RNCOS' report, “Indian Insurance Industry Forecast (2007-2009)”, provides extensive research and objective analysis of the growing insurance industry, its product quality, and services in India. This report helps to analyze the leading-edge opportunities critical to the success of the insurance Industry in India. Detailed data and analysis helps investors, financial service providers, and global banking players to navigate through the evolving insurance market in India.

Key Findings

• Taking into account the changing socio-economic demographics, rate of GDP growth, changing consumer behavior and occurrences of natural calamities at regular intervals, the Indian life insurance market is expected to reach the value of around Rs 1683 Billion in the year 2009. The market is expected to grow at a CAGR of more than 200% YOY from the year 2006.
• In 2006-07, pension premium contributed about 22.11% to total premium income of insurers. Interestingly, the figure in the first nine months to December 2005 was 25.22%.
• In the non-life segment, the established players control 65% of the market. So it is their monthly performance that determines how the market as a whole would perform.
• In Motor Insurance Business, Public sector covers almost 68% of the market value whereas the private sector just had 32% market share till September 2006.
• In Accident Insurance Business, private sector players have almost 53% market share with ICICI Lombard as the lead player. Public sector players constitute about 47% market value with New India as the leading player followed by United India.

Key Issues and Facts Analyzed

The research report also addresses the issues and facts that are critical to business success:

• What are the marketing strategies of the players in the insurance industry?
• How is the growth in Health and Group insurance are driving the Insurance sector in India?
• What are the opportunities for the players in this industry and what are the challenges to sustain the Insurance market in India?
• What will be the prospective areas of investments in the insurance industry in the near future?
• Which factors will lead to the growth of Life and Non-life insurance in India?

Key Products Analyzed

Key products like Life and Non-life insurance have been analyzed, supported by facts like revenue and market trends.

Key Players

This section provides an overview of some of the key players in this industry like Bajaj Allianz, ING Vysya, AMP Sanmar Assurance Limited, SBI Life, Tata AIG Life, HDFC Standard, ICICI Prudential Life Insurance, Birla Sunlife, Aviva Life Insurance, Kotak Mahindra Old Mutual, Max New York Life, Met Life, Sahara Life, LIC, Royal Sundaram, Tata-AIG General, Reliance General, IFFCO-Tokio, ICICI-Lombard, HDFC Chubb, New India Assurance Company Limited, National Insurance Company Limited, United India Insurance Company Limited and Oriental Insurance Limited.

Research Methodology Used

Information Sources

Information has been sourced from various sources namely, Books, Newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and through access to access to more than 3000 paid databases.

Analysis Methods

The analysis methods includes the following: Ratio Analysis, Historical Trend Analysis, Linear Regression Analysis using software tools, Judgmental Forecasting and Cause and Effect Analysis.

1. Analyst View

2. Research Overview

3. Industry Overview

• 3.1 Global Insurance Industry Scenario
• 3.2 Global Top Insurance Companies
• 3.3 Global Insurance Business - By Geography
• 3.4 India vis-à-vis World

4. Industry Performance

• 4.1 Indian Insurance Industry - A Historical Perspective
• 4.2 Indian Insurance Industry Market Performance
  • 4.2.1 Life Insurance
    • 4.2.1.1 Pension
  • 4.2.2 Non-Life Insurance
    • 4.2.2.1 Non-Life Insurance Products
    • 4.2.2.2 Health Insurance
    • 4.2.2.3 Micro Insurance
      • 4.2.2.3.1 Details of Micro Insurance
    • 4.2.2.4 Crop Insurance

5. Government' s Regulation

• 5.1 Insurance Regulatory & Development Authority (Appointed Actuary) Regulations, 2000
• 5.2 Insurance Regulatory & Development Authority (Assets, Liabilities, & Solvency Margin of Insurers) Regulations, 2000
• 5.3 Insurance Regulatory & Development Authority (Obligations of Insurers to Rural Social Sectors) Regulations, 2002
• 5.4 IRDA Guidelines for Opening of Representative/Liaison Offices Overseas by an Indian Insurance Company

6. Industry Analysis

• 6.1 Key Driving Forces
  • 6.1.1 GDP Growth
  • 6.1.2 Changing Consumer Perspectives & Habits
  • 6.1.3 Deregulation
  • 6.1.4 Multi Channel Distribution System
  • 6.1.5 Role of IRDA
• 6.2 Opportunities and Challenges
  • 6.2.1 Opportunities
    • 6.2.1.1 Job Opportunities in the Insurance & Related Sectors
    • 6.2.1.2 Low Insurance Penetration
    • 6.2.1.3 Outsourcing
    • 6.2.1.4 Deregulation
    • 6.2.1.5 New Products
    • 6.2.1.6 New Distribution Channels
  • 6.2.2 Challenges
    • 6.2.2.1 Building Distribution Channels to Reach Untapped Market
    • 6.2.2.2 Deregulation & Consolidation of Financial Services
    • 6.2.2.3 Unpredictable Climatic Conditions
    • 6.2.2.4 High Level of Regulation
• 6.3 Future Outlook
  • 6.3.1 Life Insurance Market (2007-2009)
  • 6.3.2 Non-life Insurance Market (2007-2009)

7. Key Industry Players

• 7.1 Life Insurance
  • 7.1.1 Bajaj Allianz
  • 7.1.2 ING Vysya
  • 7.1.3 AMP Sanmar Assurance Limited
  • 7.1.4 SBI Life
  • 7.1.5 Tata AIG Life
  • 7.1.6 HDFC Standard
  • 7.1.7 ICICI Prudential Life Insurance
  • 7.1.8 Birla Sunlife
  • 7.1.9 Aviva Life Insurance
  • 7.1.10 Kotak Mahindra Old Mutual
  • 7.1.11 Max New York Life
  • 7.1.12 Met Life
  • 7.1.13 Sahara Life
  • 7.1.14 LIC
• 7.2 General Insurance
  • 7.2.1 Royal Sundaram
  • 7.2.2 Tata-AIG General
  • 7.2.3 Reliance General
  • 7.2.4 IFFCO-Tokio
  • 7.2.5 ICICI-Lombard
  • 7.2.6 HDFC Chubb
  • 7.2.7 New India Assurance Company Limited
  • 7.2.8 National Insurance Company Limited
  • 7.2.9 United India Insurance Company Limited
  • 7.2.10 Oriental Insurance Limited

List of Figures:

• Figure 3-1: Global - Share of Life & Non-life Insurance Premiums (%), 2005
• Figure 3-2: India - Share in Global Insurance Business (%), 2005
• Figure 4-1: India - People Covered by the Type of Insurance Company (%), 2005
• Figure 4-2: India - Insurance Products under Micro Insurance (in Numbers), 2005
• Figure 4-3: India - Health Coverage under Micro Insurance (in Numbers), 2005
• Figure 4-4: India - Life Insurance Products under Micro Insurance (in Numbers), 2005
• Figure 4-5: India - Farmers Covered by National Agriculture Insurance Scheme (%), 2003-04 & 2004-05
• Figure 6-1: India - Nominal GDP (in Billion US$), 2002-2005
• Figure 6-2: India - Real GDP Growth by Sector (%), Mar. 2001-Mar.2005 & Sep. 2005
• Figure 6-3: India - Foreign Direct Investment (in Billion US$), 2001-2005
• Figure 6-4: India - Forecast for Life Insurance Market (in Billion Rs), 2007-2009
• Figure 6-5: India - Forecast for Non-Life Insurance (in Billion Rs), 2007-2009

List of Tables:

• Table 3-1: Global - Life & Non-life Insurance Premiums (in Trillion US$), 1996-2005
• Table 3-2: Global - Top 10 Insurance Companies by Revenue (in Million US$), 2004
• Table 3-3: Global - Top 10 Property/Casualty Insurance Companies by Revenue (in Million US$), 2004
• Table 3-4: Global - Top 10 Life/Health Insurance Companies by Revenue (in Million US$), 2004
• Table 3-5: Global - Top 10 Re-insurers by Net Re-insurance Premiums Written (in Million US$), 2005
• Table 3-6: Global - Top 10 Insurance Brokers by Revenue (in Million US$), 2004
• Table 3-7: Global - Top Insurance Countries by Direct Premiums Written (in Billion US$), 2005
• Table 4-1: India - Performance of Life Insurance Companies (in Rs Lakh), Dec. 2006
• Table 4-2: India - Performance of Non-Life Insurance Companies (in Rs Lakh), 2005-06 & 2006-07
• Table 4-3: India - Provisional & Unaudited Gross Premium Underwritten by Non-Life Insurers by Segment (in Rs Lakh), Sep. 2006
• Table 4-4: India - Number of People Covered under Various Health Insurance Schemes (in Million), 2005
• Table 4-5: India - Performance of National Agriculture Insurance Scheme (2000-2005)
• Table 6-1: India - Change in the Composition of Income Groups