Non-Life Insurance in India, Key Trends and Opportunities to 2019

Date: September 4, 2015
Pages: 148
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US$ 1,450.00
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Publisher: Timetric
Report type: Strategic Report
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Non-Life Insurance in India, Key Trends and Opportunities to 2019
Synopsis

Timetric’s 'Non-Life Insurance in the India, Key Trends and Opportunities to 2019' report provides detailed outlook by product category in the Indian non-life insurance segment and a comparison of the Indian insurance industry with its regional counterparts .

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of India's economy and demographics, explains the various types of natural hazard and their impact on the Indian insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in regulatory structure.

Summary

Timetric’s 'Non-Life Insurance in the India, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Indian non-life insurance segment, including:
  • The Indian non-life insurance segment’s detailed outlook by product category
  • A comprehensive overview of India's economy and demographics
  • A comparison of the Indian insurance industry with regional counterparts
  • Detailed analysis of natural hazards and their impact on the Indian insurance industry
  • The various distribution channels in the Indian non-life insurance segment
  • Details of the competitive landscape in the non-life insurance segment in India
  • Details of regulatory policy applicable to the Indian insurance industry
Scope

This report provides a comprehensive analysis of the non-life insurance segment in India:
  • It provides historical values for the Indian non-life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key categories in the Indian non-life insurance segment, and market forecasts to 2019.
  • It analyzes the various distribution channels for non-life insurance products in India.
  • It profiles the top non-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 non-life insurance segment and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Indian non-life insurance segment.
  • Assess the competitive dynamics in the non-life insurance 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 industry's future.
Key Highlights
  • Despite a large potential consumer base, India’s non-life insurance segment is still in a nascent stage of development, with a penetration rate broadly in line with that of Vietnam and Indonesia.
  • The Indian non-life insurance segment is concentrated, with the top 10 companies accounting for 77.5% of the gross written premium in 2014.
  • Motor insurance was the largest non-life category, accounting for 54.0% of the segment’s gross written premium in 2014.
  • Construction activity in India is expected to grow for both residential and commercial projects, driven by infrastructure improvements and the implementation of the government’s 12th Five-Year Plan (2012–2017).
  • The high volume of motor insurance claims, fraudulent claims, and commission and expenses affected the segment’s underwriting profitability.
  • The Indian government is working on the Automotive Mission Plan II 2016–2026 to encourage foreign investment through more favorable regulations, and make India a destination for automobile manufacturing.
1 KEY FACTS AND EVENTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison
4.2 Segment Indicators
  4.2.1 Gross written premium and penetration
  4.2.2 Policies sold
  4.2.3 Claims
  4.2.4 Profitability
  4.2.5 Assets and investments

5 OUTLOOK BY CATEGORY

5.1 Property Insurance
  5.1.1 Product overview
  5.1.2 Premium
  5.1.3 Policies
  5.1.4 Claims
  5.1.5 Profitability
5.2 Motor Insurance
  5.2.1 Product overview
  5.2.2 Premium
  5.2.3 Policies
  5.2.4 Claims
  5.2.5 Profitability
5.3 Liability Insurance
  5.3.1 Product overview
  5.3.2 Premiums
  5.3.3 Policies
  5.3.4 Claims
  5.3.5 Profitability
5.4 Marine, Aviation and Transit Insurance
  5.4.1 Product overview
  5.4.2 Premium
  5.4.3 Policies
  5.4.4 Claims
  5.4.5 Profitability

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel
  6.1.1 Agencies
  6.1.2 Direct marketing
  6.1.3 Brokers
  6.1.4 Bancassurance
  6.1.5 E-commerce
  6.1.6 Other distribution channels

7 NATURAL HAZARDS

7.1 Flooding
7.2 Cyclones and Storms
7.3 Extreme Temperatures
7.4 Earthquakes
7.5 Exposure

8 COMPETITIVE LANDSCAPE

8.1 Company Rankings
8.2 Comparison of the Top Five Insurers
  8.2.1 Gross written premium
8.3 Company Profiles
  8.3.1 New India Assurance Co. Ltd
  8.3.2 National Insurance Co. Ltd
  8.3.3 United India Insurance Co. Ltd
  8.3.4 Oriental Insurance Company Ltd
  8.3.5 Bajaj Allianz General Insurance Co. Ltd
  8.3.6 ICICI Lombard General Insurance Co. Ltd
  8.3.7 Iffco-Tokio General Insurance Co. Ltd
  8.3.8 Tata AIG General Insurance Company Ltd
  8.3.9 HDFC Ergo General Insurance Company Ltd
  8.3.10 Reliance General Insurance Company Ltd

9 GOVERNANCE, RISK AND COMPLIANCE

9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
  9.3.1 Life insurance
  9.3.2 Property insurance
  9.3.3 Motor insurance
  9.3.4 Liability insurance
  9.3.5 Marine, aviation and transit insurance
  9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
  9.4.1 Third-party liability insurance for owner of hazardous facilities
  9.4.2 Motor third-party liability insurance
  9.4.3 Professional indemnity insurance for insurance brokers and web aggregators
  9.4.4 Workmen's compensation insurance/employers’ liability insurance
9.5 Supervision and Control
  9.5.1 International Association of Insurance Supervisors
  9.5.2 Insurance Regulatory and Development Authority of India
9.6 Non-Admitted Insurance Regulations
  9.6.1 Overview
  9.6.2 Intermediaries
  9.6.3 Market practices
  9.6.4 Fines and penalties
9.7 Company Registration and Operations
  9.7.1 Types of insurance organization
  9.7.2 Establishing a local company
  9.7.3 Foreign ownership
  9.7.4 Types of license
  9.7.5 Capital requirements
  9.7.6 Solvency margins
  9.7.7 Reserve requirements
  9.7.8 Investment regulations
  9.7.9 Statutory return requirements
  9.7.10 Fee structure
9.8 Taxation
  9.8.1 Insurance premium or policy taxation
  9.8.2 Withholding taxes on premium paid overseas
  9.8.3 Corporate tax
  9.8.4 VAT
  9.8.5 Captives
9.9 Legal System
  9.9.1 Introduction
  9.9.2 Access to court
  9.9.3 Alternative dispute resolution (ADR)

10 DATABOOK

10.1 Policies and Premium

11 DEFINITIONS AND METHODOLOGY

11.1 Definitions
11.2 Methodology

12 ABOUT TIMETRIC

12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric’s Services
12.4 Disclaimer

LIST OF TABLES

Table 1: Indian Non-Life Insurance – Key Facts, 2014
Table 2: Non-Life Segment Shares of the Top Insurers in India, 2014
Table 3: Indian Government Credit Ratings
Table 4: Indian Non-Life Insurance – Gross Written Premium (INR Billion and US$ Billion), 2010–2014
Table 5: Indian Non-Life Insurance – Penetration (%), 2010–2014
Table 6: Indian Non-Life Insurance – Gross Written Premium (INR Billion and US$ Billion), 2014–2019
Table 7: Indian Non-Life Insurance – Penetration (%), 2014–2019
Table 8: Indian Non-Life Insurance – Premium per Capita (INR and US$), 2010–2014
Table 9: Indian Non-Life Insurance – Premium per Capita (INR and US$), 2014–2019
Table 10: Indian Non-Life Insurance – Number of Policies Sold (Thousand), 2010–2014
Table 11: Indian Non-Life Insurance – Number of Policies Sold (Thousand), 2014–2019
Table 12: Indian Non-Life Insurance – Paid Claims (INR Billion and US$ Billion), 2010–2014
Table 13: Indian Non-Life Insurance – Paid Claims (INR Billion and US$ Billion), 2014–2019
Table 14: Indian Non-Life Insurance – Profitability Ratios (%), 2010–2014
Table 15: Indian Non-Life Insurance – Profitability Ratios (%), 2014–2019
Table 16: Indian Non-Life Insurance – Total Assets (INR Billion and US$ Billion), 2010–2014
Table 17: Indian Non-Life Insurance – Total Assets (INR Billion and US$ Billion), 2014–2019
Table 18: Indian Non-Life Insurance – Total Investment Income (INR Billion and US$ Billion), 2010–2014
Table 19: Indian Non-Life Insurance – Total Investment Income (INR Billion and US$ Billion), 2014–2019
Table 20: Indian Non-Life Insurance – Investment Portfolio (INR Billion), 2010–2014
Table 21: Indian Non-Life Insurance – Investment Portfolio (INR Billion), 2014–2019
Table 22: Indian Non-Life Insurance – Gross Written Premium by Category (INR Billion), 2010–2014
Table 23: Indian Non-Life Insurance – Gross Written Premium by Category (INR Billion), 2014–2019
Table 24: India – Estimated Losses Due to Natural Disasters (US$ Million), 2015
Table 25: Indian Property Insurance – Gross Written Premium by Sub-Category (INR Billion), 2010–2014
Table 26: Indian Property Insurance – Gross Written Premium by Sub-Category (INR Billion), 2014–2019
Table 27: Indian Property Insurance – Number of Policies Sold by Sub-Category (Thousands), 2010–2014
Table 28: Indian Property Insurance – Number of Policies Sold by Sub-Category (Thousands), 2014–2019
Table 29: Indian Property Insurance – Paid Claims (INR Billion and US$ Billion), 2010–2014
Table 30: Indian Property Insurance – Paid Claims (INR Billion and US$ Billion), 2014–2019
Table 31: Indian Property Insurance – Loss Ratio, 2010–2014
Table 32: Indian Property Insurance – Loss Ratio (%), 2014–2019
Table 33: India – Premium Rates for Third–Party Liability Insurance (INR and US$)
Table 34: Indian Motor Insurance – Gross Written Premium by Sub-Category (INR Billion), 2010–2014
Table 35: Indian Motor Insurance – Gross Written Premium by Sub-Category (INR Billion), 2014–2019
Table 36: Indian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2010–2014
Table 37: Indian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2014–2019
Table 38: Indian Motor Insurance – Paid Claims (INR Billion and US$ Billion), 2010–2014
Table 39: Indian Motor Insurance – Paid Claims (INR Billion and US$ Billion), 2014–2019
Table 40: Indian Motor Insurance – Loss Ratio (%), 2010–2014
Table 41: Indian Motor Insurance – Loss Ratio (%), 2014–2019
Table 42: Indian Liability Insurance – Gross Written Premium (INR Billion), 2010–2014
Table 43: Indian Liability Insurance – Gross Written Premium (INR Billion), 2014–2019
Table 44: Indian Liability Insurance – Number of Policies Sold (Thousand), 2010–2014
Table 45: Indian Liability Insurance – Number of Policies Sold (Thousand), 2014–2019
Table 46: Indian Liability Insurance – Paid Claims (INR Billion and US$ Billion), 2010–2014
Table 47: Indian Liability Insurance – Paid Claims (INR Billion and US$ Billion), 2014–2019
Table 48: Indian Liability Insurance – Loss Ratio (%), 2010–2014
Table 49: Indian Liability Insurance – Loss Ratio (%), 2014–2019
Table 50: Indian Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (INR Billion), 2010–2014
Table 51: Indian Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (INR Billion), 2014–2019
Table 52: Indian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2010–2014
Table 53: Indian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2014–2019
Table 54: Indian Marine, Aviation and Transit Insurance – Paid Claims (INR Billion and US$ Billion), 2010–2014
Table 55: Indian Marine, Aviation and Transit Insurance – Paid Claims (INR Billion and US$ Billion),, 2014–2019
Table 56: Indian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2010–2014
Table 57: Indian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2014–2019
Table 58: Indian Non-Life Insurance – Direct Written Premium by Distribution Channel (INR Billion), 2010–2014
Table 59: Indian Non-Life Insurance – Direct Written Premium by Distribution Channel (INR Billion), 2014–2019
Table 60: Indian Non-Life Insurance – Direct Written Premium by Distribution Channel (%), 2010–2019
Table 61: Indian Non-Life Insurance – Bancassurance Agreements
Table 62: Indian Average Annual Loss by Hazard, 1990–2014
Table 63: Indian Non-Life Insurance – Shares of Top Insurers (%), 2014
Table 64: New India Assurance Co. Ltd – Key Facts
Table 65: New India Assurance Co. Ltd, Key Financials (INR Million), 2010–2014
Table 66: National Insurance Co. Ltd – Key Facts
Table 67: National Insurance Co. Ltd, Key Financials (INR Million), 2010–2014
Table 68: United India Insurance Co. Ltd – Key Facts
Table 69: United India Insurance Co. Ltd, Key Financials (INR Million), 2010–2014
Table 70: Oriental Insurance Company Ltd – Key Facts
Table 71: Oriental Insurance Company Ltd, Key Financials (INR Million), 2010–2014
Table 72: Bajaj Allianz General Insurance Co. Ltd – Key Facts
Table 73: Bajaj Allianz General Insurance Co. Ltd, Key Financials (INR Million), 2010–2014
Table 74: ICICI Lombard General Insurance Co. Ltd – Key Facts
Table 75: ICICI Lombard General Insurance Co. Ltd, Key Financials (INR Million), 2010–2014
Table 76: Iffco-Tokio General Insurance Co. Ltd – Key Facts
Table 77: Iffco-Tokio General Insurance Co. Ltd, Key Financials (INR Million), 2010–2014
Table 78: Tata AIG General Insurance Company Ltd – Key Facts
Table 79: Tata AIG General Insurance Company Ltd, Key Financials (INR Million), 2010–2014
Table 80: HDFC Ergo General Insurance Company Ltd – Key Facts
Table 81: HDFC Ergo General Insurance Company Ltd, Key Financials (INR Million), 2010–2014
Table 82: Reliance General Insurance Company Ltd – Key Facts
Table 83: Reliance General Insurance Company Ltd, Key Financials (INR Million), 2010–2014
Table 84: India – Insurance Regulatory Framework Key Features
Table 85: India – Life Insurance Regulatory Framework
Table 86: India – Property Insurance Regulatory Framework
Table 87: India – Motor Insurance Regulatory Framework
Table 88: India – Liability Insurance Regulatory Framework
Table 89: India – Premium Rates for Third–Party (TP) Liability Insurance
Table 90: India – Employee Compensation Benefits
Table 91: India – Surcharge for the Financial Year 2015
Table 92: India – Other Corporate Tax Rates for the Financial Year 2015
Table 93: Indian Insurance Industry, Policies and Premium, 2010–2014
Table 94: Indian Insurance Industry, Policies and Premium, 2014–2019
Table 95: Indian Non-Life Insurance – Policies and Premium, 2010–2014
Table 96: Indian Non-Life Insurance – Policies and Premium, 2014–2019
Table 97: Indian Non-Life Insurance – Policies and Premium by Property Insurance, 2010–2014
Table 98: Indian Non-Life Insurance – Policies and Premium by Property Insurance, 2014–2019
Table 99: Indian Non-Life Insurance – Policies and Premium by Motor Insurance, 2010–2014
Table 100: Indian Non-Life Insurance – Policies and Premium by Motor Insurance, 2014–2019
Table 101: Indian Non-Life Insurance – Policies and Premium by Liability Insurance, 2010–2014
Table 102: Indian Non-Life Insurance – Policies and Premium by Liability Insurance, 2014–2019
Table 103: Indian Non-Life Insurance – Policies and Premium by Marine, Aviation and Transit Insurance, 2010–2014
Table 104: Indian Non-Life Insurance – Policies and Premium by Marine, Aviation and Transit Insurance, 2014–2019
Table 105: Indian Non-Life Insurance – Gross Written Premium by Sub-Category (INR billion), 2010–2014
Table 106: Indian Non-Life Insurance – Gross Written Premium by Sub-Category (INR billion), 2014–2019
Table 107: Indian Non-Life Insurance – Direct Written Premium by Sub-Category (INR billion), 2010–2014
Table 108: Indian Non-Life Insurance – Direct Written Premium by Sub-Category (INR billion), 2014–2019
Table 109: Indian Non-Life Insurance – Penetration by Sub-Category (%), 2010–2014
Table 110: Indian Non-Life Insurance – Penetration by Sub-Category (%), 2014–2019
Table 111: Indian Non-Life Insurance – Number of Active Policies by Sub-Category (Thousand), 2010–2014
Table 112: Indian Non-Life Insurance – Number of Active Policies by Sub-Category (Thousand), 2014–2019
Table 113: Insurance Industry Definitions

LIST OF FIGURES

Figure 1: Indian Real GDP, 2010–2019
Figure 2: INR–US$ Exchange Rate, 2010–2019
Figure 3: Indian Consumer Price Inflation, 2010–2019
Figure 4: Indian Current Account Balance (Percentage of GDP), 2009–2013
Figure 5: Indian Unemployment Rate, 2010–2019
Figure 6: Indian Non-Life Insurance – Population by Age Group, 1991–2025
Figure 7: Indian Non-Life Insurance Penetration – Regional Comparison (%), 2014
Figure 8: Indian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2014
Figure 9: Indian Non-Life Insurance – Gross Written Premium (INR Billion), 2010–2019
Figure 10: Indian Non-Life Insurance – Penetration (%), 2010–2019
Figure 11: Indian Non-Life Insurance – Premium per Capita (INR), 2010–2019
Figure 12: Indian Non-Life Insurance – Number of Policies Sold (Thousand), 2010–2019
Figure 13: Indian Non-Life Insurance – Paid Claims (INR Billion), 2010–2019
Figure 14: Indian Non-Life Insurance – Profitability Ratios (%), 2010–2019
Figure 15: Indian Non-Life Insurance – Total Assets (INR Billion), 2010–2019
Figure 16: Indian Non-Life Insurance – Total Investment Income (INR Billion), 2010–2019
Figure 17: Indian Non-Life Insurance – Investment Portfolio (INR Billion), 2010–2019
Figure 18: Indian Non-Life Insurance – Investment Portfolio Dynamics by Category, 2010–2019
Figure 19: Indian Non-Life Insurance – Gross Written Premium by Category (INR Billion), 2010–2019
Figure 20: Indian Non-Life Insurance – Gross Written Premium Dynamics by Category, 2010–2019
Figure 21: India – Construction Output by Project Type (INR Trillion), 2009–2018
Figure 22: Indian Property Insurance – Gross Written Premium by Sub-Category (INR Billion), 2010–2019
Figure 23: Indian Property Insurance – Gross Written Premium Dynamics by Sub-Category, 2010–2019
Figure 24: Indian Property Insurance – Number of Policies Sold by Sub-Category, 2010–2019
Figure 25: Indian Property Insurance – Paid Claims (INR Billion), 2010–2019
Figure 26: Indian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (INR Billion), 2010–2019
Figure 27: Indian Motor Insurance – Gross Written Premium by Sub-Category (INR Billion), 2010–2019
Figure 28: Indian Motor Insurance – Gross Written Premium Dynamics by Sub-Category, 2010–2019
Figure 29: Indian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2010–2019
Figure 30: Indian Motor Insurance – Paid Claims (INR Billion), 2010–2019
Figure 31: Indian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (INR Billion), 2010–2019
Figure 32: Indian Liability Insurance – Gross Written Premium (INR Billion), 2010–2019
Figure 33: Indian Liability Insurance – Number of Policies Sold (Thousand), 2010–2019
Figure 34: Indian Liability Insurance – Paid Claims (INR Billion), 2010–2019
Figure 35: Indian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (INR Billion), 2010–2019
Figure 36: Indian Marine, Aviation and Transit Insurance – Gross Written Premium (INR Billion), 2010–2019
Figure 37: Indian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2010–2019
Figure 38: Indian Marine, Aviation and Transit Insurance – Paid Claims (INR Billion), 2010–2019
Figure 39: Indian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (INR Billion), 2010–2019
Figure 40: Indian Non-Life Insurance – Direct Written Premium by Distribution Channel (%), 2010, 2014 and 2019
Figure 41: Indian Frequency of Hazards by Type, 1990–2014
Figure 42: Indian Mortality of Hazards by Type, 1990–2014
Figure 43: Indian Economic issues of Hazards by Type, 1990–2014
Figure 44: Indian Non-Life Insurance – Shares of Top Insurers (%), 2014
Figure 45: Indian Non-Life Insurance – Top Insurers’ Gross Written Premium Growth Relative to Segment Overall (%), 2010–2014
Figure 46: India – Insurance Supervision and Control at Various Levels
Figure 47: India – Insurance Regulatory Frameworks for Company Registration and Operation
Figure 48: India – Judiciary System
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