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New Market Research Report: India Insurance Report Q2 2014

Fast Market Research recommends "India Insurance Report Q2 2014" from Business Monitor International, now available

 
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Boston, MA -- (SBWIRE) -- 03/07/2014 -- As of early 2014, 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.

BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.

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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 microinsurance. 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 have stagnated.

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