Life Insurance in India, Key Trends and Opportunities to 2018

Date: October 16, 2014
Pages: 194
Price:
US$ 1,950.00
License [?]:
Publisher: Timetric
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: LE66DEF5429EN
Leaflet:

Download PDF Leaflet

Life Insurance in India, Key Trends and Opportunities to 2018
SYNOPSIS

The report provides in-depth market analysis, information and insights into the Indian life insurance segment, including:
  • The Indian life insurance segment’s growth prospects by life insurance category
  • Key trends and drivers for the life insurance segment
  • The various distribution channels in the Indian life insurance segment
  • The detailed competitive landscape of the life insurance segment in India
  • Detailed regulatory policies of the Indian insurance industry
  • A description of the life reinsurance segment in India
  • Porter's Five Forces analysis of the life insurance segment
  • A benchmarking section on Indian life insurance segment in comparison with other BRICS countries
SUMMARY

Life insurance was the largest segment in the Indian insurance industry in 2013, and accounted for 78.5% of the industry’s gross written premium. The segment registered significant growth at a review-period (2009–2013) CAGR of 3.3%. Growth was primarily attributed to the rapid expansion of group superannuation products, which registered a review-period CAGR of 21.7% in terms of gross written premium. Steady expansion in the individual whole life category, which accounted for 77.8% of the life insurance gross written premium, also contributed to the segment’s growth.

Sustainable economic growth and rising GDP, increasing levels of employment, an expanding population, rising life expectancy, increased tax benefits and the introduction of flexible life insurance plans are expected to support the segment’s growth over the forecast period. Gross written premium is projected to increase at a projected forecast-period CAGR of 6.3%.

SCOPE

This report provides a comprehensive analysis of the life insurance segment in India:
  • It provides historical values for the Indian life insurance segment for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
  • It offers a detailed analysis of the key categories in the Indian life insurance segment, along with market forecasts until 2018.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
  • It analyses the various distribution channels for life insurance products in India.
  • Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in India for life insurance business.
  • It provides a detailed analysis of the reinsurance segment in India and its growth prospects.
  • It profiles the top life insurance companies in India and outlines the key regulations affecting them.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the Indian life insurance segment and each category within it
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Indian life insurance segment
  • Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
  • Identify the growth opportunities and market dynamics in key product categories
  • Gain insights into key regulations governing the Indian insurance industry, and their impact on companies and the market's future
KEY HIGHLIGHTS
  • India ranked 10th out of 147 countries in terms of life insurance business gross written premium.
  • The Indian life segment accounted for 78.5% of the industry’s gross written premium in 2013, following growth at a review-period CAGR of 3.3%.
  • Government incentives such as tax exemptions and rebates, along with security of capital by public insurance companies such as Life Insurance Corporation of India (LIC) drove growth in the segment.
  • The individual whole life category was the largest in the life segment and accounted for 77.8% of the segment’s total gross written premium in 2013.
  • In July 2013, IRDA proposed an increase in the FDI limit from 26% to 49% in order to improve, promote and develop the domestic insurance industry.
  • The low penetration rate of the Indian life segment provides ample scope for the development of new business over the forecast period.
1 KEY FACTS AND EVENTS

2 EXECUTIVE SUMMARY

3 INTRODUCTION

3.1 What is this Report About?
3.2 Definitions
3.3 Methodology

4 INDIAN INSURANCE INDUSTRY ATTRACTIVENESS

4.1 Insurance Industry Size, 2009–2018
4.2 Regional Benchmarking
4.3 Overview
  4.3.1 Market trends
  4.3.2 Scale and Penetration
  4.3.3 Total segment gross written premium

5 LIFE INSURANCE OUTLOOK

5.1 Consumer Segmentation
5.2 Key Drivers
5.3 Key Trends
5.4 Challenges
5.5 Life Insurance Growth Prospects by Category
5.6 Individual Life Insurance
  5.6.1 Individual whole life insurance
  5.6.2 Individual general annuity insurance
  5.6.3 Individual pension insurance
5.7 Group Life Insurance
  5.7.1 Group whole life insurance
  5.7.2 Group superannuation insurance
5.8 Life Insurance Growth Prospects by Customer Segment
  5.8.1 Individual single-premium insurance
  5.8.2 Individual non-single-premium insurance
  5.8.3 Group single-premium insurance
  5.8.4 Group non-single-premium insurance
5.9 Life Insurance Growth Prospects by Product Type
  5.9.1 Total linked insurance business
  5.9.2 Total non-linked insurance business

6 ANALYSIS BY DISTRIBUTION CHANNEL

6.1 Direct Marketing
6.2 Bancassurance
6.3 Agencies
6.4 E-commerce
6.5 Brokers
6.6 Other Channels

7 GOVERNANCE, RISK AND COMPLIANCE

7.1 Legislation Overview and Historical Evolution
7.2 Legislation Trends by Type of Insurance
  7.2.1 Life insurance regulatory trends
  7.2.2 Property insurance regulatory trends
  7.2.3 Motor insurance regulatory trends
  7.2.4 Marine, aviation and transit insurance regulatory trends
  7.2.5 Personal accident and health insurance regulatory trends
7.3 Compulsory Insurance
  7.3.1 Motor third-party liability insurance
  7.3.2 Workmen's compensation insurance/employers’ liability insurance
7.4 Supervision and Control
  7.4.1 International Association of Insurance Supervisors
  7.4.2 Insurance Regulatory and Development Authority
7.5 Non-Admitted Insurance Regulatory Trends
  7.5.1 Overview
  7.5.2 Intermediaries
  7.5.3 Market practices
  7.5.4 Fines and penalties
7.6 Company Registration and Operations
  7.6.1 Types of insurance organization
  7.6.2 Establishing a local company
  7.6.3 Foreign ownership
  7.6.4 Types of license
  7.6.5 Capital requirements
  7.6.6 Solvency margins
  7.6.7 Reserve requirements
  7.6.8 Investment regulations
  7.6.9 Statutory return requirements
  7.6.10 Fee structure
7.7 Taxation
  7.7.1 Insurance premium or policy taxation
  7.7.2 Corporate tax
  7.7.3 VAT
  7.7.4 Captives
7.8 Legal System
  7.8.1 Introduction
  7.8.2 Access to court
  7.8.3 Alternative dispute resolution (ADR)

8 COMPETITIVE LANDSCAPE AND STRATEGIC INSIGHTS

8.1 Overview
8.2 Leading Companies in Indian Life Insurance Segment
8.3 Comparison of the Top Five Insurers
  8.3.1 Gross written premium
  8.3.2 Outwards reinsurance expense
  8.3.3 Gross claims
  8.3.4 Total assets
  8.3.5 Total Investment Income
8.4 Leading Life Insurers – New Product Launches
8.5 Leading Life Insurers – Key Developments
8.6 Life Insurance Corporation of India – Company Overview
  8.6.1 Life Insurance Corporation of India – key facts
  8.6.2 Life Insurance Corporation of India – key financials
8.7 ICICI Prudential Life Insurance Co. Ltd – Company Overview
  8.7.1 ICICI Prudential Life Insurance Co. Ltd – key facts
  8.7.2 ICICI Prudential Life Insurance Co. Ltd – key financials
8.8 HDFC Standard Life Insurance Company Ltd – Company Overview
  8.8.1 HDFC Standard Life Insurance Company Ltd – key facts
  8.8.2 HDFC Standard Life Insurance Company Ltd – key financials
8.9 SBI Life Insurance Co. Ltd – Company Overview
  8.9.1 SBI Life Insurance Co. Ltd – key facts
  8.9.2 SBI Life Insurance Co. Ltd – key financial
8.1 Bajaj Allianz Life Insurance Co. Ltd – Company Overview
  8.10.1 Bajaj Allianz Life Insurance Co. Ltd – key facts
  8.10.2 Bajaj Allianz Life Insurance Co. Ltd – key financials
8.11 Max Life Insurance Company Ltd – Company Overview
  8.11.1 Max Life Insurance Company Ltd – key facts
  8.11.2 Max Life Insurance Company Ltd – key financials
8.12 Birla Sun Life Insurance Company Ltd – Company Overview
  8.12.1 Birla Sun Life Insurance Company Ltd – key facts
  8.12.2 Birla Sun Life Insurance Company Ltd – key financials
8.13 Reliance Life Insurance Company Ltd – Company Overview
  8.13.1 Reliance Life Insurance Company Ltd – key facts
  8.13.2 Reliance Life Insurance Company Ltd – key financials
8.14 Kotak Mahindra Old Mutual Life Insurance Ltd – Company Overview
  8.14.1 Kotak Mahindra Old Mutual Life Insurance Ltd – key facts
  8.14.2 Kotak Mahindra Old Mutual Life Insurance Ltd – key financials
8.15 Tata AIA Life Insurance Company Ltd – Company Overview
  8.15.1 Tata AIA Life Insurance Company Ltd – key facts
  8.15.2 Tata AIA Life Insurance Company Ltd – key financials

9 APPENDIX –

9.1 Market Capitalization Trend – Bombay Stock Exchange, India
9.2 GDP at Constant Prices (US$)
9.3 GDP Per Capita at Constant Prices (US$)
9.4 GDP at Current Prices (US$)
9.5 GDP Per Capita at Current Prices (US$)
9.6 Inflation Rate
9.7 Unemployment Rate
9.8 Household Consumption Expenditure (US$)
9.9 Urban and Rural Populations
9.1 Age Distribution of the Total Population

10 APPENDIX –

10.1 Methodology
10.2 Contact Timetric
10.3 About Timetric
10.4 Timetric’s Services
10.5 Disclaimer

LIST OF TABLES

Table 1: Indian Life Insurance – Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: Indian Insurance Industry – Gross Written Premium by Segment (Percentage Share), 2009–2018
Table 4: Indian Insurance Industry – Direct Written Premium by Segment (Percentage Share), 2009–2018
Table 5: India – Life Insurance Regulatory Framework
Table 6: India – Property Insurance Regulatory Framework
Table 7: India – Motor Insurance Regulatory Framework
Table 8: India – Premium Rates for Third-Party (TP) Liability Insurance
Table 9: India – Corporate Income Tax Rates for the Financial Year 2013 – 2014
Table 10: India – Other Corporate Tax Rates for the Financial Year 2012–2013
Table 11: India – Changes in Corporate Tax Rates on Implementation of DTC
Table 12: Shares of Key Insurers in Indian Life Insurance Segment (%), 2013
Table 13: Life Insurance Corporation of India, Key Facts
Table 14:Life Insurance Corporation of India, Key Financials (INR Million), 2009–2013
Table 15: ICICI Prudential Life Insurance Co. Ltd, Key Facts
Table 16:ICICI Prudential Life Insurance Co. Ltd, Key Financials (INR Million), 2009–2013
Table 17: HDFC Standard Life Insurance Company Ltd, Key Facts
Table 18:HDFC Standard Life Insurance Company Ltd, Key Financials (INR Million), 2009–2013
Table 19: SBI Life Insurance Co. Ltd, Key Facts
Table 20:SBI Life Insurance Co. Ltd, Key Financials (INR Million), 2009–2013
Table 21: Bajaj Allianz Life Insurance Co. Ltd, Key Facts
Table 22:Bajaj Allianz Life Insurance Co. Ltd, Key Financials (INR Million), 2009–2013
Table 23: Max Life Insurance Company Ltd, Key Facts
Table 24:Max Life Insurance Company Ltd, Key Financials (INR Million), 2009–2013
Table 25: Birla Sun Life Insurance Company Ltd, Key Facts
Table 26:Birla Sun Life Insurance Company Ltd, Key Financials (INR Million), 2009–2013
Table 27: Reliance Life Insurance Company Ltd, Key Facts
Table 28:Reliance Life Insurance Company Ltd, Key Financials (INR Million), 2009–2013
Table 29: Kotak Mahindra Old Mutual Life Insurance Ltd, Key Facts
Table 30:Kotak Mahindra Old Mutual Life Insurance Ltd, Key Financials (INR Million), 2009–2013
Table 31: Tata AIA Life Insurance Company Ltd, Key Facts
Table 32:Tata AIA Life Insurance Company Ltd, Key Financials (INR Million), 2009–2013

LIST OF FIGURES

Figure 1: Indian Insurance Industry – Gross Written Premium by Segment (INR Billion), 2009–2018
Figure 2: Indian Insurance Industry –Gross Written Premium Dynamics by Segment, (2009–2018)
Figure 3: Indian Insurance Industry – Direct Written Premium by Segment (INR Billion), 2009–2018
Figure 4: Indian Insurance Industry – Direct Written Premium Dynamics by Segment (2009–2018)
Figure 5: BRICS Region – A Snapshot of the Economies and Populations, 2011
Figure 6: BRICS Region – Growth Trends in the Insurance Industry
Figure 7: BRICS Region – GDP at Constant Prices (US$ Trillion) and Annual Per Capita Disposable Income (US$), 2007 and 2011
Figure 8: BRICS Region – Health Expenditure Per Capita (US$), 2007 and 2011
Figure 9: BRICS Life Insurance – Gross Written Premiums (US$ Billion), 2011
Figure 10: Indian Life Insurance–Number of Active Policies and Gross Written Premium (Percentage Share), 2013
Figure 11: Unemployment Rate (%), 2009–2013
Figure 12: Rural and Urban Populations (%), 2009–2013
Figure 13: Indian Population Distribution by Age Group (%), 2009–2013
Figure 14: Indian Life Insurance – Gross Written Premium by Category (INR Billion), 2009–2018
Figure 15: Indian Life Insurance – Gross Written Premium by Category (Percentage Share), 2013 and 2018
Figure 16: Indian Life Insurance – Direct Written Premium by Category (INR Billion), 2009–2018
Figure 17: Indian Life Insurance – Direct Written Premium by Category (Percentage Share), 2013 and 2018
Figure 18: Indian Life Insurance – New Business Written Premium (INR Billion), 2009–2013
Figure 19: Indian Life Insurance– New Business Written Premium (INR Billion), 2013–2018
Figure 20: Indian Life Insurance – Earned Premium (INR Billion), 2009–2013
Figure 21: Indian Life Insurance– Earned Premium (INR Billion), 2013–2018
Figure 22: Indian Life Insurance – Sum Assured (INR Billion), 2009–2013
Figure 23: Indian Life Insurance – Sum Assured (INR Billion), 2013–2018
Figure 24: Indian Life Insurance – Paid Claims (INR Billion), 2009–2013
Figure 25: Indian Life Insurance – Paid Claims (INR Billion), 2013–2018
Figure 26: Indian Life Insurance– Incurred Loss (INR Billion), 2009–2013
Figure 27: Indian Life Insurance – Incurred Loss (INR Billion), 2013–2018
Figure 28: Indian Life Insurance – Loss Ratio (%), 2009–2013
Figure 29: Indian Life Insurance – Loss Ratio (%), 2013–2018
Figure 30: Indian Life Insurance – Commissions and Expenses (INR Billion), 2009–2013
Figure 31: Indian Life Insurance – Commissions and Expenses (INR Billion), 2013–2018
Figure 32: Indian Life Insurance – Combined Ratio (%), 2009–2013
Figure 33: Indian Life Insurance – Combined Ratio (%), 2013–2018
Figure 34: Indian Life Insurance– Fraud and Crimes (INR Billion), 2009–2013
Figure 35: Indian Life Insurance – Fraud and Crimes (INR Billion), 2013–2018
Figure 36: Indian Life Insurance – Total Assets (INR Billion), 2009–2013
Figure 37: Indian Life Insurance – Total Assets (INR Billion), 2013–2018
Figure 38: Indian Life Insurance – Total Investment Income (INR Billion), 2009–2013
Figure 39: Indian Life Insurance – Total Investment Income (INR Billion), 2013–2018
Figure 40: Indian Life Insurance – Retentions (INR Billion), 2009–2013
Figure 41: Indian Life Insurance– Retentions (INR Billion), 2013–2018
Figure 42: Indian Life Insurance – Total Investment(INR Billion), 2009–2013
Figure 43: Indian Life Insurance – Total Investment, 2009 and 2013
Figure 44: Indian Life Insurance – Penetration (%), 2009–2013
Figure 45: Indian Life Insurance – Density(Number of Policies per Capita), 2009–2013
Figure 46: Indian Life Insurance– Number of Active Policies (Thousand), 2009–2013
Figure 47: Indian Life Insurance – Number of Active Policies (Thousand), 2013–2018
Figure 48: Indian Life Insurance– Number of New Policies Sold (Thousand), 2009–2013
Figure 49: Indian Life Insurance – Number of New Policies Sold (Thousand), 2013–2018
Figure 50: Indian Life Insurance – Premium Per-capita (INR), 2009–2013
Figure 51: Indian Individual Life Insurance – Gross Written Premium by Category (INR Billion), 2009–2018
Figure 52: Indian Individual Life Insurance – Direct Written Premium by Category (INR Billion), 2009–2018
Figure 53: Indian Individual Life Insurance – Policies by Category (Thousand), 2009–2018
Figure 54: Indian Individual Whole Life Insurance –Number of Active Policies (Thousand), 2009–2013
Figure 55:Indian Individual Whole Life Insurance–Number of Active Policies (Thousand), 2013–2018
Figure 56: Indian Individual Whole Life Insurance –Gross Written Premium (INR Billion), 2009–2013
Figure 57: Indian Individual Whole Life Insurance –Gross Written Premium (INR Billion), 2013–2018
Figure 58: Indian Individual General Annuity Insurance–Number of Active Policies (Thousand), 2009–2013
Figure 59: Indian Individual General Annuity Insurance – Number of Active Policies (Thousand), 2013–2018
Figure 60: Indian Individual General Annuity Insurance – Gross Written Premium (INR Billion), 2009–2013
Figure 61: Indian Individual General Annuity Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 62: Indian Individual Pension Insurance – Number of Active Policies (Thousand), 2009–2013
Figure 63: Indian Individual Pension Insurance – Number of Active Policies (Thousand), 2013–2018
Figure 64: Indian Individual Pension Insurance – Gross Written Premium (INR Billion), 2009–2013
Figure 65: Indian Individual Pension Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 66: Indian Group Life Insurance – Gross Written Premium by Category (INR Billion), 2009–2018
Figure 67: Indian Group Life Insurance – Direct Written Premium by Category (INR Billion), 2009–2018
Figure 68: Indian Group Life Insurance – Policies by Category (Thousand), 2009–2018
Figure 69: Indian Group Whole Life Insurance –Number of Active Policies (Thousand), 2009–2013
Figure 70: Indian Group Whole Life Insurance–Number of Active Policies (Thousand), 2013–2018
Figure 71: Indian Group Whole Life Insurance –Gross Written Premium (INR Billion), 2009–2013
Figure 72: Indian Group Whole Life Insurance –Gross Written Premium (INR Billion), 2013–2018
Figure 73: Indian Group Superannuation Insurance –Number of Active Policies (Thousand), 2009–2013
Figure 74: Indian Group Superannuation Insurance–Number of Active Policies (Thousand), 2013–2018
Figure 75: Indian Group Superannuation Insurance– Gross Written Premium (INR Billion), 2009–2013
Figure 76: Indian Group Superannuation Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 77: Indian Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013
Figure 78: Indian Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018
Figure 79: Indian Individual Single-Premium Insurance – Gross Written Premium (INR Billion), 2009–2013
Figure 80: Indian Individual Single-Premium Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 81: Indian Individual Single-Premium Insurance – Direct Written Premium (INR Billion), 2009–2013
Figure 82: Indian Individual Single-Premium Insurance – Direct Written Premium (INR Billion), 2013–2018
Figure 83: Indian Individual Non-Single-Premium Insurance –Number of Active Policies (Thousand), 2009–2013
Figure 84: Indian Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018
Figure 85: Indian Individual Non-Single-Premium Insurance – Gross Written Premium (INR Billion), 2009–2013
Figure 86: Indian Individual Non-Single-Premium Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 87: Indian Individual Non-Single-Premium Insurance – Direct Written Premium (INR Billion), 2009–2013
Figure 88: Indian Individual Non-Single-Premium Insurance – Direct Written Premium (INR Billion), 2013–2018
Figure 89: Indian Group Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013
Figure 90: Indian Group Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018
Figure 91: Indian Group Single-Premium Insurance – Gross Written Premium (INR Billion), 2009–2013
Figure 92: Indian Group Single-Premium Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 93: Indian Group Single-Premium Insurance – Direct Written Premium (INR Billion), 2009–2013
Figure 94: Indian Group Single-Premium Insurance – Direct Written Premium (INR Billion), 2013–2018
Figure 95: Indian Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013
Figure 96: Indian Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018
Figure 97: Indian Group Non-Single-Premium Insurance – Gross Written Premium (INR Billion), 2009–2013
Figure 98: Indian Group Non-Single-Premium Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 99: Indian Group Non-Single-Premium Insurance – Direct Written Premium (INR Billion), 2009–2013
Figure 100: Indian Group Non-Single-Premium Insurance – Direct Written Premium (INR Billion), 2013–2018
...

COMPANIES MENTIONED

Life Insurance Corporation of India
ICICI Prudential Life Insurance Co. Ltd
HDFC Standard Life Insurance Co. Ltd
SBI Life Insurance Co. Ltd
Bajaj Allianz Life Insurance Co. Ltd
Max Life Insurance Co. Ltd
Birla Sun Life Insurance Co. Ltd
Reliance Life Insurance Co. Ltd
Kotak Mahindra Old Mutual Life Insurance Co. Ltd
Tata AIA Life Insurance Co. Ltd

Ask Your Question

Life Insurance in India, Key Trends and Opportunities to 2018
Company name*:
Contact person*:
Phone/fax*:
Email*:
Request invoice
Your enquiry: