life insurance market share india
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 in India, which offers 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 on this analysis, the report gives a anticipation of future market intended as 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 of first year premium) grew one 47,93% in 2005-06, exceeding the 32.49% growth achieved in 2004-05. However, insurance penetration in the country remains low.
Penetration insurance 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 to students worldwide insurance.
Main conclusions
The total life insurance premiums market in India could grow 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. . UU. $ 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 nearly 24.7% for the period from 2007-08 2010-11.
With the entry of several low cost airlines along with fleet expansion by existing ones and increasing corporate aircraft ownership, the Indian market for aviation insurance is all set to boom in a big way in the next few years.
The home insurance segment is to achieve growth of 100% by the inclusion of financial institutions have made home insurance obligatory for housing loan approvals.
Health insurance is about to become the second largest business for insurance companies not living in the next three years after motor 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 in the Round of millions of dollars Table (MDRT) – an exclusive club for life insurance agents of higher performance.
Key Issues & Facts
Where is India in the context emerging countries?
What are the key reasons behind attractiveness of the insurance market in India?
What are growing segments insurance 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 involved 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 And SBI Life under life insurance segments and New Spain, National Insurance, Oriental, United India and ICICI Lombard under non-life insurance segments.
Research Methodology Used
Information Sources
The information comes from books, newspapers, magazines and books whites, industry portals, government agencies, trade associations, monitoring industry news and development, and through access to more than 3000 paid databases.
Methods of Analysis
The analysis methods include ratio analysis, historical trend analysis, and linear regression analysis using software tools, forecasting trial and analysis of cause and effect.
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Article Source: ArticlesBase.com – Emerging Rural Insurance Market in India
