India 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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Life Insurance Market in India 2019
The Indian financial services sector is a highly volatile sector, influenced by fiscal and monetary policies, government regulations, trade rules, tax changes, and technology changes. The insurance industry in India is regulated by the Insurance Regulatory and Development Authority of India (IRDAI), which is an autonomous body established in 1999.
Market segment insights
In India, currently there are 24 life insurance players, which comprise 1 public sector and 23 private sector players. The Indian life insurance market is exhibiting immense growth, next to banks for mobilized savings, and is a formidable part of the Indian capital market. In FY 2019, the life insurance sector accounted for approximately 2.68% to India’s gross domestic product (GDP).
LIC is the sole public sector life insurance company in India. However, private life insurance companies have been penetrating the market since 2000, mainly through unique customer services.
In terms of the number of new policies issued, shares of both LIC and private insurers have increased during the FY 2017-FY 2018 period. In FY 2018, LIC held a share of ~75.67% in terms of the number of new policies issued, the rest being acquired by private insurers. The demand for LIC policies is usually high, owing to the handsome maturity value offered by the company at the end of the policy terms.
Considering the amount of premium collected in FY 2018, LIC alone held a share of ~69.36%. However, the share of private insurers, in terms of premium collected, had increased during the FY 2017-FY 2018 period at a rate of ~19.17%, mainly due to innovative product mixes offered by the companies. In FY 2018, out of the top private insurers operating in India, ICICI Prudential had the highest market share (~5.9%), followed by SBI Life (~5.53%) and HDFC Standard (~5.14%).
Key growth drivers of the market
On the macroeconomic front, the Indian economy has been gaining momentum since FY 2018. Moreover, India’s young population with increased purchasing power and greater inclination towards security products is growing. However, the penetration of life insurance in India is shallow, compared to the advanced and emerging economies of the world. In a way, life insurance companies are utilizing the opportunity of penetrating the Indian market, thereby taking advantage of its expanding economy and rising individual income level.
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Key deterrents to the growth of the market
High lapse ratio, due to low persistency, is having a detrimental impact on the overall business of insurers. This is because lapsation of insurance policies result in a negative impact on customer retention, product performance, pricing factors, product image and workforce planning.
Companies covered
Life Insurance Corporation of India
HDFC Life Insurance Company Limited
ICICI Prudential Life Insurance Company Limited
SBI Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
Bajaj Allianz Life Insurance Company Limited
Max Life Insurance Company Limited
PNB Metlife India Insurance Company Limited
Reliance Nippon Life Insurance Company Limited
Tata AIA Life Insurance Company Limited
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Our most recent research report showcases the thriving expansion of the India 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 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 Life Insurance in the market?
- How are regulatory policies and government initiatives impacting the growth of the India Life Insurance market?
- What is the market share of the top 5 players in the India Life Insurance market and how is it likely to change in the future?
- What are the latest technologies and innovations in the India 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 Life Insurance market?
- What are the challenges related to the supply chain and logistics that India 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 Life Insurance market?
- What are the potential risks and uncertainties associated with investing in the India 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 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 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 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 Life Insurance business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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