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India Insurance Market Outlook to 2015

Region:Asia

Author(s):

Product Code:AM56

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Published on

March 2011

Total pages

45

Table of Content

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About the Report

About the Report

The Report titled “India Insurance Market Outlook to 2015” provides an in-depth analysis of the Indian insurance industry. The report covers specific insights on the market size, insurance density, insurance penetration, segmentation, trends and developments and future outlook of the insurance industry in India. The report contains information on the market size and competitive landscape of life, non-life, health, motor, marine and fire insurance. Overall, the report offers a comprehensive analysis of the entire Indian insurance industry. 
 
During the period from financial year (FY) 2002-2010, life premium grew at staggering CAGR of ~%. An increase of more than ~% in growth was registered in the financial year 2007, when the premium increased from USD ~ million in 2006 to USD ~ million in 2007 and 2008. The growth rate slightly dipped in financial year 2009 but rose again in 2010. In financial year 2010, the gross life insurance premium stood at USD ~ million. Non-life premium has risen in India at a very past pace. The premium increased from USD ~ million in FY’2002 to USD ~ million in FY 2010 at a CAGR of ~%. An increase in total insurance was also registered with the premium rising from USD ~ million in FY’2002 to USD ~ million. 
 
In the future, the penetration in case of life insurance is expected to increase at a CAGR ~ % which would be low as compared to the growth rate achieved in the historical period. The penetration is expected to reach ~ % by FY’2016. The penetration in case of non-life insurance would increase from ~ % in FY’2010 to ~ % in FY’2016.
Total insurance penetration would also increase continuously till FY’2016 and is expected to reach ~% by 2016.
In the financial year 2010, the life insurers paid nearly ~ lakhs claims on individual policies, resulting in a total payout of USD ~ million, an increase of ~% from the payout in FY’2009. Approximately, ~ claims were repudiated (~ in the financial year 2009) for a sum of USD ~ million in FY’2010. 
 
Motor business has continued to dominate the non-life insurance market with the market share of ~% in 2009-2010. The market share of health insurance has increased from ~% in FY’2006 to ~% in FY’2010. The market share of fire insurance has declined as well from ~% in 2005-2006 to ~% in 2009-2010. The fire insurance premium registered a negative 4 year CAGR of ~% from FY’2006 to 2010. The contribution from marine insurance sector has remained stagnant over time at ~% following the de-tariffing of the sector in 2007. 
Overtime, private sector has increased its market share in the total expenditure on non-life insurance products. The contribution of private sector has increased from ~% (USD ~ million) in the financial year 2006 to ~% in FY’2010 (USD ~ million).
 
Public sector still continues to remain the largest contributor to the expenditure on non-life insurance products but the market share of the sector has declined drastically overtime. The market share has declined overtime from ~ % in FY’2006 to ~ % in FY’2010. The contribution of expenditure was valued at USD ~ million in 2006 which has increased to USD ~ million in FY’2010 but the growth in the expenditure underperforms the growth in the expenditure in the private sector.
In case of non-life insurance, New India is the market leader with a market share of ~ % and gross insurance premium of USD ~ million in FY’2010. United India Insurance is the second largest player with a market share of ~ % and gross insurance premium of USD ~ million followed by Oriental and National with a market share of ~ % and ~ % respectively. 
 
Micro insurance portfolio was worth USD ~ million for the financial year 2010 in terms of gross insurance premium income. It has approximately doubled itself from the previous year’s premium income of USD ~ million. The contribution of LIC in the total premium was ~ % under micro-insurance and the rest ~ % was contributed by the private life insurance companies. 
 
Scope of Research
 
The report entails thorough analysis and offers valuable insights on the insurance industry in India. The scope of the report includes:
  • The market size of life and non-life insurance industry in terms of gross insurance premium written in India, 2002 to 2016
  • Life and Non-life insurance density in USD for India, 2002 to 2016
  • Life and Non-life insurance penetration, premium as a percentage of GDP for the country, 2002 to 2016
  • Market segmentation on the basis of Product in India, 2010 and 2016
  • Market size of  motor, health, fire and marine insurance on the basis of gross insurance premium written, 2006-2016
  • Competitive Landscape of the major life insurers and non-life insurers in India on the basis of gross premium written
  • Competitive Landscape of the major motor, health, fire and marine insurers in India on the basis of gross premium written, 2009-2010
  • Company Financials of major Life and Non-life insurers along with their segment break up on the basis of gross direct premium income, 2009-2010
  • Valuable Insights and Future Outlook of the insurance industry in India.

Products

Products

Life insurance, non-life insurance, insurance density, insurance penetration, motor insurance, health insurance, property insurance


Companies

LIC, New India, National, Oriental, ICICI Lombard, Bajaj Allianz, Reliance, IFFCO-Tokio

Table of Contents

Table of Contents

1. India Insurance Market Introduction

1.1. India Insurance Market Structure

2. India Life and Non-Life Insurance Market Size by Value, 2002-2016

3. India Life and Non-Life Insurance Density, Premium per Capita, USD, 2002-2016

4. India Life and Non-Life Insurance Penetration, Premium in % of GDP, 2002-2016

5. India Insurance Market Segmentation by Product, 2009-2010 and 2015-2016

5.1. India Life Insurance Market

5.1.1. Individual Death Claims

5.1.2. Group Death Claims

5.1.3. India Life Insurance Competitive Landscape, 2009-2010

5.2. India Non-Life Insurance Market

5.2.1. India Non-Life Insurance Market Segmentation by Product, 2006-2016

5.2.2. India Non-Life Insurance Market Segmentation by Public and Private Sector, 2006-2010

5.2.3. India Non-Life Insurance Competitive Landscape, 2009-2010

5.2.4. India Motor Insurance Market

5.2.4.1. India Motor Insurance Market Size by Value, 2006-2016

5.2.4.2. India Motor Insurance Competitive Landscape, 2009-2010

5.2.5. India Health Insurance Market

5.2.5.1. India Health Insurance Market Size by Value, 2006-2016

5.2.5.2. India Health Insurance Competitive Landscape, 2009-2010

5.2.6. India Fire Insurance Market

5.2.6.1. India Fire Insurance Market Size by Value, 2006-2016

5.2.6.2. India Fire Insurance Competitive Landscape, 2009-2010

5.2.7. India Marine Insurance Market

5.2.7.1. India Marine Insurance Market Size by Value, 2002-2016

5.2.7.2. India Marine Insurance Competitive Landscape, 2009-2010

6. Life and Non-Life Insurers Financials and Performance, 2009-2010

7. Trends and Development in Indian Insurance Sector

7.1. Increasing Promotion of Financial Inclusion and Micro Insurance Segment

7.1.1. Life Micro Insurance Sector

7.1.2. Non-Life Micro Insurance Sector

7.2. Rise in the Market Share of Private Sector

7.3. Online Insurance Emerging as the New Mode of Distribution

7.4. Mounting Popularity of Bancassurance

8. India Insurance Market Future Outlook

9. Appendix

9.1. Market Definition

9.2. Abbreviations

9.3. Disclaimer

 


List of Figure

Figure 1: India Market Size by Value of Life and Non-Life Insurance Market in USD Million, on the basis of Gross Insurance Premium Written, 2002-2016

Figure 2: India Life and Non Life Insurance Density, Premium per Capita, in USD, 2002-2016

Figure 3: India Life and Non Life Insurance Penetration, Premium as a Percentage of GDP, 2002-2016

Figure 4: India Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, 2009-2010

Figure 5: India Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, 2015-16

Figure 6: Composition of India Life Insurance Premium by Class on the Basis of Gross Insurance Premium, in Percentage, 2009-2010

Figure 7: India Market Share of Major Life Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2009-2010

Figure 8: India Non-Life Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, 2006-2010

Figure 9: India Non-Life Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, 2011-2016

Figure 10: India Non-Life Insurance Premium Segmentation by Public and Private Sector, in Percentage, 2006-2010

Figure 11: India Market Share of Major Non-Life Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2009-2010

Figure 12: India Motor Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2006-2016

Figure 13: India Market Share of Major Motor Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2009-2010

Figure 14: India Health Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2006-2016

Figure 15: India Market Share of Major Health Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2009-2010

Figure 16: India Fire Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2002-2016

Figure 17: India Market Share of Major Fire Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2009-2010

Figure 18: India Marine Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2002-2016

Figure 19: India Market Share of Major Marine Insurers on the basis of Gross Insurance Premium Written, in Percentage, 2009-2010

Figure 20: Micro Insurance Coverage in India

 


List of Table

Table 1: Number of Registered Life Insurers, General Insurers and Reinsurers in Private and Public Sector in India, 2010

Table 2: India Market Size by Value of Life and Non-Life Insurance Market in USD Million, on the basis of Gross Insurance Premium Written, 2002-2016

Table 3: India Life and Non Life Insurance Density, Premium per Capita, in USD, 2002-2016

Table 4: India Life and Non Life Insurance Penetration, Premium as a Percentage of GDP, 2002-2016

Table 5: Analysis of Individual and Group Life Insurance Death Claims, 2009-2010

Table 6: India Market Share of Major Life Insurers on the basis of Gross Insurance Premium Written, in USD Million, 2009-2010

Table 7: India Non-Life Insurance Premium Segmentation by Public and Private Sector, in USD Million, 2006-2010

Table 8: India Market Share of Major Non-Life Insurers on the basis of Gross Insurance Premium Written, in USD Million, 2009-2010

Table 9: India Motor Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2006-2016

Table 10: India Health Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2006-2016

Table 11: India Fire Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2002-2016

Table 12: India Marine Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, 2002-2016

Table 13: India Life Insurers Revenue in terms of Gross Direct Premium Income, in USD Million, 2009-2010

Table 14: India Non-Life Insurers Revenue by Business Segment, Gross Direct Premium Income, in USD Million, 2009-2010

Table 15: New Business under Micro Insurance Portfolio, 2009-2010

 

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