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India Insurance Report Q4 2013 - New Market Research Report

Fast Market Research recommends "India Insurance Report Q4 2013" from Business Monitor International, now available

 

Boston, MA -- (SBWIRE) -- 11/20/2013 -- As of late 2013, it remains the case that the strengths and opportunities of the Indian insurance segment outweigh the weaknesses and the threats. Challenges include an idiosyncratic regulatory regime, competitive landscapes (in both major segments) that continue to be dominated by state-owned companies and constraints on the development of micro-insurance. Nevertheless, the growth in the overall economy, and the development of health insurance, should ensure that the non-life segment achieves respectable growth over the forecast period. Life insurance has clearly become a preferred conduit for the savings of those Indian households that are wealthy enough to use it.

Key Insights And Key Risks

As of late 2013, it remains the case that the strengths and opportunities of the Indian insurance segment outweigh the weaknesses and the threats. Challenges include an idiosyncratic regulatory regime, competitive landscapes (in both major segments) that continue to be dominated by state-owned companies and constraints on the development of micro-insurance. Nevertheless, the growth in the overall economy, and the development of health insurance, should ensure that the non-life segment achieves respectable growth over the forecast period. Life insurance has clearly become a preferred conduit for the savings of those Indian households that are wealthy enough to use it.

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The latest developments indicate that life insurers continue to dal with the clampdown on the selling of unit-linked insurance plans (ULIPs) by the Insurance Regulatory and Development Authority (IRDA) - notwithstanding that the regulator has eased the rules slightly. In part because of the move against the sales of ULIPs, attributable to a more general uncertainty over the regulator's view in relation to single-premium products and an exodus of agents from the industry, new business premiums shrunk in the year ending March 2012 (which is identified as 2011 in the tables in this report). Nevertheless, overall life premiums appear to have risen marginally - and should post single-digit growth in the year ending March 2013.

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