insurance aviation
India is fast becoming the world map as a strong economy and a world power. The country is going through a phase of rapid development and growth. All the vital industries and sectors of the country are registering growth and thus attract foreign investors. And insurance sector is one of them. To shed light on the Indian insurance sector, "Emerging Rural Insurance Market in India", which provides extensive research and thorough analysis of the insurance sector in India. This report helps clients to analyze the leading edge opportunities critical to the success of the insurance industry in India. Based in this analysis, the report gives a future forecast of the market that aims to be a rough guide to the direction the market is likely to move.
Market Analysis
With a huge population and large untapped market, insurance happens to be a great opportunity in India. The insurance business (measured in the context the first year premium) grew by 47,93% in 2005-06, exceeding the 32.49% growth achieved in 2004-05. However, insurance penetration in the country continues be low.
Insurance penetration or premium volume as a percentage of a country's GDP for 2005 stood at 2.53% for life insurance and 0.62% for non-life insurance. The level of penetration tends to increase as income increases, particularly in life insurance. India, with its huge middle class families has shown potential for the insurance industry. This has made international players to look into the Indian market. Furthermore, the glutted markets of many developed countries has made the Indian market more attractive for students worldwide insurance.
Main conclusions
The total life insurance premiums market in India could grow to Rs 16.8600 billion rupees (about U.S. $ 42.85 billion, Rs 1 = U.S. $ 0.0254146) in 2006-07 to Rs 1,230,000 million rupees (about U.S. $ 312.6 billion, RS U.S. $ 1 = 0.0254146) in 2010-11.
The total life insurance premiums is expected to grow at a CAGR of about 24.7% to the period from 2007-08 to 2010-11.
With the entry of several low cost airlines along with fleet expansion by existing ones and increasing the ownership of corporate aircraft, the Indian market for aviation insurance is all set to boom in a big way in the next few years.
The segment home insurance is to achieve a growth of 100% by the inclusion of financial institutions have made home insurance obligatory for loan approval housing.
Health insurance is about to become the second largest business for insurance companies not living in the next three years automobile insurance.
The booming life insurance market has driven the life insurance agents of the Indians in the list of 10 top countries in terms of membership Round-dollar table (MDRT) – an exclusive club for life insurance agents of higher performance.
Key Issues & Facts
Where India is in the context of emerging countries?
What are the key reasons behind attractiveness of the insurance market in India?
What are increasingly insurance segments in India?
What are the opportunity areas are on the market?
What is the status of Microinsurance in India?
What are the various avenues for growth of Microinsurance in India?
What are the various challenges faced by the Microinsurance sector?
What initiatives are taking the Government to promote the insurance market in India?
Who are the main actors engaged in providing Microinsurance in the country?
Key players
The principal actors were discussed in the report are Life Insurance Corporation of India, Bajaj Allianz, ICICI Prudential, HDFC Standard Life and SBI under life insurance segments and New Spain, National Insurance, Oriental, United India, ICICI Lombard and under non-life insurance segments.
Research Methodology Used
Information Sources
The information comes from books, newspapers, magazines and white papers, industry portals, government agencies, trade associations, monitoring industry news and development, and through access to over 3000 paid databases.
Methods of Analysis
The analysis methods include the analysis of the relationship, historical trend analysis, and linear regression analysis using software tools, forecasting and analysis of trial case and effect.
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Article Source: ArticlesBase.com – Emerging Rural Insurance Market in India
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