Delhi, India (PressExposure) April 17, 2008 -- India is fast emerging on the world map as a strong economy and a global power. The country is going through a phase of rapid development and growth. All the vital industries and sectors of the country are registering growth and thus, luring foreign investors. And insurance sector is one of them. To throw light on the Indian insurance sector, RNCOS' has launched its report "Emerging Rural Insurance Market in India" that gives an extensive research and in-depth analysis of the insurance sector in India.
This report helps clients to analyze the leading-edge opportunities critical to the success of the insurance industry in India. Based on this analysis, the report gives a future forecast of the market that is intended as a rough guide to the direction in which the market is likely to move.
With a huge population and large untapped market, insurance happens to be a big opportunity in India. The insurance business (measured in the context of first year premium) grew by 47.93% in 2005-06, surpassing the growth of 32.49% achieved in 2004-05. However, insurance penetration in the country continues to be low.
Insurance penetration or premium volume as a share of a country's GDP for the year 2005 stood at 2.53% for life insurance and 0.62% for non-life insurance. The level of penetration tends to rise as income increases, particularly in life insurance. India, with its huge middle class households, has exhibited potential for the insurance industry. This has made international players to look at the Indian market. Moreover, saturation of markets in many developed economies has made the Indian market all the more attractive for global insurance majors.
Key Issues and Facts
- Where does India stands in the context of emerging countries? - What are key reasons behind attractiveness of Indian insurance market? - What are growing insurance segments in India? - What are various opportunity areas in the market? - What are the key issues need to be addressed? - What is the status of Microinsurance in India? - What are the various avenues for the growth of Microinsurance in India? - What are the various challenges faced by the Microinsurance sector? - What initiatives the government is taking to promote the Indian insurance market? - Who are the major players engaged in providing Microinsurance in the country?
The major players discussed in the report are Life Insurance Corporation of India, Bajaj Allianz, ICICI Prudential, HDFC Standard, and SBI Life under life insurance segments and New India, National Insurance, Oriental, United India, and ICICI Lombard under non-life insurance segments.
Research Methodology Used
Information has been sourced from books, newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and through access to more than 3000 paid databases.
The analysis methods include ratio analysis, historical trend analysis, and linear regression analysis using software tools, judgmental forecasting and cause and effect analysis.