Currently, in India, there are 24 life insurance companies and 33 non – life insurance companies, along with 2 reinsurance companies who provide insurance services to the people. The insurance industry as a whole has seen a sharp growth due to product innovation, vibrant distribution, promotional campaigns and targeted publicity by the insurers. Moreover, the Government has been taking initiatives to boost FDI in the insurance sector. During the forecast period of 2016-2021, the industry can expect expansion due to increase in life expectancy, favorable savings and increase in employment especially in the private sector, with driving growth of demand in the automotive industry.
The Report Strategic Market Intelligence: General Insurance in India-2017 gives a comprehensive analysis of the Indian general insurance market in the review period of 2012-2016 and also on forecast period of 2016-2021. The report offers a detailed analysis of various segments of the Indian general insurance market and compares it with its counterparts. The report provides analysis on various distribution channels, risk governance and its impact on general insurance in the country. This report will help in making strategic decisions based on forecasted data and helps in identifying competitive dynamics in the general insurance market. The key competitors in the general insurance market segment of the country are The New India Assurance Co, Ltd, United India Insurance Co, Ltd, National Insurance Co, Ltd, Oriental Insurance Co, Ltd, ICICI Lombard General Insurance Co, Ltd, Bajaj Allianz, IFFCO-Tokio, Tata AIA, HDFC Ergo, and Reliance
Last few years have seen an increase in gross written premiums in the sector of general insurance. Private sector general insurers saw a higher growth rate than public insurers. With the increase in disposable income and purchasing power, coupled with demographic factors like the growing insurance awareness of the insurance, retirement planning, growing middle class, and young insurable crowd, the general insurance will see product innovation, multi-distribution, claims management and improved regulations are expected. To cover people below the poverty line, the government has introduced schemes like Pradhan Mantri Suraksha Bima Yojana (PMSBY), Rashtriya Swasthya Bima Yojana (RSBY) andPradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). All these schemes and relaxation of regulations pave way for a brighter future for the general insurance which will change the way insurers conduct businesses. The Insurance Regulatory and Development Authority of India (IRDA) is planning to relax regulations like updating guidelines for IPOs for Indian insurance companies to use the route of IPO.
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Ankur Gupta, Head Marketing & Communications