New Financial Services research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 10/15/2014 -- As of mid-2014, the latest developments in India's insurance sector confirm our view that the strengths (and opportunities) are considerably greater than the limitations and threats. Overall premiums should grow slowly, but the downside risks are very limited. Non-life insurers are clearly benefiting from past reforms in the motor vehicle insurance market. There are early signs that new business premiums in the life segment are stabilising, after several years in which they have been under downwards pressure. Structural change continues to be driven by the regulator rather than the insurance companies, and focuses on stakeholders and social objectives as much as the insurers' customers and shareholders. Nevertheless, most trends remain positive.
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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.
The latest developments indicate that life insurers continue to deal 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 stagnated, but may have started to grow again.
Most of the wildcards for the life segment over the longer term are positive. It remains to be seen, for instance, whether the regulator will allow life...
The India Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's India Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Indian insurance industry.
- Benchmark BMI's independent insurance industry forecasts for India to test other views - a key input for successful budgeting and strategic business planning in India's insurance market.
- Target business opportunities and risks in India through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
- Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
BMI Industry View
Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.
Business Environment Rankings
BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.
The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
BMI Industry Forecasts
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:
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