Non-Life Insurance Market in India to be Worth INR 4,434 Bn by 2023
Research On Global Markets has announced the addition of a market research report titled “Non-Life Insurance Market In India (2018-2023)” to their offering. According to the report, the non-life insurance market in India is expected to expand at a compound annual growth rate (CAGR) of 24% during the 2018-2023 period, and will reach a revenue of INR 4,434 Bn by 2023.
The report published by Research On Global Markets features comprehensive analysis of the various segments of the non-life insurance market in India based on products and distribution channels. Based on products, the main non-life insurance products offered by the companies in India include motor insurance, health insurance, fire insurance, and marine insurance, among others. The motor insurance segment dominates the market with 39% of the total general insurance premium collected in 2017, owing to a significant rise in the demand of automobiles, and compulsion of motor insurance across the country.
On the basis of distribution channels, non-life insurance policies are sold in India through individual agents, corporate agents (banks, and others), brokers, and direct business. In 2017, direct business transactions contributed almost 31% of the overall non-life insurance policies sold in India. People prefer buying insurance policies through direct business distribution channels because of its fast and easy process.
The market research report tracks the performance of the non-life insurance market in India, which is witnessing growth, owing to the introduction of innovative products covering miscellaneous risks associated with the current market scenario. The non-life insurance industry is driven by the growing demand from the automobile industry, and the healthcare industry. Total automobile production in India reached 29 Mn units in FY 2018 from 25 Mn units in FY 2017, owing to the increased purchasing power of the middle-class population, coupled with a growing young working population. Since motor insurance is compulsory in India, growth of the automobile sector is expected to boost the motor insurance segment of the non-life insurance market in India.
Research On Global Markets tracks the performance of some of the major players operating in the non-life insurance market in India including Agriculture Insurance Company of India Limited, Bajaj Allianz General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, ICICI Lombard General Insurance Company Limited, IIFCO Tokio General Insurance, National Insurance Company Limited, Oriental Insurance Company Limited, Star Health and Allied Insurance Company Limited, Tata AIG General Insurance Company Limited, and The New India Assurance Company Limited, among others.
Key highlights of the report:
- Non-life insurance market - definition and structure
- Market size and growth forecast (on the basis of gross premium income) - value-wise (FY 2018-FY 2023e)
- Gross direct premium income - insurer type-wise (FY 2017)
- Non-life insurance market in India - market segmentation
- Analysis of the Government initiatives in the sector
- Qualitative analysis of the major drivers and challenges affecting the market
- Analysis of the competitive landscape and profiles of major players operating in the market
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for non-life insurance in India to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.