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India Insurance Report Q1 2011
Business Monitor International, Dec 2010, Pages: 82
Business Monitor International's India Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on India's insurance industry.
Writing in December 2010, we have been able to include final data for 2009 and to amend projections for 2010 in order to take into account of results for H110 that have actually been released by major crossborder insurers in the Asia Pacific region. For the fiscal year ending March 31 2010, we estimate total premiums in India amounted to INR3,613,019mn. This includes non-life premiums of INR424,770mn and life premiums of INR3,188,249mn. In 2015, the corresponding figures are forecast to be INR6,269,697mn, INR849,710mn and INR5,419,987mn. In terms of the key drivers that underpin our forecasts, we expect non-life penetration to rise from 0.59% of GDP in 2010 to 0.60% in 2015 and for life density to increase from US$58 per capita to a still low US$111 per capita over the same period. BMI’s proprietary Insurance Business Environment Rating for India is 55.8.
As was the case in previous quarters, we provide rankings of the major players in each of the two main segments, as they are seen by the organisation providing the data (which is usually the regulator or the trade association). In India the four largest state-owned insurance companies – New India, National, United India and Oriental – remain dominant and collectively account for about 60% of the premiums written in the non-life segment. Life Insurance Corporation of India (LIC) accounts for nearly 75% of life premiums. ICICI Prudential and Bajaj Allianz are the next largest players. Over time, we hope to derive insights from observing how market shares change. We emphasise, though, that a decline in share of gross written premiums is not automatically a bad thing and is often the result of a corporate decision to focus on more profitable business lines.'
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