2014-03-28 23:01:02 - Non-Life Insurance in India, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
Since 2000, the non-life segment has transformed as it deregulated and opened its doors to overseas businesses. As a result, the non-life segment has grown significantly over the last decade, resulting in the number of non-life insurance companies increasing from nine in 2000 to 25 in 2012.
In terms of gross written premiums, the non-life segment grew from INR232.7 billion (US$5.3 billion) in 2008 to INR433.1 billion (US$8.1 billion) in 2012, at a CAGR of 16.8% during the review period. Government initiatives for large-scale insurance programs such as the Pan-India Campaign and regulatory initiatives will drive the expansion of private insurers.
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. Despite the global economic crisis, the Indian non-life insurance segment continued to grow at a healthy CAGR of 16.8% during the review period (2008â2012).
The growth in the income levels of the population due to booms in IT and other industries also added to the growth of the segment. The Insurance Regulatory and Development Authority´s (IRDA´s) proposal to increase the foreign direct investment (FDI) limit for insurance companies from 26% to 49% will be a key growth driver for the non-life insurance segment. The top five insurers accounted for 58.5% of the gross written premium of the segment at the end of 2012.
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