Delhi, India (PressExposure) May 29, 2009 -- With a huge population base and large untapped market, insurance industry is a big opportunity area in India for national as well as foreign investors. India is the fifth largest life insurance market in the emerging insurance economies globally and is growing at 32-34% annually. This impressive growth in the market has been driven by liberalization, with new players significantly enhancing product awareness and promoting consumer education and information. The strong growth potential of the country has also made international players to look at the Indian insurance market. Moreover, saturation of insurance markets in many developed economies has made the Indian market more attractive for international insurance players, according to "Booming Insurance Market in India (2008-2011)â.
This research report will help the client to analyze the leading-edge opportunities critical to the success of 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.
- Total life insurance premium in India is projected to grow Rs 1,230,000 Crore by 2010-11. - Total non-life insurance premium is expected to increase at a CAGR of 25% for the period spanning from 2008-09 to 2010-11. - With the entry of several low-cost airlines, along with fleet expansion by existing ones and increasing corporate aircraft ownership, the Indian aviation insurance market is all set to boom in a big way in coming years. - Home insurance segment is set to achieve a 100% growth as financial institutions have made home insurance obligatory for housing loan approvals. - Health insurance is poised to become the second largest business for non-life insurers after motor insurance in next three years. - A booming life insurance market has propelled the Indian life insurance agents into the âtop 10 country listâ in terms of membership to the Million Dollar Round Table (MDRT) â an exclusive club for the highest performing life insurance agents.
Key Issues & Facts Analyzed in the Report
- Where does India stands in context of emerging countries? - How the insurance market is likely to move in near future? - What are key factors fueling growth into the Indian insurance market? - What are the growing insurance segments in India? - What are various opportunity areas in the market? - What are the key issues that need to be addressed? - What is the status of micro insurance and rural insurance in India? - What initiatives the government is taking to promote the Indian insurance market?
The major players discussed in the report include LIC, Bajaj Allianz and HDFC Standard under life insurance segments, and New India, United India and ICICI Lombard under non-life insurance segments.
Research Methodology Used
Information Sources 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.
Analysis Methods The analysis methods used for judgmental analysis in the report include ratio analysis, historical trend analysis, linear regression analysis using software tools, judgmental forecasting, and cause and effect analysis.
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