India Non-life Insurance Market Research Report 2023 offers a comprehensive analysis of the market, including business opportunities, growth, and trend analysis for various applications, types, and regions such as North America, Europe, Asia-Pacific, South America, Middle East, and Africa. The report delves into important producers, market developments, opportunities, challenges, and threats to the market as a whole. It is a 100+ page report that provides a detailed examination of growth statistics, opportunities, trends and the competitive landscape in the industry.
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The non-life insurance market is expected to reach INR 3,662.94 Billion by 2024, expanding at a compound annual growth rate (CAGR) of 14.79% during the FY 2020-FY 2024 period.
Amidst the ongoing economic slowdown across India, the insurance sector is expected to witness an expansion mainly due to the proposed increase in foreign investment limit on insurance intermediaries from 49% to 100%.
Major players currently operating in the Indian non-life insurance market include The New India Assurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited, Tata AIG General Insurance Company Limited and Agriculture Insurance Company of India Limited. Out of them, the four public sector insurers New India Assurance Company, United India Insurance Company, National Insurance Company and Oriental Insurance Company held a combined market share of ~40%, in terms of gross direct premium, in FY 2019.
Market segment insights
In FY 2019, the motor insurance segment (own damage and third party) held the largest market share (~37.91%), followed by the health insurance segment (~26.76%). With an increasing number of people falling victim to lifestyle diseases, awareness regarding health has risen. As a result, the demand for health insurance policies has picked up. Further, the government has made it mandatory for all vehicles plying on the road to be covered under an insurance policy, on account of which the demand for motor insurance has increased across the country.
Out of the major segments of the Indian non-life insurance market, the personal accident insurance segment experienced the fastest year-on-year growth of ~24.95% during the FY 2015-FY 2019 period.
Tata AIG, Chola MS General Insurance, Bajaj Allianz and ICICI Lombard are some of the major companies offering personal accident coverage.
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Key growth drivers of the market
An increase in the number of millennials with high disposable income has led to a rise in the sale of bikes and cars, in recent years. As per IRDAI rules, it is mandatory to have motor insurance for all vehicles plying on the road, resulting in a growing demand for products offered in the motor insurance segment. Also, with a rising disposable income, household savings of consumers have increased, In order to ensure that savings have high returns, most customers tend to invest in various segments of the non-life insurance market.
Key deterrents to the growth of the market
High claim ratio, especially in the health insurance and motor insurance sectors, is one of the major reasons impeding the growth of the non-life insurance market in India. As a result of high claim ratio, the premium amount for policies has increased, making the same less affordable to the middle-income group.
Companies covered
ICICI Lombard General Insurance Company Limited
The New India Assurance Company Limited
Agriculture Insurance Company of India Limited
Bajaj Allianz General Insurance Company Limited
HDFC ERGO General Insurance Company Limited
National Insurance Company Limited
Oriental Insurance Company Limited
Star Health and Allied Insurance Company Limited
Tata AIG General Insurance Company Limited
IIFCO Tokio General Insurance
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Our most recent research report showcases the thriving expansion of the India Non-life Insurance Market and offers in-depth insights into the projected market size, share, and revenue until 2030.
The report addresses the following key questions regarding the India Non-life Insurance market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of India Non-life Insurance in the market?
- How are regulatory policies and government initiatives impacting the growth of the India Non-life Insurance market?
- What is the market share of the top 5 players in the India Non-life Insurance market and how is it likely to change in the future?
- What are the latest technologies and innovations in the India Non-life Insurance market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the India Non-life Insurance market?
- What are the challenges related to the supply chain and logistics that India Non-life Insurance market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the India Non-life Insurance market?
- What are the potential risks and uncertainties associated with investing in the India Non-life Insurance market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of India Non-life Insurance market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the India Non-life Insurance market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the India Non-life Insurance market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate India Non-life Insurance business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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