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Non-Life Insurance in India, Key Trends and Opportunities to 2018

Date: October 17, 2014
Pages: 197
Price:
US$ 1,950.00
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Publisher: Timetric
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: NCCF155CBC8EN
Leaflet:

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

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

The Indian non-life insurance segment registered significant growth during the review period (2009–2013), despite the global financial crisis in 2009. The increase was primarily due to growing awareness of compulsory motor third-party liability insurance, and rising property prices in major Indian cities such as Mumbai and Bangalore. This was encouraged by rising income levels that increased demand for motor and property insurance. These factors are expected to enable the segment to record a forecast-period (2009–2018) CAGR of 11.3%.

The segment is dominated by public sector insurers, and the combined market value of all private non-life insurers is less than 50% of the total non-life insurance written premium. Public sector insurers are expected to continue to dominate the segment over the forecast period, although private non-life insurers are expected to gradually increase their market shares. Although the Indian non-life segment grew rapidly during the review period, it remains largely underpenetrated due to poor awareness of the benefits of non-life insurance, low penetration in rural areas, and a lack of an effective distribution model.

SCOPE

This report provides a comprehensive analysis of the non-life insurance segment in India:
  • It provides historical values for India’s non-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 India’s non-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 non-life insurance products in India.
  • Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in India for the non-life insurance segment.
  • It provides a detailed analysis of the reinsurance segment in India and its growth prospects.
  • 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, 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
  • In terms of gross written premium, the non-life segment grew at a review-period CAGR of 17.0%.
  • Motor insurance is a prominent category in the Indian non-life segment, while engineering, marine, aviation and transit, and general liability are the other main non-life products.
  • Motor insurance was the largest category in terms of gross written premium, and accounted for 56.3% of the segment in 2013.
  • Property insurance was the second-largest category in the non-life segment and accounted for 35.2% of the segment’s gross written premium.
  • The rise in the smartphone users in the country has encouraged insurers to introduce mobile apps for the quick and settlement of claims and online payment of premiums.
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 NON-LIFE INSURANCE OUTLOOK

5.1 Consumer Segmentation
5.2 Key Drivers
5.3 Key Trends
5.4 Challenges
5.5 Non-Life Insurance Growth Prospects by Category
5.6 Property Insurance
  5.6.1 Fire and allied perils insurance
  5.6.2 Engineering insurance
  5.6.3 Agriculture insurance
  5.6.4 Other property insurance
5.7 Motor Insurance
  5.7.1 Motor hull insurance
  5.7.2 Motor third-party insurance
5.8 Liability Insurance
5.9 Marine, Aviation and Transit Insurance
  5.9.1 Marine insurance
  5.9.2 Marine hull insurance
  5.9.3 Marine liability insurance
  5.9.4 Aviation insurance
  5.9.5 Transit insurance

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 the Indian Non-Life Insurance Segment
8.3 Comparison of the Top Five Insurers
  8.3.1 Gross written premium
  8.3.2 Net earned premiums
  8.3.3 Paid claims
  8.3.4 Loss ratio
8.4 Leading Non-Life Insurers – New Product Launches
8.5 Leading Non-life Insurers – Key Developments
8.6 New India Assurance Co. Ltd – Company Overview
  8.6.1 New India Assurance Co. Ltd – key facts
  8.6.2 New India Assurance Co. Ltd – key financials
8.7 United India Insurance Co. Ltd – Company Overview
  8.7.1 United India Insurance Co. Ltd – key facts
  8.7.2 United India Insurance Co. Ltd – key financials
8.8 National Insurance Co. Ltd – Company Overview
  8.8.1 National Insurance Co. Ltd – key facts
  8.8.2 National Insurance Co. Ltd – key financials
8.9 Oriental Insurance Company Ltd – Company Overview
  8.9.1 Oriental Insurance Company Ltd – key facts
  8.9.2 Oriental Insurance Company Ltd – key financials
8.1 ICICI Lombard General Insurance Co. Ltd – Company Overview
  8.10.1 ICICI Lombard General Insurance Co. Ltd – key facts
  8.10.2 ICICI Lombard General Insurance Co. Ltd – key financials
8.11 Bajaj Allianz General Insurance Co. Ltd – Company Overview
  8.11.1 Bajaj Allianz General Insurance Co. Ltd – key facts
  8.11.2 Bajaj Allianz General Insurance Co. Ltd – key financials
8.12 Agriculture Insurance Company – Company Overview
  8.12.1 Agriculture Insurance Company – key facts
  8.12.2 Agriculture Insurance Company –key financials
8.13 Iffco-Tokio General Insurance Co. Ltd – Company Overview
  8.13.1 Iffco-Tokio General Insurance Co. Ltd – key facts
  8.13.2 Iffco-Tokio General Insurance Co. Ltd – key financials
8.14 Tata AIG General Insurance Company Ltd –Company Overview
  8.14.1 Tata AIG General Insurance Company Ltd – key facts
  8.14.2 Tata AIG General Insurance Company Ltd – key financials
8.15 Reliance General Insurance Company Ltd – Company Overview
  8.15.1 Reliance General Insurance Company Ltd – key facts
  8.15.2 Reliance General 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 GDP by Key Sector
9.7 Inflation Rate
9.8 Construction Net Output at Current Prices (US$)
9.9 Construction Net Output at Current Prices as a Percentage of GDP
9.1 Household Consumption Expenditure (US$)
9.11 Total Population
9.12 Urban and Rural Populations
9.13 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 Non-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 the Indian Non-Life Insurance Segment (%), 2013
Table 13: New India Assurance Co. Ltd, Key Facts
Table 14: New India Assurance Co. Ltd, Key Financials (INR Million), 2009-2013
Table 15: United India Insurance Co. Ltd, Key Facts
Table 16:United India Insurance Co. Ltd, Key Financials (INR Million), 2009-2013
Table 17: National Insurance Co. Ltd, Key Facts
Table 18: National Insurance Co. Ltd, Key Financials (INR Million), 2009-2013
Table 19: Oriental Insurance Company Ltd, Key Facts
Table 20: Oriental Insurance Company Ltd, Key Financials (INR Million), 2009-2013
Table 21: ICICI Lombard General Insurance Co. Ltd, Key Facts
Table 22: ICICI Lombard General Insurance Co. Ltd, Key Financials (INR Million), 2009-2013
Table 23: Bajaj Allianz General Insurance Co. Ltd, Key Facts
Table 24: Bajaj Allianz General Insurance Co. Ltd, Key Financials (INR Million), 2009-2013
Table 25: Agriculture Insurance Company, Key Facts
Table 26:Agriculture Insurance Company, Key Financials (INR Million), 2009-2013
Table 27: Iffco-Tokio General Insurance Co. Ltd, Key Facts
Table 28: Iffco-Tokio General Insurance Co. Ltd, Key Financials (INR Million), 2009-2013
Table 29: Tata AIG General Insurance Company Ltd, Key Facts
Table 30:Tata AIG General Insurance Company Ltd, Key Financials (INR Million), 2009-2013
Table 31: Reliance General Insurance Company Ltd, Key Facts
Table 32: Reliance General 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 Non-Life Insurance – Gross Written Premiums (US$ Billion), 2011
Figure 10: Indian Non-Life Insurance–Number of Active Policies and Construction (% Share), 2013
Figure 11: Distribution of Employment by Sector (%), 2010–2012
Figure 12: Construction and Manufacturing Net Output (US$ Billion), 2008–2012
Figure 13: Rural and Urban Populations (%), 2009 and 2013
Figure 14: Agricultural Net Output as a Percentage of GDP, 2008–2012
Figure 15: Exports and Imports as a Percentage of GDP, 2009–2013
Figure 16: Indian Non-Life Insurance – Gross Written Premium by Category (INR Billion), 2009–2018
Figure 17: Indian Non-Life Insurance – Gross Written Premium byCategory (% Share), 2013and 2018
Figure 18: Indian Non-Life Insurance – Gross Written Premium Dynamics by Category (%), 2009–2018
Figure 19: Indian Non-Life Insurance –Direct Written Premium by Category (INR Billion), 2009–2018
Figure 20: Indian Non-Life Insurance – Direct Written Premium by Category (% Share), 2013 and 2018
Figure 21: Indian Non-Life Insurance –Earned Premium (INR Billion), 2009–2013
Figure 22: Indian Non-Life Insurance – Earned Premium (INR Billion), 2013–2018
Figure 23: Indian Non-Life Insurance – Paid Claims by Category (INR Billion), 2009–2018
Figure 24: Indian Non-Life Insurance – Incurred Loss by Category (INR Billion), 2009–2018
Figure 25: Indian Non-Life Insurance – Retentions by Category (INR Billion), 2009–2018
Figure 26: Indian Non-Life Insurance – Loss Ratio (%), 2009–2013
Figure 27: Indian Non-Life Insurance – Loss Ratio (%), 2013–2018
Figure 28: Indian Non-Life Insurance –Commissions and Expenses (INR Billion), 2009–2013
Figure 29: Indian Non-Life Insurance – Commissions and Expenses (INR Billion), 2013–2018
Figure 30: Indian Non-Life Insurance – Combined Ratio (%), 2009–2013
Figure 31: Indian Non-Life Insurance – Combined Ratio (%), 2013–2018
Figure 32: Indian Non-Life Insurance – Fraud and Crimes (INR Billion), 2009–2013
Figure 33: Indian Non-Life Insurance – Fraud and Crimes (INR Billion), 2013–2018
Figure 34: Indian Non-Life Insurance – Total Assets (INR Billion), 2009–2013
Figure 35: Indian Non-Life Insurance – Total Assets (INR Billion), 2013–2018
Figure 36: Indian Non-Life Insurance – Total Investment Income (INR Billion), 2009–2013
Figure 37: Indian Non-Life Insurance – Total Investment Income (INR Billion), 2013–2018
Figure 38: Indian Non-Life Insurance – Retentions (INR Billion), 2009–2013
Figure 39: Indian Non-Life Insurance – Retentions (INR Billion), 2013–2018
Figure 40: Indian Non-Life Insurance – Total Investment (INR Billion), 2009–2013
Figure 41: Indian Non-Life Insurance – Total Investment (% Share), 2009 and2013
Figure 42: Indian Non-Life Insurance – Penetration (%), 2009–2013
Figure 43: Indian Non-Life Insurance – Number of Policies Sold (Thousand), 2009–2013
Figure 44: Indian Non-Life Insurance – Number of Policies Sold (Thousand), 2013–2018
Figure 45: Indian Non-Life Insurance – Premium Per Capita (INR), 2009–2013
Figure 46: Indian Property Insurance – Gross Written Premium by Sub-Category (INR Billion), 2009–2018
Figure 47: Indian Property Insurance – Direct Written Premium by Sub-Category (INR Billion), 2009–2018
Figure 48: Indian Property Insurance – Loss Ratio (%), 2009–2013
Figure 49: Indian Property Insurance – Loss Ratio (%), 2013–2018
Figure 50: Indian Fire and Allied Perils Insurance – Number of Policies Sold (Thousand), 2009–2013
Figure 51: Indian Fire and Allied Perils Insurance – Number of Policies Sold (Thousand), 2013–2018
Figure 52: Indian Fire and Allied Perils Insurance – Gross Written Premium (INR Billion), 2009–2013
Figure 53: Indian Fire and Allied Perils Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 54: Indian Engineering Insurance – Number of Policies Sold (Thousand), 2009–2013
Figure 55: Indian Engineering Insurance – Number of Policies Sold (Thousand), 2013–2018
Figure 56: Indian Engineering Insurance – Gross Written Premium (INR Billion), 2009–2013
Figure 57: Indian Engineering Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 58: Indian Agriculture Insurance – Number of Policies Sold (Thousand), 2009–2013
Figure 59: Indian Agriculture Insurance – Number of Policies Sold (Thousand), 2013–2018
Figure 60: Indian Agriculture Insurance – Gross Written Premium (INR Billion), 2009–2013
Figure 61: Indian Agriculture Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 62: Indian Other Property Insurance – Number of Policies Sold (Thousand), 2009–2013
Figure 63: Indian Other Property Insurance – Number of Policies Sold (Thousand), 2013–2018
Figure 64: Indian Other Property Insurance – Gross Written Premium (INR Billion), 2009–2013
Figure 65: Indian Other Property Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 66: Indian Motor Insurance – Gross Written Premium by Sub-Category (INR Billion), 2009–2018
Figure 67: Indian Motor Insurance – Direct Written Premium by Sub-Category (INR Billion), 2009–2018
Figure 68: Indian Motor Insurance – Loss Ratio (%), 2009–2013
Figure 69: Indian Motor Insurance – Loss Ratio (%), 2013–2018
Figure 70: Indian Motor Hull Insurance–Number of Policies Sold (Thousand), 2009–2013
Figure 71: Indian Motor Hull Insurance – Number of Policies Sold (Thousand), 2013–2018
Figure 72: Indian Motor Hull Insurance–Gross Written Premium (INR Billion), 2009–2013
Figure 73: Indian Motor Hull Insurance–Gross Written Premium (INR Billion), 2013–2018
Figure 74: Indian Motor Third-Party Insurance – Number of Policies Sold (Thousand), 2009–2013
Figure 75: Indian Motor Third-Party Insurance – Number of Policies Sold (Thousand), 2013–2018
Figure 76: Indian Motor Third-Party Insurance – Gross Written Premium (INR Billion), 2009–2013
Figure 77: Indian Motor Third-Party Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 78: Indian Liability Insurance – Number of Policies Sold (Thousand), 2009–2013
Figure 79: Indian Liability Insurance – Number of Policies Sold (Thousand), 2013–2018
Figure 80: Indian Liability Insurance– Gross Written Premium (INR Billion), 2009–2013
Figure 81: Indian Liability Insurance– Gross Written Premium (INR Billion), 2013–2018
Figure 82: Indian Liability Insurance – Loss Ratio (%), 2009–2013
Figure 83: Indian Liability Insurance – Loss Ratio (%), 2013–2018
Figure 84: Indian Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category(INR Billion), 2009–2018
Figure 85: Indian Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (INR Billion), 2009–2018
Figure 86: Indian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2009–2013
Figure 87: Indian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2013–2018
Figure 88: Indian Marine Insurance – Gross Written Premium by Policy (INR Billion), 2009–2018
Figure 89: Indian Marine Insurance –Number of Policies Sold (Thousand), 2009–2013
Figure 90: Indian Marine Insurance–Number of Policies Sold (Thousand), 2013–2018
Figure 91: Indian Marine Insurance – Gross Written Premium (INR Billion), 2009–2013
Figure 92: Indian Marine Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 93: Indian Marine Hull Insurance – Number of Policies Sold (Thousand), 2009–2013
Figure 94: Indian Marine Hull Insurance–Number of Policies Sold (Thousand), 2013–2018
Figure 95: Indian Marine Hull Insurance–Gross Written Premium (INR Billion), 2009–2013
Figure 96: Indian Marine Hull Insurance – Gross Written Premium (INR Billion), 2013–2018
Figure 97: Indian Marine Liability Insurance–Number of Policies Sold (Thousand), 2009–2013
Figure 98: Indian Marine Liability Insurance–Number of Policies Sold (Thousand), 2013–2018
Figure 99: Indian Marine Liability Insurance–Gross Written Premium (INR Billion), 2009–2013
Figure 100: Indian Marine Liability Insurance–Gross Written Premium (INR Billion), 2013–2018
...

COMPANIES MENTIONED

New India Assurance Co. Ltd
United India Insurance Co. Ltd
National Insurance Co. Ltd
Oriental Insurance Co. Ltd
ICICI Lombard General Insurance Co. Ltd
Bajaj Allianz General Insurance Co. Ltd
Agriculture Insurance Company
IffcoTokio General Insurance Co. Ltd
Tata AIG General Insurance Co. Ltd
Reliance General Insurance Co. Ltd
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Non-Life Insurance in India, Key Trends and Opportunities to 2018
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