Life Insurance in India, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-28 22:59:03
The Indian insurance industry is one of the fastest-growing in the Asia-Pacific region and is highly competitive with the presence of both public and private companies. The Indian life insurance segment recorded significant growth at a review-period (2008â2012) CAGR of 9.3%.
This growth was driven by the rapid expansion of individual life and group superannuation products. The significant growth in the Indian life insurance segment in the review period can be attributed to key growth drivers such as the country´s expanding population, robust economic growth, lucrative tax benefits, rising disposable income levels, and increased awareness of the need for insurance, especially among younger people.
The increasing population, diverse product portfolios, a rise in disposable income, robust economic growth and rural area development contributed to the growth of the life segment during the review period.
The demand for specific life insurance products has experienced significant growth over the review period. For instance, Indian customers are increasingly demanding insurance products that offer assured income through annuities. The deregulation of the industry in 2000 and the authorization of foreign participation resulted in an increase in the number of life insurers from five in 2000 to 24 in 2012.
The IRDA´s proposal to increase the limit on foreign direct investment (FDI) from 26% to 49% will be a key growth driver for the life insurance segment. The top five private life insurance companies´ cumulative market share stood at 86.3% in 2012.
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