Abstract
RNCOS' report, “Indian Insurance Industry Forecast (2007-2009)”,
provides extensive research and objective analysis of the growing insurance
industry, its product quality, and services in India. This report helps to
analyze the leading-edge opportunities critical to the success of the
insurance Industry in India. Detailed data and analysis helps investors,
financial service providers, and global banking players to navigate through
the evolving insurance market in India.
Key Findings
- Taking into account the changing socio-economic demographics, rate of GDP
growth, changing consumer behavior and occurrences of natural calamities at
regular intervals, the Indian life insurance market is expected to reach the
value of around Rs 1683 Billion in the year 2009. The market is expected to
grow at a CAGR of more than 200% YOY from the year 2006.
- In 2006-07, pension premium contributed about 22.11% to total premium
income of insurers. Interestingly, the figure in the first nine months to
December 2005 was 25.22%.
- In the non-life segment, the established players control 65% of the
market. So it is their monthly performance that determines how the market as a
whole would perform.
- In Motor Insurance Business, Public sector covers almost 68% of the market
value whereas the private sector just had 32% market share till September 2006.
- In Accident Insurance Business, private sector players have almost 53%
market share with ICICI Lombard as the lead player. Public sector players
constitute about 47% market value with New India as the leading player
followed by United India.
Key Issues and Facts Analyzed
The research report also addresses the issues and facts that are critical to
business success:
- What are the marketing strategies of the players in the insurance industry?
- How is the growth in Health and Group insurance are driving the Insurance
sector in India?
- What are the opportunities for the players in this industry and what are
the challenges to sustain the Insurance market in India?
- What will be the prospective areas of investments in the insurance
industry in the near future?
- Which factors will lead to the growth of Life and Non-life insurance in
India?
Key Products Analyzed
Key products like Life and Non-life insurance have been analyzed, supported by
facts like revenue and market trends.
Key Players
This section provides an overview of some of the key players in this industry
like Bajaj Allianz, ING Vysya, AMP Sanmar Assurance Limited, SBI Life, Tata
AIG Life, HDFC Standard, ICICI Prudential Life Insurance, Birla Sunlife, Aviva
Life Insurance, Kotak Mahindra Old Mutual, Max New York Life, Met Life, Sahara
Life, LIC, Royal Sundaram, Tata-AIG General, Reliance General, IFFCO-Tokio,
ICICI-Lombard, HDFC Chubb, New India Assurance Company Limited, National
Insurance Company Limited, United India Insurance Company Limited and Oriental
Insurance Limited.
Research Methodology Used
Information Sources
Information has been sourced from various sources namely, Books, Newspapers,
trade journals, and white papers, industry portals, government agencies, trade
associations, monitoring industry news and developments, and through access to
access to more than 3000 paid databases.
Analysis Methods
The analysis methods includes the following: Ratio Analysis, Historical Trend
Analysis, Linear Regression Analysis using software tools, Judgmental
Forecasting and Cause and Effect Analysis.
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