India Insurance Market is expected
to witness robust growth by 2024 owing to growing awareness among 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 for 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 categorised into Public and
Private sector. In 2018, the public sector dominated the market since Life
Insurance Corporation (LIC) is the biggest among all. Moreover, favourable
government initiatives such as under Pradhan Mantri Fasal Bima Yojana (PMFBY)
in 2017-18 in which over 47.9 million famers were benefitted, 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 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
Objective of the
Study:
- To define, classify and forecast the India Insurance
market based on type of product, type of channel, insurance application,
region and company.
- To analyse 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 as well as 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 analysed 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 forecast for the future years. TechSci
Research sourced these values from industry experts and company
representatives, and externally validated through analysing 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 policy makers
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.
Report Scope:
In this report, India Insurance Market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
- Market, By Type
of Product:
- Life Insurance
- General Insurance
- Market, By Type
of Channel:
- Third Party
- Mixed
- Tied Agents
- Market, By Insurance
Application:
- Home and Commercial Buildings
- Life and Health
- Business and Enterprise
- Automotive and Transportation
- Travel
- Consumer Electronics and Industrial
Machines
- Market, By Private
Vs Public Insurance Companies:
- Market, by Region:
- North
Region
- South
Region
- West
Region
- East
Region
Competitive
Landscape
Company Profiles: Detailed analysis of the major
companies present in Insurance Market.
Available
Customizations:
With the given market data, TechSci Research
offers customizations according the company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
In case you don’t find what
you are looking for, please get in touch with our custom research team at [email protected]