India Insurance Market share, Size, Trends, Growth and Forecast

India Insurance Market is expected to witness robust growth by 2024 owing to growing awareness among the population regarding the benefits of insurance either life insurance or general insurance. India consists of more than 55 insurance companies including life insurance and general insurance companies.

India's insurance industry has seen fast development amid the most recent decade since numerous foreign organizations have shown interest in putting resources into local insurance agencies, regardless of the Government of India's direction, which mandates the foreign shareholding limit is at 26% for the life and additionally non-life coverage parts.

Based on sectors, the market has been categorized into the Public and Private sectors. In 2018, the public sector dominated the market since Life Insurance Corporation (LIC) is the biggest among all.

Moreover, favorable government initiatives such as under Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2017-18 in which over 47.9 million farmers benefitted, the Ayushman Bharat scheme to provide coverage of up to Rs 500,000 to more than 100 million families, etc. and growing investments in the insurance sector such as in 2017, India saw 10 merger and acquisition deals worth US$ 903 million in the insurance sector and companies raised around Rs 434.3 billion through public issues further drives the India insurance market.

Years considered for this report:

Historical Years: 2014-2017

Base Year: 2018

Estimated Year: 2019

Forecast Period: 2020-2024

The objective of the Study:

  • To define, classify and forecast the India Insurance market based on the type of product, type of channel, insurance application, region, and company.
  • To analyze and forecast the India Insurance market size.
  • To scrutinize the detailed market segmentation and forecast the market size, in terms of value, based on insurance applications and regions, namely, North, South, East, and West.
  • To identify the supporting factors and challenges for the India Insurance market.
  • To strategically profile leading players operating in the India Insurance market.

 

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Some of the leading players in the India Insurance Market are Apollo Munich Health Insurance Company Ltd, Bharti AXA General Insurance Co.Ltd., Max Bupa Health Insurance Company Ltd, Aviva Life Insurance Co. India Ltd., Birla Sun Life Insurance Co. Ltd., ICICI Prudential Life Insurance Co. Ltd., HDFC ERGO General Insurance Co. Ltd., etc.

To perform the study, TechSci Research conducted primary and exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of Insurance companies and service providers operating in India.

Subsequently, TechSci Research conducted primary research surveys, which include primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. TechSci Research analyzed product offerings, services, and regional presence of all major Insurance companies across India.

TechSci Research calculated the market size for India Insurance market using a bottom-up technique, wherein sales value data of different accounting companies was recorded as well as a forecast for the future years.

TechSci Research sourced these values from industry experts and company representatives and externally validated them by analyzing historical sales data of Insurance companies to arrive at the overall market size.

 

Key Target Audience:

  • Insurance Companies
  • End Users
  • Research & development organizations and consulting firms
  • Government bodies such as regulating authorities and policymakers

The study is useful in providing answers to several critical questions that are important for the industry stakeholders, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Publicado en Default Category en noviembre 29 at 11:16
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