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India – The Next Insurance Giant in Asia-Pac
The Knowledge Centre (Sheffield Haworth), April 2008, Pages: 127
Insurance is one major sector which has been on a continuous growth curve since the revival of the Indian economy. Taking into account the huge population and growing per capita income besides several other driving factors, a huge opportunity is in store for the insurance companies in India. According to the latest research findings, nearly 80% of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subjected to weak social security and pension systems with hardly any old age income security. As per our findings, insurance in India is primarily used as a means to improve personal finances and for income tax planning; Indians have a tendency to invest in properties and gold followed by bank deposits. They selectively invest in shares also but the percentage is very small--4-5%. This in itself is an indicator that growth potential for the insurance sector is immense. It’s a business growing at the rate of 15-20% per annum and presently is of the order of $47.9 billion.
Topics covered in the report:
- Trend analysis of Indian economy and growing macroeconomic factors and
- India’s position in the context of emerging countries
- Historical growth trends & growth drivers of Insurance & its sub-sectors in India and outlook till 2011.
- Market size of insurance sector (total, life & non-life) since 2000 till 2007
- Market forecast of insurance sector (total, life & non-life) between 2007 and 2011
- Key issues & challenges, major trends & opportunities
- Government’s initiatives to promote & regulate the insurance market
- Competitive landscape and market share of top players
- And many more...
Emerging Areas:
- Healthcare Insurance & Pension Plans
- Mutual fund linked insurance products
- Multiple Distribution Networks .i.e. Bancassurance
Major Driving Factors:
- Growing demand from semi-urban population
- Entry of private players following the deregulation
- Rising demand for retirement provision in the ageing population
- The opening of the pension sector and the establishment of the new pension regulator
- Rising per capita incomes among the strong middle class, and spreading affluence
- Growing consumer class and increase in spending & saving capacity
- Public private partnerships infrastructure development
- Dearth of innovative & buyer-friendly insurance products
- Success of Auto insurance sector
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