Sep 30, 2020 10:24 PM ET
iCrowd Newswire – Sep 30, 2020
A new research document is added in HTF MI database of 82 pages, titled as ‘Non-life Insurance Market in India 2019‘ with detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis that includes regions like North America, Asia-Pacific, Middle East and Africa, South America & Others and important players/vendors such as ICICI Lombard General Insurance Company Limited, The New India Assurance Company Limited, Agriculture Insurance Company of India Limited, Bajaj Allianz General Insurance Company Limited, HDFC ERGO General Insurance Company Limited etc .The Study will help you gain market insights, upcoming trends and influencing growth prospects for forecast period of 2019-2025.
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Amidst the ongoing economic slowdown across India, the insurance sector is expected to witness an expansion mainly due to the proposed increase in foreign investment limit on insurance intermediaries from 49% to 100%. The non-life insurance market is expected to reach INR 3,662.94 Bn by FY 2024, expanding at a compound annual growth rate (CAGR) of ~14.79% during the FY 2020-FY 2024 period.
Market segment insights
In FY 2019, the motor insurance segment (own damage and third party) held the largest market share (~37.91%), followed by the health insurance segment (~26.76%). With an increasing number of people falling victim to lifestyle diseases, awareness regarding health has risen. As a result, the demand for health insurance policies has picked up. Further, the government has made it mandatory for all vehicles plying on the road to be covered under an insurance policy, on account of which the demand for motor insurance has increased across the country.
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Out of the major segments of the Indian non-life insurance market, the personal accident insurance segment experienced the fastest year-on-year growth of ~24.95% during the FY 2015-FY 2019 period. Tata AIG, Chola MS General Insurance, Bajaj Allianz and ICICI Lombard are some of the major companies offering personal accident coverage.
Key growth drivers of the market
An increase in the number of millennials with high disposable income has led to a rise in the sale of bikes and cars, in recent years. As per IRDAI rules, it is mandatory to have motor insurance for all vehicles plying on the road, resulting in a growing demand for products offered in the motor insurance segment. Also, with a rising disposable income, household savings of consumers have increased, In order to ensure that savings have high returns, most customers tend to invest in various segments of the non-life insurance market.
Key deterrents to the growth of the market
High claim ratio, especially in the health insurance and motor insurance sectors, is one of the major reasons impeding the growth of the non-life insurance market in India. As a result of high claim ratio, the premium amount for policies has increased, making the same less affordable to the middle-income group.
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ICICI Lombard General Insurance Company Limited, The New India Assurance Company Limited, Agriculture Insurance Company of India Limited, Bajaj Allianz General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, National Insurance Company Limited , Oriental Insurance Company Limited, Star Health and Allied Insurance Company Limited, Tata AIG General Insurance Company Limited, IIFCO Tokio General Insurance
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.2. Major global players using AI-based manufacturing process
Chapter 4: India artificial intelligence market overview
4.1. India artificial intelligence market overview
4.1.1. India artificial in
View Detailed Table of Content @ https://www.htfmarketreport.com/reports/2585545-non-life-insurance-market-1
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