India Non-Life Insurance Market
Posted by shankar on January 24th, 2020
India Non-Life Insurance Market was valued US$ XX Mn in 2018 and is expected to reach US$ XX Mn by 2026, at a XX% CAGR of around during a forecast period.
The life insurance sector expanded at faster growth rate and now accounts for XX% of India’s overall premium volume, with penetration four times as high as for the non-life segment. This proposes that even higher premium growth rates could be achieved in India. The Indian insurance industry consists of 57 insurance companies of which 24 are in the life-insurance business and 33 are non-life insurers.
The report covers all the Indian trends and technologies playing a major role in the growth of the non-life insurance market over the forecast period. It highlights the drivers, restraints, opportunities, and challenges expected to influence the market growth during 2019-2026. The Indian non-life insurance industry is driven by the rising demand for many associated sectors, for example, the automobile industry, and the healthcare industry. Total automobile production in India reached US$ XX Mn units in 2018 from US$ XX Mn units in 2017, because of the increased purchasing power of the middle-class population, coupled with an increasing young working population.
Based on the product, the motor insurance segment is expected to grow at the highest XX% CAGR during the forecast period, because of a significant rise in the demand of automobiles, and compulsion of motor insurance across the India. The report provides an in-depth segment analysis of the India non-life insurance market, thereby providing valuable insights at macro as well as micro levels.
Indian Government Initiatives and Laws
In Sept 2018, National Health Protection Scheme was launched under Ayushman Bharat to provide coverage of up to Rs 500,000 to more than US$ XX Mn vulnerable families. The scheme is expected to increase the penetration of health insurance in India from 34 % to 50 %.
Insurance Laws Act, 2015 provides for enhancement of the Foreign Investment Cap in an Indian Insurance Company from XX% to an Explicitly Composite Limit of XX% with the safeguard of Indian Ownership and Control.
Investments and Recent Developments
The report provides a recent development in the Indian market for Non-Life insurance such as in Nov 2018, HDFC Ergo is in advanced talks to acquire Apollo Munich Health Insurance at a valuation of around US$ 370.05 Mn.
The objective of the report is to present comprehensive analysis of India Non-Life Insurance Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The report also helps in understanding India Non-Life Insurance Market dynamics, structure by analyzing the market segments, and project the India Non-Life Insurance Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the India Non-Life Insurance Market make the report investor’s guide.
India Non-Life Insurance Market, by Product
• Motor insurance
• Public insurer
• Individual agents
• Agriculture Insurance Company of India Limited
This Report Is Submitted By @Maximize Market Research Company
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Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
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About the Authorshankar
Joined: July 22nd, 2019
Articles Posted: 156
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