Insurance Domain Current Context_M1

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• The insurance industry of India has 57 insurance companies 24 are in thelife insurance business, while 33 are non-life insurers.• Among the life insurers, Life Insurance Corporation (LIC) is the sole publicsector company.• There are six public sector insurers in the non-life insurance segment.• In addition to these, there is a sole national re-insurer, namely G• General Insurance Corporation of India (GIC Re).• Other stakeholders in the Indian Insurance market include agents(individual and corporate), brokers, surveyors and• third-party administrators servicing health insurance claims.Insurance market in India is expected reach $250 bn by 2025 … ;Currently, it is growing at the rate of more than 12%
Indian InsuranceMARKET SIZEOpportunity‣By 2025, theInsurance market inIndia is expected togrow to $250 bn;currently, it is growingat the rate of more than12%‣By 2022, the Indianlife insurance market isforecast to have a valueof $92.1 bn, an increaseof 27.2% since 2017‣By 2022, the Indiannon-life insurancemarket is forecast tohave a value of $38.7bn, an increase of 58%• In India, the overall market size of the insurance sector is expected to US$280 billion in 2020.• Government's policy of insuring the uninsured has graduallypushed insurance penetration in the country and proliferationof insurance schemes.• Gross premium collected by life insurance companies in India increasedfrom Rs. 2.56 trillion (US$ 39.7 billion) in FY12 to Rs. 7.31 trillion (US$ 94.7billion) in FY20. During FY12-FY20, premium from new business of lifeinsurance companies in India increased at a CAGR of 15% to reach Rs. 2.13trillion (US$ 37 billion) in FY20.• Overall insurance penetration (premiums as% of GDP) in India reached 3.71%in FY19 from 2.71% in FY02.• Life insurers reported 14% YoY growth in individual annualized premiumequivalent (APE) in October 2020, compared with 4% YoY in September2020.• The market share of private sector companies in the non-life insurancemarket rose from 15% in FY04 to 56% in FY21 (till April 2020). In lifeinsurance segment, private players had a market share of 31.3% in newbusiness in FY20.• In October 2020, health insurance witnessed an increase in premiums atRs. 4,074.8 crore (US$ 553.93 million) compared with Rs. 3,840.6 crore(US$ 554.29 million), recording 6% growth on y-o-y basis. Retail healthalso witnessed a 30% increase in premiums to Rs. 1,982.6 crore (US$269.69 million).
Page 1: Secondary Research Article By KVN P
Page 5 and 6: IRDA GOVERNS THE INDIAN INSURANCE S
Page 7 and 8: FY 2020 ReportOpportunities in Indi
Page 9 and 10: Insurance MarketOverviewThe types o
Page 11 and 12: CompetitiveAdvantage for India• G
Page 13 and 14: Latest Insights onInsurance Industr
Page 15 and 16: TOP 15 - key industry Organizations
Page 17 and 18: ‣Insurance provides you with fina
Page 19 and 20: Holistic Approach onCustomer Risk M
Page 21 and 22: Complaints Managementhttps://igms.i
Page 23 and 24: FOR More Queries Connect with us th
Page 25 and 26: Insurance DomainBroking Company to
Page 27 and 28: PRIMECustomer PreferencesAs per Acc
Page 29 and 30: Sales EnablerTechnology Enabler
Page 31 and 32: 18 INSURANCE MARKETING IDEAS YOU’
Page 33 and 34: Modern marketing (convergingtraditi
Page 35 and 36: Insurance companies offering e-serv
Page 37 and 38: NEEDMARKET MIX
Page 39 and 40: Life InsuranceService Touch PointsL

Insurance Domain Current Context_M1

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