections on the declaration, preface, acknowledgements, and an index of topics to be covered in the report such as the company and sector profiles, tasks undertaken during training, analysis, SWOT analysis, and conclusions. The report was prepared during a training internship at Bharti AXA Life Insurance to fulfill the practical training requirements of the MBA program.
This document provides an overview of the Indian insurance sector, including its history, current state, position globally, and future prospects. It discusses key milestones such as the nationalization of insurance in India in 1956 and 1999. Currently, India's insurance penetration and density is lower than other countries, but the sector is growing rapidly due to reforms, deregulation, and the entry of private players. While the industry faces issues like lack of agent quality, trends such as the expanding rural market and health insurance provide opportunities for future growth. Strengthening regulations and using technology are some suggestions to further develop the insurance sector in India.
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:
- 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 $68.88 billion in 2016 at a CAGR of 10.49%.
- Crop, health and motor insurance
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach US$ 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 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 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 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.
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 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.
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 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 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.
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.
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
This document provides an overview of the insurance sector in India, including its history, current state, and prospects. It discusses key milestones in the development of life and general insurance in India. It outlines the current regulatory framework and major players. It also places the Indian insurance sector in a global context, noting opportunities for growth. While penetration and density are still low compared to other countries, factors like deregulation, technology, and a large population provide potential for expansion. Issues around product diversification and quality of agents need addressing. The sector is poised for continued growth if it offers innovative products tailored to customer needs.
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 is an industrial training project report submitted by a student for their MBA program. It includes sections on the declaration, preface, acknowledgements, and an index of topics to be covered in the report such as the company and sector profiles, tasks undertaken during training, analysis, SWOT analysis, and conclusions. The report was prepared during a training internship at Bharti AXA Life Insurance to fulfill the practical training requirements of the MBA program.
This document provides an overview of the Indian insurance sector, including its history, current state, position globally, and future prospects. It discusses key milestones such as the nationalization of insurance in India in 1956 and 1999. Currently, India's insurance penetration and density is lower than other countries, but the sector is growing rapidly due to reforms, deregulation, and the entry of private players. While the industry faces issues like lack of agent quality, trends such as the expanding rural market and health insurance provide opportunities for future growth. Strengthening regulations and using technology are some suggestions to further develop the insurance sector in India.
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:
- 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 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 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.
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.
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.
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 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 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 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 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.
The document provides an overview of the Indian insurance industry. It discusses the market size, key players, and LIC's dominance. It also covers entry barriers like foreign ownership restrictions, high capital requirements, and lack of composite licenses. Competition is increasing as private players challenge LIC's monopoly, though LIC and GIC still dominate market share. The future growth depends on improved customer-centric products and distribution channels to increase rural penetration.
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.
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
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.
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 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.
Insurance, Sector History, FDI in Insurance, Government Role in Insurance, Industry Growth Pattern, Challenges of Insurance Market, Foreign Direct Investment in Insurance
Similar to Insurance Sector Report - November 2018 (19)
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.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
[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.
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.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
2. Table of Content
Executive Summary……………….….…….3
Advantage India…………………..….……...4
Market Overview …………………….….…..6
Trends and Strategies..………...…………..23
Growth Drivers……………………................21
Opportunities…….……….......…………...…26
Useful Information……….......…………...….31
3. For updated information, please visit www.ibef.orgInsurance3
EXECUTIVE SUMMARY
The insurance industry in India is expected to reach US$ 280 billion by 2020. Life insurance industry in the
country is expected grow by 12-15 per cent annually for the next three to five years.
Gross premiums written in India reached Rs 5.53 trillion (US$ 94.48 billion) in FY18, with Rs 4.58 trillion
(US$ 71.1 billion) from life insurance and Rs 1.51 trillion (US$ 23.38 billion) from non-life insurance.
Overall insurance penetration (premiums as % of GDP) in India reached 3.69 per cent in 2017 from 2.71 per
cent in 2001.
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 50.01 per cent in FY19 (up to September 2018).
In life insurance segment, private players had a market share of 31.80 per cent in new business in FY19 (up
to September 2018).
Increasing private
sector contribution
Enrolments under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) reached 130.41 million in 2017-18.
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
Source: Swiss-Re, IRDAI, General Insurance Council, Life Insurance Council, Economic Survey 2017-18
5. For updated information, please visit www.ibef.orgInsurance5
ADVANTAGE INDIA
Growing interest in insurance among people;
innovative products and distribution channels
aiding growth.
Over FY12–18, new business premiums of life
insurers in India have increased at a 14.44 per
cent CAGR., while premiums for non-life
insurers increased have increased at 16.65 per
cent CAGR in the same period.
Growing use of internet has pushed
the demand .
Insurance reach is still low in India. Overall
insurance penetration (premiums as % of
GDP) in India was 3.69 per cent in 2017,
providing a huge underserved market.
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
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
Insurance Bill gives the Insurance
Regulatory and Development Authority
(IRDAI) full flexibility to frame
regulations for the sector.
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
Source: , IRDA - Insurance Regulatory and Development Authority, Motilal Oswal Research, Aranca Research
7. For updated information, please visit www.ibef.orgInsurance7
EVOLUTION OF THE INDIAN INSURANCE SECTOR
Source: IRDA
Notes: 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 46 in 2017
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
National Health Protection Scheme will
be launched under Ayushman Bharat,
as per Union Budget 2018-19.
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
2017
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
INCREASING PENETRATION AND DENSITY OF
INSURANCE OVER THE YEARS
Source: Swiss Re Institute
2.6
2.72 2.72 2.76
0.7
0.72 0.77
0.93
0
0.5
1
1.5
2
2.5
3
3.5
4
2014 2015 2016 2017
Life Non-Life
Insurance Penetration (Premiums as % of GDP) Insurance Density (Premiums Per Capita) (US$ )
At 3.69 per cent, India was ranked 41st in 2017 in terms of insurance penetration with life insurance penetration 2.76 per cent and non-life
insurance penetration at 0.93 per cent.
In terms of insurance density India was ranked 73rd in 2017 with overall density at US$ 73.
44 43.2
46.5
5511 11.5
13.2
18
0
10
20
30
40
50
60
70
80
2014 2015 2016 2017
Life Non-Life
3.3
3.44 3.49
3.69
55 54.7
59.7
73
Note: Updated data expected in 2019
10. For updated information, please visit www.ibef.orgInsurance10
VIBRANT LIFE INSURANCE MARKET
13.4
17.7
18.6
17.6
21.5
27.2
30.1
13.1
26.3
27.3
30.1
33.3
35.3
37.7
41.0
8.6
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19*
New Business Premium Renewal Premium
Source: Insurance Regulatory and Development Authority, Deloitte – Redefining Insurance
Life Insurance Premiums (US$ billion)
Life insurance in India has a huge growth potential. By 2020, it is expected to account for 35 per cent of India’s total savings.
Gross premium collected by life insurance companies in India increased from Rs 2.56 trillion (US$ 39.7 billion) in FY12 to Rs 4.58 trillion (US$ 71.1
billion) in FY18.
Over FY12–18, premium from new business of life insurance companies in India have increased at a 14.44 per cent CAGR to reach Rs 1.94 trillion
(US$ 30.1 billion).
In FY19 (up to September 2018), premium from new life insurance business increased 1.10 per cent year-on-year to Rs 920.65 billion (US$13.12
billion).
49.0
56.0
60.7
64.0
71.8
84.7
94.5
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
FY12 FY13 FY14 FY15 FY16 FY17 FY18
Gross Premiums Written in India (US$ billion)
Note: * New business premium is up to September 2018 and Renewal premium is up to June 2018
11. For updated information, please visit www.ibef.orgInsurance11
INCREASING PRIVATE SECTOR ACTIVITY IN LIFE
INSURANCE SEGMENT
Source: IRDA, Life Insurance Council
Note: Figures are as per latest data available, share based on new business premium collection
Over the years, share of private sector in life insurance segment has grown from around 2 per cent in FY03 to 30.6 per cent in FY18.
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 (%)
FY19 (up to September)
68.2%
31.8%
Public sector
Private sector
12. For updated information, please visit www.ibef.orgInsurance12
LIC CONTINUES TO DOMINATE LIFE INSURANCE
SEGMENT
Source: Life Insurance Council
Visakhapatnam port traffic (million tonnes)
Market Share in First Year Life Insurance Premiums (Apr-Sep 2018)
As of FY19 (up to September 2018), life insurance sector had 23
private players in comparison to only four in FY02.
With a 68.20 per cent share new business market share in FY19
(up to September 2018), Life Insurance Corporation of India, the
only public sector life insurer in the country, continues to be the
market leader
In the private sector, HDFC Standard Life Insurance was leading
with a share of 6.75 per cent in new business premium, followed
by SBI Life Insurance at 5.98 per cent and ICICI Prudential Life
Insurance at 4.60 per cent.
68.20%
6.75%
5.98%
4.60%
14.47%
LIC
HDFC Standard
Life
SBI Life Insurance
ICICI Prudential
Life Insurance
Others
13. For updated information, please visit www.ibef.orgInsurance13
STRONG GROWTH IN NON-LIFE INSURANCE MARKET
Source: IRDAI
Gross direct premiums of non-life insurers in India reached Rs 1.51 trillion (US$ 23.38 billion) in FY18. In FY19 (up to September 2018), gross
direct premiums reached Rs 818.25 billion (US$ 11.66 billion), showing a year-on-year growth rate of 12.79 per cent.
Over FY12-18, non-life insurance premiums (in Rs) increased at a CAGR of 16.65 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
9.28
11.05
12.03
13.14
14.95
19.89
23.38
11.66
0.00
5.00
10.00
15.00
20.00
25.00
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19*
CAGR 16.65%
Gross Direct Premiums of Non-Life Insurers (US$ billion) Number of non-life insurance policies (million)
CAGR 10.5%
Note: * up to September2018, CAGR is up to FY18
14. For updated information, please visit www.ibef.orgInsurance14
SHARES IN NON-LIFE INSURANCE MARKET: MOTOR
INSURANCE LEADS
Source: General Insurance Council, IRDAI
Non-Life Insurance Gross Direct Premiums (Apr-Sep 2018) Non-Life insurers include general insurers, standalone health
insurers and specialised insurers.
Motor insurance accounted for 36.5 per cent of non-life insurance
premiums earned in India in Apr-Sep 2018, followed by 25.7 per
cent share of health insurance.
Private players accounted for a share of around 50.01 per cent in
the gross direct premiums generated in non-life insurance sector
while public sector companies and specialised insurers garnered
around 49.99 per cent share between Apr-Sep 2018.
Major private players are ICICI Lombard, Bajaj Allianz, IFFCO
Tokio, HDFC Ergo, Tata-AIG, Reliance, Cholamandalam, Royal
Sundaram and other regional insurers
36.50%
25.70%
7.20%
2.00%
28.6%
Motor
Health
Fire
Marine
Others
15. For updated information, please visit www.ibef.orgInsurance15
HIGHER PRIVATE SECTOR PARTICIPATION IN NON-
LIFE SEGMENT
Source: General Insurance Council, IRDAI
Note: * up to September 2018
The market share of private sector companies in non-life insurance segment rose from 15 per cent in FY04 to 46.6 per cent in FY18.
The Gross Direct Premium of private companies increased at 15 per cent CAGR between FY08-18 to reach Rs 70,178 crore (US$ 10.89 billion )
in FY18. Between Apr-Sep 2018, it reached Rs 409.23 billion (US$ 5.83 billion).
2.7 2.7 2.9
3.8
4.7
5.1
5.7
6.3
5.9
9.25
10.89
5.83
0
2
4
6
8
10
12
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19*
Growing share of private sector Non-life insurance premium of private sector (US$ billion)
50.01%
49.99%
Apr-Sep 2018
75%
15%
FY04
Public sector Private sector
16. For updated information, please visit www.ibef.orgInsurance16
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)
There were 33 non-life insurers in India in FY18.
Public sector insurers lead the non-life insurance market in India with
New India Assurance, United India Insurance and National insurance
Company having market shares of 15.1 per cent, 11.5 per cent and
10.9 per cent, respectively in FY18.
In the private sector, ICICI-Lombard was the leader in FY18 with a
market share of 8.2 per cent, followed by Bajaj Allianz at 6.3 per cent.
The public sector companies accounted for a cumulative share of
about 53.39 per cent of the total Gross Direct Premium in the non-life
insurance segment FY18.
15.1%
11.5%
10.9%
8.2%
7.6%6.3%
40.5%
New India Assurance
United India Insurance
National Insurance Company
ICICI-Lombard
Oriental Insurance Company
Bajaj Allianz
Others
Total size:
US$ 23.38
billion
17. For updated information, please visit www.ibef.orgInsurance17
SHIFT TOWARDS NON-LINKED INSURANCE PLANS
41%
42%
37%
24%
17%
15%
12%
13%
13%
14%
59%
58%
63%
76%
83%
85%
88%
87%
87%
86%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Linked Premium Non linked Premium
Source: IRDA Annual Report, Life Insurance Council
Notes: *Growth rate in INR terms
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 85.4 per cent in FY18.
19. For updated information, please visit www.ibef.orgInsurance19
NOTABLE TRENDS
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 October 2018, Indian e-commerce major Flipkart entered the insurance space in partnership with Bajaj
Allianz to offer mobile insurance.
Amazon India is also expected to enter the insurance market as an agent.
In September 2018, India Post Payments Bank (IPPB) also partnered with Bajaj Allianz to distribute their
products.
Emergence of new
distribution channels
Source: IRDAI, General Insurance Council, Life Insurance Council. News sources
Over the years, share of private sector in life insurance segment has grown from around 2 per cent in FY03 to
31.8 per cent in FY19 (up to September 2018).
In the non-life insurance segment, share of private sector increased to 46.6 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
In September 2018, HDFC Ergo launched ‘E@Secure’ a cyber insurance policy for individuals.
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
20. For updated information, please visit www.ibef.orgInsurance20
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
22. For updated information, please visit www.ibef.orgInsurance22
GROWTH DRIVERS FOR INSURANCE IN INDIA… (1/2)
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.
Per capita GDP of India is expected to reach US$ 3,274 in 2023 from
US$ 2,135 in 2018.
1,482
1,486
1,610
1,639
1,749
1,983
2,135
2,334
2,539
2,762
3,007
3,274
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Visakhapatnam port traffic (million tonnes)GDP Per Capita at Current Prices* (US$)
Source: International Monetary Fund, World Economic Outlook Database, April 2018
Notes: * estimates after 2013
23. For updated information, please visit www.ibef.orgInsurance23
GROWTH DRIVERS FOR INSURANCE IN INDIA… (2/2)
Source: EY - Insurance industry - Challenges, reforms and realignment
Increasing number of insurance providers with various sophisticated products at competitive prices.
Regulations which are conducive for growth of the industry.
Competition
Increase in potential insurance customers – individuals and companies across different industries, small and
medium enterprises, multinational companies.
Expansion due of insurance universe due to professionalization of companies
Innovation and
Efficiency
Overall growth in the financial industry; increasing working population with higher disposable income.
Increasing awareness about financial products including insurance
Growth in Financial
Industry
Increase in micro insurance due to increased focus of government on financial inclusion.
Increase in demand of motor insurance as a by-product of rapidly expanding auto industry.
Increase in health insurance due to focus on improvement in healthcare.
Group insurance has also been a big driver of insurance growth in the country. Number of lives covered under
private life insurance companies reached 36.20 million up to June 2018, showing year-on-year growth rate of 27.48
per cent.
Growth in specific
segments
24. For updated information, please visit www.ibef.orgInsurance24
FAVOURABLE POLICY MEASURES AID THE SECTOR
IRDAI 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.
In September 2018,National Health Protection Scheme was launched under Ayushman Bharat to provide coverage
of up to Rs 500,000 (US$ 7,723) to more than 100 million vulnerable families. The scheme is expected to increase
penetration of health insurance in India from 34 per cent to 50 per cent, according to a report by Crisil.
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
senior citizens tax deduction has been increased to US$491.32
Tax incentives
Revival package by government will help companies get faster product clearances, tax incentives and ease in
investment norms. FDI limit for insurance company has been raised from 26 per cent to 49 per cent, providing
safeguard and ownership control to Indian owners
Approval of
increase in FDI limit
and revival package
Source: Crisil
25. For updated information, please visit www.ibef.orgInsurance25
RISING PRIVATE SECTOR INVESTMENT IN
INSURANCE
Major deals in insurance sector in 2017
Kotak Mahindra Bank
US$ 201.7 million for 26 per cent stake
in Kotak Mahindra Old Mutual Life
Insurance
Tokio Marine Holdings
Increased its stake in IFFCO-Tokio
General Insurance Company Limited
from 26 per cent to 49 per cent for US$
392.7 million
Source: Towers Watson; Assorted news articles
In 2017, insurance sector in India saw 10 merger and acquisition
(M&A) deals worth US$ 903 million.
In August 2018, a consortium of WestBridge Capital, billionaire
investor Mr Rakesh Jhunjunwala announced that it would acquire
India’s largest health insurer Star Health and Allied Insurance in a
deal estimated at around US$ 1 billion.
In June 2018, Warburg Pincus invested US$ 104 million as growth
capital in IndiaFirst Life Insurance.
In May 2018, digital insurance startup Acko raised US$ 12 million
in a funding round led by Amazon.
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.
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
Most of the existing players are tying up with banks to expand
their distribution network.
27. For updated information, please visit www.ibef.orgInsurance27
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
28. For updated information, please visit www.ibef.orgInsurance28
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,
Strong growth in the automotive industry over the next decade will be a key driver of motor insurance. Automobiles sales in India increased at 7.01
per cent CAGR between FY13-18 to reach 24.97 million vehicles.
Proposed IRDA draft envisages a 10–80 per cent rise in premium rates for the erstwhile loss-making third party motor insurance
In FY18, Motor insurance constituted 39.40 per cent of the non-life insurance market in India
Breakup of non-life insurance market in India FY18 Automobile Sales in India (million units)
39.40%
25.20%
7.20%
1.90%
26.3%
Motor
Health
Fire
Marine
Others
17.79 18.42
19.72
20.47
21.86
24.97
0.00
5.00
10.00
15.00
20.00
25.00
30.00
FY13 FY14 FY15 FY16 FY17 FY18
29. For updated information, please visit www.ibef.orgInsurance29
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..
Gross direct premium from health insurance reached Rs 378.97 billion (US$ 5.88 billion) in FY18 and contributed 25.2 per cent to the gross direct
premiums of non-life insurance companies in India.
Absence of a government-funded health insurance makes the market attractive for private players. In August 2018, coverage of mental illness
under health policies was also mandated by the URDAI.
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 15 per 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
30. For updated information, please visit www.ibef.orgInsurance30
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.
Over 47.9 million famers were benefitted under Pradhan Mantri Fasal
Bima Yojana (PMFBY) in 2017-18.
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)
In September 2018, Government of India increased the number of
risks to be covered in the Pradhan Mantri Fasal Bima Yojana
(PMFBY) to empower farmers in a better way. From now, farmers will
be protected against hailstorms, crop fires, damage from animals,
landslides and rainstorms.
Farmers Insured Under PMFBY
43.70
34.91
13.79 13.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
50.00
2016-17 2017-18
Loanee Non-Loanee
Note: Figures are as per latest available data
32. For updated information, please visit www.ibef.orgInsurance32
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
33. For updated information, please visit www.ibef.orgInsurance33
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
34. For updated information, please visit www.ibef.orgInsurance34
ANNEXURE…(2/2) - EXCHANGE RATES
Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)
Year INR INR Equivalent of one US$
2004–05 44.95
2005–06 44.28
2006–07 45.29
2007–08 40.24
2008–09 45.91
2009–10 47.42
2010–11 45.58
2011–12 47.95
2012–13 54.45
2013–14 60.50
2014-15 61.15
2015-16 65.46
2016-17 67.09
2017-18 64.45
Q1 2018-19 67.04
Q2 2018-19 70.18
Year INR Equivalent of one US$
2005 44.11
2006 45.33
2007 41.29
2008 43.42
2009 48.35
2010 45.74
2011 46.67
2012 53.49
2013 58.63
2014 61.03
2015 64.15
2016 67.21
2017 65.12
Source: Reserve Bank of India, Average for the year
35. For updated information, please visit www.ibef.orgInsurance35
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.