India Insurance Market Outlook to 2016
Led By Government Support
April 2013
103
About the Report
About the Report
The report titled 'India Insurance Market Outlook to 2016 - Led By Government Support' provides a comprehensive analysis of market size of the Asia-Pacific insurance industry, market segmentation of Asia-Pacific insurance industry by geography. The report includes market size of India insurance industry, market segmentation of life and non-life India insurance market and market size and segmentation of various non life segments. The report also provides value chain of India insurance market, competitive landscape and profile of major players operating in the Indian insurance industry.
The insurance sector in India has been open up for the foreign direct investment some 12 years ago. In India, the foreign direct investment is restricted to 26% and is expected to increase to 49% in 2013. In September 2012, there are ~ insurance companies operating in India of which 24 are in life insurance business and ~are non life insurance players while GIC is the sole national reinsurer. In the present scenario, ~ out of ~ life insurance companies and ~ out of ~ general insurance players have foreign partners. The contribution of foreign players is expected to increase in the coming years with an incline in the foreign direct investment.
In FY'2012, the life insurance market has witnessed a decrease of 2.4% to USD ~ million. The decline in the market is being influenced by the changes made in (Unit-Linked Insurance Plan) ULIP plans such as limiting the charges, increasing lock in period and a minimum guarantee required for such plans. The ULIP plan is a product offered by insurance companies which provides the benefits of both insurance and investment under a single plan.
In September 2012, there are ~ non life insurance companies operating in India in which ~ are publicly owned general insurers, ~ are private insurer's joint venture with international insurance companies, ~ companies are specialized health insurers, ~ are specialized general insurers and ~ company is a private insurer completely owned by an Indian business organization. In FY'2012, there are around ~ non life insurance offices in which ~ were public sector offices and approximately ~ were private sector offices.
The automobile insurance market of India has witnessed a growth of 23.4% to the direct written premium of USD ~ million in FY'2012 compared to USD ~ million in FY'2011. The growth in the market is being influenced by the rising motor insurance premium on compulsory third party insurance. The Insurance Regulatory and Development Authority (IRDA) has hiked the premium rates by ~% on two wheelers and private cars each while ~% premium is increased on commercial vehicles.
India's health insurance industry has showcased a phenomenal growth in the past 7 years from USD ~ million in FY'2005 to USD ~ million in FY'2012. The growth was primarily due to the constant increase in the GDP on account of the improvement in the economic conditions, better government policies for the rural India and a rise in the consumer spending.
Key Topics Covered in the Report
- The market size of Asia-Pacific insurance industry and the contribution of countries.
- The market size of India insurance industry.
- The market size of India life and non-life insurance industry.
- Market segmentation of life and non-life insurance markets in India
- The market size and segmentation of various non-life insurance market such as motor, fire, marine, health and others
- Trends and Development of India insurance market.
- Competitive Landscape of the major players in life and non-life insurance market.
- Competitive Landscape of the major player in various non-life insurance market such as motor, fire, marine, health and others
- Future outlook and projections for Asia-Pacific and India insurance market
- Future outlook and projections for life and non-life India insurance market
- Microeconomics and industry factors including India population, GDP, health expenditure and number of vehicles, 2005-2016
Products
Products
Direct Premiun Written, Life Insurance, Renewal Premium, First Premium, Non Life Insurance, Motor Insurance, Motor Own Damage, Motor Third Party Insur
Companies
Life Insurance Corporation (LIC), ICICI Prudential, SBI Life, HDFC Standard, Bajaj Allianz, MAX Life, Birla Sun Life, Reliance, TATA AIG, Kotak Mahindra, National Insurance, New India Assurance, United India Insurance, Oriental Insurance, ICICI Lombard, S
Table of Contents
Table of Contents
1. Asia-Pacific Insurance Industry
1.1. Industry Introduction
1.2. Asia-Pacific Insurance Market Size by Direct Written Premium, 2005-2012P
1.3. Asia-Pacific Insurance Market Segmentation
1.3.1. By Geography, 2005-2012P
1.3.2. By Life and Non Life, 2005-2012P
2. India Insurance Industry
2.1. India Insurance Value Chain
2.2. India Insurance Market Size by Direct Written Premium, FY'2005-FY'2012
3. India Insurance Government Regulations
4. India Life Insurance Market
4.1. India Life Insurance Market Size, FY'2005-FY'2012
4.2. Life Insurance Segmentation, FY'2005-FY'2012
4.3. Market Share of Major Life Insurers in India, FY'2012
4.4. India Life Insurance Market Future Outlook and Projection, FY'2013-FY'2016
5. India Non-Life Insurance Market
5.1. India Non-Life Insurance Market Size, FY'2005-FY'2012
6. Non-Life Insurance Segmentation, FY'2005-FY'2012
6.1. India Motor Insurance Industry
6.1.1. India Motor Insurance Market Size, FY'2005-FY'2012
6.1.2. Motor Insurance Segmentation, 2005-2012
6.1.2.1. By Public and Private Motor Insurance Direct Written Premium, FY'2005-FY'2012
6.1.2.2. BY Motor Own Damage and Motor Third Party Insurance Direct Written Premium, FY'2010-FY'2012
6.1.3. India Automobile Insurance Distribution Channel, FY' 2010-FY'2012
6.1.4. Market Share of Major Motor Insurers in India, FY'2012
6.1.5. India Motor insurance Market Future Outlook and Projection, FY'2013-FY'2016
6.2. India Health Insurance Industry
6.2.1. India Health Insurance Market Size, FY'2005-FY'2012
6.2.2. Health Insurance Segmentation, FY'2005-FY'2012
6.2.3. India Health Insurance Distribution Channel, FY' 2010-FY'2012
6.2.4. Market Share of Major Health Insurers in India, FY'2012
6.2.5. India Health insurance Market Future Outlook and Projection, FY'2013-FY'2016
6.3. India Fire Insurance Industry
6.3.1. India Fire Insurance Market Size, FY' 2005-FY'2012
6.3.2. Fire Insurance Segmentation, FY'2005-FY'2012
6.3.3. India Fire Insurance Distribution Channel, FY' 2010-FY'2012
6.3.4. Market Share of Major Fire Insurers in India, FY'2012
6.3.5. India Fire insurance Market Future Outlook and Projection, FY'2013-FY'2016
6.4. India Marine Insurance Industry
6.4.1. India Marine Insurance Market Size, FY'2005-FY'2012
6.4.2. Marine Insurance Segmentation
By Public and Private Insurance Direct Written Premium, FY'2005-FY'2012
By Marine Cargo and Marine Hull Insurance Direct Written Premium, Fy'2010-FY'2012
6.4.3. India Marine Insurance Distribution Channel, FY' 2010-FY'2012
6.4.4. Market Share of Major Marine Insurers in India, FY'2012
6.4.5. India Marine insurance Market Future Outlook and Projection, FY'2013-FY'2016
6.5. India Miscellaneous Insurance Industry
6.5.1. India Miscellaneous Insurance Market Size, FY'2005-FY'2012
6.5.2. Miscellaneous Insurance Segmentation, FY'2005-FY'2012
By Public and Private Insurance Direct Written Premium, FY'2005-FY'2012
By Crop, Personal Accident and Liability Insurance Direct Written Premium, Fy'2010-FY'2012
6.5.3. India Miscellaneous Insurance Distribution Channel, FY' 2010-FY'2012
6.5.4. Market Share of Major Miscellaneous Insurers in India, FY'2012
6.5.5. Market Share of Major Personal Accident Insurers in India, FY'2012
6.5.6. India Miscellaneous insurance Market Future Outlook and Projection, FY'2013-FY'2016
6.6. Market Share of Major Non Life Insurers in India, FY'2012
7. India Non-Life Insurance Market Future Outlook and Projection, FY'2013-FY'2016
8. India Insurance Industry Trends and Developments
9. Asia-Pacific Insurance Industry Future Outlook
9.1. Asia-Pacific Insurance Industry Future Projections
9.2. By Geography, 2013-2016
10. India Insurance Industry Future Projections, FY'2013-FY'2016
10.1. Cause and Effect Relationship Between Dependent and Independent Factors Prevailing in India Insurance Market
11. Company Profile of Major Players in India Life Insurance Industry
11.1. Life Insurance Corporation
11.1.1. Company Profile
11.1.2. Business Strategies
11.1.3. Financial Performance
11.2. ICICI Prudential
11.2.1. Company Profile
11.2.2. Business Strategies
11.2.3. Financial Performance
11.3. SBI Life
11.3.1. Company Profile
11.3.2. Business Strategies
11.3.3. Financial Performance
12. Company Profile of Major Players in India Non-Life Insurance Industry
12.1. New India Assurance
12.1.1. Company Profile
12.1.2. Business Strategies
12.1.3. Financial Performance
12.2. United India Insurance
12.2.1. Company Profile
12.2.2. Business Strategies
12.2.3. Financial Performance
13. India Insurance Industry Macro-Economic Indicators: Historical and Projections
13.1. India Population, 2005-2016
13.2. GDP of India, 2005-2016
13.3. Healthcare Expenditure of India, 2005-2016
13.4. Total number of Vehicle in Use in India, 2005-2016
14. Appendix
14.1. Market Definitions
14.2. Abbreviations
14.3. Research Methodology
Data Collection Methods
Approach
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Final Conclusion
14.4. Disclaimer
List of Figure
Figure 1: Asia-Pacific Insurance Market Size on the Basis of Direct Written Premium in USD Million, 2005-2012P
Figure 2: Asia-Pacific Insurance Market Segmentation by Life and non Life on the Basis of Direct Written Premium in Percentage, 2005-2012P
Figure 3: Insurance Value Chain
Figure 4: India Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Figure 5: India Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Figure 6: India life Insurance Market Segmentation by Public and Private Insurers on the Basis of Direct Written Premium in Percentage, FY'2005-FY'2012
Figure 7: India life Insurance Market Segmentation by Renewal and First Premium on the Basis of Direct Written Premium in Percentage, FY'2005-FY'2012
Figure 8: Market Share of Major Life Insurers on the Basis of Direct Written Premium in Percentage, FY'2012
Figure 9: India Life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Figure 10: India Non Life Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Figure 11: Life Non life Insurance Market Segmentation by Motor, Health, Fire, Marine and Others on the Basis of Direct Written Premium in Percentage, FY'2005-FY'2012
Figure 12: India Motor Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Figure 13: India Motor Insurance Market Segmentation by Private and Public Insurance on the Basis of Direct Written Premium in Percentage, FY'2005-FY'2012
Figure 14: India Motor Insurance Market Segmentation by Motor Own Damage and Motor Third Party Insurance on the Basis of Direct Written Premium in Percentage, FY'2010-FY'2012
Figure 15: India Motor Insurance Market Distribution Channel by Individual Agent, Direct Business, Brokers, Corporate Agent, Referral Arrangements and Others on the Basis of Direct Written Premium in Percentage, FY'2010-FY'2012
Figure 16: Market Share of Major Motor Insurers on the Basis of Direct Written Premium in Percentage, FY'2012
Figure 17: India Health Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Figure 18: India Health Insurance Market Segmentation by Public, Private and Standalone Insurance on the Basis of Direct Written Premium in Percentage, 2005-2012
Figure 19: India Health Insurance Market Distribution Channel by Direct Business, Individual Agent, Brokers, Corporate Agent, Referral Arrangements and Others on the Basis of Direct Written Premium in Percentage, FY'2010-FY'2012
Figure 20: Market Share of Major Health Insurers on the Basis of Direct Written Premium in Percentage, FY'2012
Figure 21: India Fire Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Figure 22: India Fire Insurance Market Segmentation by Public and Private Insurance on the Basis of Direct Written Premium in Percentage, 2005-2012
Figure 23: India Fire Insurance Market Distribution Channel by Direct Business, Individual Agent, Brokers, Corporate Agent, Referral Arrangements and Others on the Basis of Direct Written Premium in Percentage, FY'2010-FY'2012
Figure 24: Market Share of Major Fire Insurers on the Basis of Direct Written Premium in Percentage, FY'2012
Figure 25: India Marine Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Figure 26: India Marine Insurance Market Segmentation by Public and Private Insurance on the Basis of Direct Written Premium in Percentage, FY'2005-FY'2012
Figure 27: India Marine Insurance Market Segmentation by Marine Cargo and Hull Insurance on the Basis of Direct Written Premium in Percentage, FY'2010-FY'2012
Figure 28: India Marine Insurance Market Distribution Channel by Direct Business, Broker, Individual Agent, Corporate Agent, Referral Arrangements and Others on the Basis of Direct Written Premium in Percentage, FY'2010-FY'2012
Figure 29: Market Share of Major Marine Insurers on the Basis of Direct Written Premium in Percentage, FY'2012
Figure 30: India Miscellaneous Insurance Market Size on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Figure 31: India Miscellaneous Insurance Market Segmentation by Public and Private Insurance on the Basis of Direct Written Premium in Percentage, FY'2005-FY'2012
Figure 32: India Miscellaneous Insurance Market Segmentation by Crop, Personal Accident, Liability and Other Insurance on the Basis of Direct Written Premium in Percentage, FY'2010-FY'2012
Figure 33: India Miscellaneous Insurance Market Distribution Channel by Direct Business, Individual Agent, Broker, Corporate Agent, Referral Arrangements and Others on the Basis of Direct Written Premium in Percentage, FY'2010-FY'2012
Figure 34: Market Share of Major Miscellaneous Insurers on the Basis of Direct Written Premium in Percentage, FY'2012
Figure 35: Market Share of Major Personal Accident Insurers on the Basis of Direct Written Premium in Percentage, FY'2012
Figure 36: Market Share of Major Non Life Insurers on the Basis of Direct Written Premium in Percentage, FY'2012
Figure 37: India Non life Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Figure 38: India Insurance Market Projections on the Basis of Direct Written Premium in USD Million, 2012-2016
Figure 39: India Life Insurance Premium Income of Life Insurance Corporation in USD Million, FY'2005-FY'2012
Figure 40: India Life Insurance Premium Income of ICICI Prudential in USD Million, FY'2005-FY'2012
Figure 41: India Life Insurance Premium Income of SBI Life in USD Million, FY'2005-FY'2012
Figure 42: India Non-Life Insurance Direct Written Premium of New India Assurance in USD Million, FY'2005-FY'2012
Figure 43: India Non-Life Insurance Direct Written Premium of United India Insurance in USD Million, FY'2005-FY'2012
Figure 44: India Population in Million, 2005-2016
Figure 45: GDP of India in USD Million, 2005-2016
Figure 46: Healthcare Expenditure of India in USD Million, 2005-2016
Figure 47: Total Number of Vehicle in Use in India in Million, 2005-2016
List of Table
Table 1: Asia-Pacific Insurance Market Segmentation by Countries on the Basis of Direct Written Premium in USD Billion, 2005-2012P
Table 2: Asia-Pacific Insurance Market Segmentation by Life and Non Life on the Basis of Direct Written Premium in USD Billion, 2005-2012P
Table 3: Top Insurance Product of the Leading Insurance Companies in India
Table 4: Difference between ULIP and Traditional Policies
Table 5: India life Insurance Market Segmentation by Public and Private Insurers on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Table 6: India life Insurance Market Segmentation by Renewal and First Premium on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Table 7: Market Share of Major Life Insurers on the Basis of Direct Written Premium in Percentage, FY'2012
Table 8: India Motor Insurance Market Segmentation by Private and Public Insurance on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Table 9: India Motor Insurance Market Segmentation by Motor Own Damage and Motor Third Party Insurance on the Basis of Direct Written Premium in USD Million, FY'2010-FY'2012
Table 10: India Motor Insurance Market Distribution Channel by Individual Agent, Direct Business, Brokers, Corporate Agent, Referral Arrangements and Others on the Basis of Direct Written Premium in USD Million, FY'2010-FY'2012
Table 11: Market Share of Major Motor Insurers on the Basis of Direct Written Premium in USD Million, FY'2012
Table 12: India Motor Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Table 13: India Health Insurance Market Segmentation by Public, Private and Standalone Insurance on the Basis of Direct Written Premium in USD Million, 2005-2012
Table 14: India Fire Insurance Market Distribution Channel by Direct Business, Individual Agent, Brokers, Corporate Agent, Referral Arrangements and Others on the Basis of Direct Written Premium in USD Million, FY'2010-FY'2012
Table 15: Market Share of Major Health Insurers on the Basis of Direct Written Premium in USD Million, FY'2012
Table 16: India Health Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Table 17: India Fire Insurance Market Segmentation by Public and Private Insurance on the Basis of Direct Written Premium in USD Million, 2005-2012
Table 18: India Fire Insurance Market Distribution Channel by Direct Business, Individual Agent, Brokers, Corporate Agent, Referral Arrangements and Others on the Basis of Direct Written Premium in USD Million, FY'2010-FY'2012
Table 19: Market Share of Major Fire Insurers on the Basis of Direct Written Premium in USD Million, FY'2012
Table 20: India Fire Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Table 21: India Marine Insurance Market Segmentation by Public and Private Insurance on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Table 22: India Marine Insurance Market Segmentation by Marine Cargo and Hull Insurance on the Basis of Direct Written Premium in USD Million, FY'2010-FY'2012
Table 23: India Marine Insurance Market Distribution Channel by Direct Business, Broker, Individual Agent, Corporate Agent, Referral Arrangements and Others on the Basis of Direct Written Premium in USD Million, FY'2010-FY'2012
Table 24: Market Share of Major Marine Insurers on the Basis of Direct Written Premium in USD Million, FY'2012
Table 25: India Marine Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Table 26: India Marine Insurance Market Segmentation by Public and Private Insurance on the Basis of Direct Written Premium in USD Million, FY'2005-FY'2012
Table 27: India Miscellaneous Insurance Market Segmentation by Crop, Personal Accident, Liability and Other Insurance on the Basis of Direct Written Premium in USD Million, FY'2010-FY'2012
Table 28: India Miscellaneous Insurance Market Distribution Channel by Direct Business, Individual Agent, Broker, Corporate Agent, Referral Arrangements and Others on the Basis of Direct Written Premium in USD Million, FY'2010-FY'2012
Table 29: Market Share of Major Miscellaneous Insurers on the Basis of Direct Written Premium in USD Million, FY'2012
Table 30: Market Share of Major Personal Accident Insurers on the Basis of Direct Written Premium in USD Million, FY'2012
Table 31: India Miscellaneous Insurance Market Projections on the Basis of Direct Written Premium in USD Million, FY'2013-FY'2016
Table 32: Market Share of Major Non Life Insurers on the Basis of Direct Written Premium in USD Million, FY'2012
Table 33: Asia-Pacific Insurance Market Projections by Countries on the Basis of Direct Written Premium in USD Million, 2013-2016
Table 34: Cause and Effect Relationship Analysis between Industry Factors and Expected Industry Prospects of India Insurance Market
Table 35: New India Assurance Offices in India
Table 36: Correlation Matrix of the India Insurance Industry
Table 37: Regression Coefficients Output of India Insurance Industry
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