About Indian Insurance Industry
There are 57 insurance companies in India, 24 are life insurance and 4 are non-life insurance companies. LIC India is the sole public sector company. There are six public sector insurers in the non-life insurance segment. The life insurance industry is expected to reach a CAGR of 5.7% between 2021 and 2025.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Global Indian Insurance Industry is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Policies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
National Insurance Co. Ltd. (India), The New India Assurance Co. Ltd. (India), The Oriental Insurance Co. Ltd. (India), United India Insurance Co. Ltd. (India), Acko General Insurance Limited (India), Bajaj Allianz General Insurance Co Ltd (India), Bharti AXA General Insurance Co Ltd (India), Cholamandalam MS General Insurance (India), Edelweiss General Insurance Co Ltd (India) and Future Generali India Insurance Co Ltd (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Go Digit General Insurance Limited (India), HDFC Ergo General Insurance Co Ltd (India), ICICI Lombard General Insurance Co Ltd (India) and IFFCO-Tokio General Insurance Co Ltd (India).
Segmentation Overview
AMA Research has segmented the market of Global Indian Insurance Industry market by Type (Public and Private) and Region.
On the basis of geography, the market of Indian Insurance Industry has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Sales, the sub-segment i.e. Online will boost the Indian Insurance Industry market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Insurance Type, the sub-segment i.e. Health Insurance will boost the Indian Insurance Industry market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
New Models, Personalized Products and AI & Automation for Faster Claims
Market Growth Drivers:
Increasing Implementation of Insurance among Health and Automobile Sector
Challenges:
Continuously Changing Regulatory Framework
Restraints:
Poor Rural Participation and Low Household Investment and Fraud Activities Related to Insurance
Opportunities:
High Demand for Health Insurance and Government Initiatives to boost the Insurance Industry
Market Leaders and their expansionary development strategies
In November 2021, ICICI Lombard General Insurance Co Ltd has with Vega Helmets. The collaboration will provide a personal accidental policy on every online purchase of Vega Helmet to enhance road safety awareness and inculcate the habit of protection.
In August 2021, ICICI Lombard General Insurance Co Ltd has launched a comprehensive policy of remotely piloted aircraft insurance plans, especially for drone operators. The policy covered any theft or loss or damage caused to the drone, such as payload attached to it and third-party liabilities.
Key Target Audience
Indian Insurance Industry Regulatory Bodies, New Entrants, Potential Investors, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.