In times of a changing economic landscape, access to reliable information is more critical than ever for sound decision making. Our mission is to equip our stakeholders with the most objective industry insight on the market.
Commencing 2010, India Insure has endeavoured to release a report on the status of the Indian Insurance Market. While the 2010 Report has encapsulated the journey of the Indian Insurance Industry from inception until the year 2010, effective 2011, the report will give the status of the year that was and projections for the next year.
Year 2012 saw a fall in the ranking of the Indian insurance industry in the world insurance market by four notches from spot 11 to 15. This has been attributed mainly to the sharp decline in the life insurance business. The non life insurance industry however witnessed robust growth of 23%.
Among the issues expected to effect the industry are the stricter regulatory requirement which is paving way for the industry to be more customer centric. The Indian non life insurance industry has been forging ahead at a robust growth rate presently at 18% ( Mid- year 2013) . The significant change in the motor insurance is that the regulator has disbanded the motor pool effective 01st April 2012 and the motor liability premium has seen a the rate increase ranging from 6-40% in the latter half of the year.
It gives us pleasure in releasing the third edition of our Annual Non life Insurance Industry Report - India 2012. This report specifically offers an insight to the state of the Indian Insurance market during the year 2011-12 and the trends and changes anticipated during 2012-13.
"It was the best of times, it was the worst of times," goes the famous opening sentence in Charles Dickens novel, The Tale of Two Cities. As we head towards 2016, it seems the Indian insurance industry shares the same sentiment. The long-awaited Insurance Amendment Act has been passed. It has increased the foreign investment cap in an Indian insurance company from 26 per cent to 49 per cent. The act has also enabled foreign reinsurers to set up branches in India. This will bring in greater expertise, knowledge and underwriting capacities, and usher in the best of times.
Our intention in publishing this report is to share information about the industry. To spark conversation and debate about key issues that are shaping the contours of the Indian insurance industrys landscape. We hope you fnd this report insightful and informative.
India Insure is happy to present the 9th Annual Indian Insurance Industry Report.
While the crop insurance business continues to give a boost to the industry figures, the individual segment has seen a bit of a slump since last year. The segment has seen challenges of pricing, claim settlement and reduced up take of the insurance cover causing a drop in the growth rate. However, the government is not discouraged by it's results and is continuing it's focus to ensure insurance protection to a wider audience. The launch of the Ayushman Bharat - National Health Insurance Mission is expected to increase the insurance market by at least INR 10,000 Cr. ($ 1.5 Bln). This is expected to happen over a period of 12 -18 months starting in FY 19.
Listing of some of the key Industry players has been a notable event in FY 18. There is an expectation from the listed companies to show better underwriting prudence, focus on bottom line and an improved claims management system. One needs to wait and watch whether the expected impact does come true in the coming years.
The Reinsurance industry in India has also seen some changes this year, primarily with respect to a few more players registering as Foreign Reinsurance branches in India. While the growth in crop insurance has led to reduced retention levels in the market, it has also led to an increase in business being ceded outside India due to limited available capacities in the market.
As always, the information in this report is based on the public disclosures made by the industry as on March 2018. Our sources are primarily from the statistical publications of IRDAI and General & Life Insurance Council of India, annual reports of various insurance companies.
We, at India Insure, derive immense pleasure in releasing the TENTH ANNUAL EDITION of THE INDIAN INSURANCE INDUSTRY REPORT.
Innovation and Differentiation have been playing a vital role in the success stories of the leading players in our insurance market. There appears to be a paradigm shift from Product Development to Talent Development and from a go-it-alone approach to one of strategic collaboration.
Data storage and mining have become key essentials of a successful Insurance Company. Sharing of data among the Insurers will be greatly helpful in profiling risks across industries which will in turn result in better underwriting practices thereby contributing to an enhancement in the health of the insurance companies. Digital transformation is happening in the insurance space in a major way and this should change the way insurance had been done all the while in India.
After more than a decade, the premium rates for property insurance in respect of a few specified industries got rationalised across all the non-life insurance Companies based on directives from GIC Re, the Treaty Reinsurer. Is this just the proverbial "tip of the iceberg"?
The economic slowdown may affect the growth of the insurance sector in FY 2020. However, it is hoped that the downturn may not last long, leading to better and more interesting times in the years to come.
We hope that this report will make an interesting reading for you. We look forward to your valuable inputs on the contents of this report which will help us to make requisite changes in the next edition so as to make it much more interesting.
Welcome to a digital only edition of The Insurance Industry Report. While this is the 1st digital only edition, it is the 11th edition of our Report..
The pandemic has left its impact on all of us in one way or the other. The lock downs & 'Work from home' orders have led to delays in release of the financials of all the insurers which has consequently led to a very delayed released of this report as well. We do hope this is still in time for you to get an overview of where the market is headed, and the impact the recent rate changes have had on the market..
What began as a health issue in one country, soon became a global pandemic. It has had long lasting impact on the economies across the globe, affecting various sectors adversely. While the insurance industry world over has been impacted adversely by major losses w.r.t business interruption losses , India has been insulated by the same and has seen limited losses. The health insurance segment though has seen growth with many customized policies being launched.
Technology and Digitalization of the operations has been the game changer across all sectors during the pandemic and the insurance industry is no exception. The current crisis has led the insurance companies to depend heavily on digitalization for all their operations and not just the insurance distribution process.
As FY 2020 draws to a close, we hope and pray to see a more healthy, successful and economically stable environment across the globe.
We look forward to receiving your feedback on the new format of the report.
Wishing you all the very best for a wonderful and healthy New Year 2021!
Team India Insure
India Insure Risk Management & Insurance Broking Services Pvt. Ltd
It is an exciting time to be part of the Indian Insurance Industry right now. The industry has grown at a rate of about 13% slowly reclaiming the peaks from which they had dropped last year to 9.3% growth in FY 15. The government has shown a steadfast desire to improve insurance penetration and the evidence is clearly visible when you see over 36 Cr (360 Mln) policies that were sold cumulatively under the personal accident & the life insurance schemes (PMJDY,PMSBY & PMJJBY) that were launched by the government in 2014 & 2015. Efforts like this and the retail thrust by various industry players have helped improve penetration levels to 3.4% this year as against the 3.3% of last year which was the lowest in a decade for India.
It is with great pleasure that we at India Insure present to you the 7th Annual Indian Insurance Industry Report-2016.
The first half of FY 2014 had witnessed multiple natural catastrophes affecting the country including the devastating Uttarakhand floods and cyclone Phailin. However non life insurers benefitted from a fewer number of disasters in the second half of the year; thereby claims ratios averaged out reflecting an improvement in the year 2014.
The life side however showed some positive signs in fiscal 2014 with New Business Premium registering a growth of 12% though the fact remains that it was spurred pre-dominantly by LIC.
It is with pleasure we release our 5th Annual Insurance Industry Report INDIA 2014. The facts and figures have been based on the Public disclosures as on March 2014 (Downloaded from Insurers websites in July 2014) and Annual reports wherever published as well as other information available on the public domain.
2013 has been a favourable year for the non life insurance industry in India in terms of both growth as well as claims, with no major catastrophic events occurring. We expect these favourable conditions to continue and remain optimistic about the market growth and overall industry development trend.
The industry has had 3 new insurers (2 general + 1 health) commencing operations during the year and there is a health insurer in the pipeline.
It gives us pleasure in releasing the third edition of our Annual Non life Insurance Industry Report-India 2013.
Indian insurance industry has seen myraid changes over the past decade. The number of players, mode of distribution, regulatory changes, technological improvements together with healthy economic growth have all propelled the industry to where it is poised today.
It is with pleasure we present to you our 2nd Annual Insurance Industry Report - India 2011. Through this publication we put forth a comprehensive compilation that gives a complete insight into the Indian insurance industry. This year the report includes a feel of the Indian insurance industry which has been based on a survey we conducted with the various stakeholders in the industry - insurers, corporates, brokers, TPAs as well as surveyors across India, interacting with the CEOs and heads of departments.
The insurance sector in India has witnessed a paradigm shift since the year 2000 with the opening up of the sector for private participation. The ensuing competition has provided customers with a choice of products and providers, and also improved service levels immensely. Both life and non-life insurance in India has tremendous growth potential due to low penetration and per-capita spending in comparison to other nations.
This publication is an attempt to discuss the impact of the current market scenario on the Indian insurance industry, with a focus on the various challenges faced as well as future outlook along with the history of the Indian Insurance industry.
As a Risk manager, you have probably always had some kind of uneasiness while finalizing your insurance portfolio. Questions which may have loomed large at the back of your mind could be, "Am I paying the right price, or am I being fleeced?", "Are my competitors also taking a similar kind of coverage or am I taking too much or too less?", "Are there any new covers in the market that I am unaware of?" or "What would be the total budget I should set aside towards insurance expenses?"
Well, a bench marking exercise, kind of tries to answer these haunting questions that you never knew whom to ask. It would be an effective tool for you to fall back on to understand what the industry trends are and accordingly make an informed decision.
At India Insure we recognize that businesses face countless issues with respect to risk management and insurance. The content in this section aims to address many of the complexities that organizations encounter, offering useful research and insights. Our thought leadership analysis and publications will keep you plugged in to what you need to know about both your industry and the complex risk environment you face. Each edition pulls together and shares our firms' industry-wide knowledge to help you quickly and easily get briefed on the issues that impact your sector.
As one of India's leading risk management and insurance broking house, we believe we have an obligation to contribute to the discussion and thinking on these topics and these BENCHMARKING REPORTS are one way we wish to contribute.
The employee benefits landscape in India has been continously evolving over the past decade keeping pace with the growing economic as well as globalisation. Today, the state of economy has direct impact on HR budget of the organisation.
This 2nd Employee benefits benchmarking report has been primarily undertaken to capture the changing trends in the industry with particular relavance to how insurance is being perceived by companies as a benefit tool.
Healthcare issues are high on companies agendas as costs continue to spiral upwards. The economic downturn has intensified employers focus on maximizing their employee benefits spend which resulted in an increase in shared responsibility for benefits between the employer and employee.
Despite these challenges, employers have never been more interested in workforce health and wellbeing as a business value that can be measured, managed and turned into a competitive advantage.
The India Insure Employee Benefits Insurance Benchmarking Report India - 2011 is an important tool that Benefit Professionals and consultants can use to compare their companys employee benefit insurance plans with that of their peers and competitors based on employee strength and industry classification.
More than ever, staying fully informed and up-to-date with industry trends is essential to remain competitive and relevant in a fast-moving global market. As a result, India Insure is pleased to present this inaugural report on “Property & Marine Insurance Trends for the manufacturing sector”.
The survey report provides an insight into the current trends and issues of the Indian Property &Marine insurance market, the impact on policy holders and the industrys expectations. The report conveys analyses on the key elements of the industry from the perspective of customers and insurers including:
All of the information in this report is sourced from a survey of corporate customers and non-life insurers across the country.
The landscape of risks facing the Pharmaceutical sector is evolving rapidly with increased globalization where alliances and outsourcing are becoming increasingly common and moving beyond borders. The changing business model driven by new technology, new products and new markets — is creating strategic and operational risks for many pharma companies. This poses perplexing new challenges for the management and regulation of risk.
India Insure through this benchmarking report provides an analysis of the range of critical risk management & insurance issues facing pharmaceutical companies today. The study shows insurance information for major lines of coverage including property insurance, marine insurance & liability insurance and also the related claims.
We sincerely hope this report provides you with thought-provoking information that you can use to benchmark your insurance limits & risk management practices against those used by other pharma companies to help identify limits, practices and approaches that may improve the effectiveness and performance of your own risk management programs.
Through this inaugural benchmarking report, we provide insight into the Insurance and Risk Management portfolio of firms in Indias IT/ITES sector. This being the first time an exercise of this kind being done in India, there was a kind of uncertainty with every corporate whom we approached - should we or should we not reveal the entire information to an Insurance broker was the doubt many had.
Understandably so! This report basically deals with the insurance trends in the IT industry, with a special focus on the health policies, the IT /ITES industry being so much people dependent. The study shows insurance information for major lines of coverage including health insurance, liability insurance, property insurance and risk management.
The Indian Construction Industry has grown at an exponential rate over the past decade. Hand in hand with such rapid development comes a need to protect the companies operating in this advanced, fast moving arena. To address the needs of this sector, India Insure has undertaken various initiatives, one being the “Insurance & Risk Management Benchmarking study for the Construction Industry”.
In conducting this study, we at India Insure sought a better understanding of the challenges facing the industry, how it treats the management of risk, how it looks at insurance solutions to deal with the risk, kinds of insurance claims happening and finally the construction industrys wish list from the insurance industry.
This study is designed to provide an analysis of the range of critical risk management & insurance issues facing construction companies today. We are now pleased to share with you the findings of this study.