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India reinsurance market: 10% CAGR growth witnessed between 2008-12

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Reinsurance in India, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-28 23:05:02
Despite the financial crisis, the Indian reinsurance segment grew at a CAGR of 9.9% during the review period. This was due to robust growth in the non-life and personal accident and health segments, the rise of private sector companies following liberalization in 2000, and people insuring against natural disasters.

The reinsurance segment is highly concentrated and dominated by the General Insurance Company in India. The majority of Indian reinsurance is sourced from the General Insurance Corporation (GIC) and major European professional reinsurers based in Continental Europe and Asia.

The Indian reinsurance segment registered a healthy growth during the review period driven by the healthy growth in direct insurance segments. The reinsurance segment is highly concentrated and dominated by the General Insurance Company in India.

Treaty reinsurance accounted for 87.8% of total reinsurance written premiums in 2012. Over the forecast period, the level of competition in the reinsurance segment is expected to increase following the IRDA´s proposal to permit foreign reinsurance companies to establish branches in India.

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