Life Insurance in India, Key Trends and Opportunities to 2018

Published: Oct, 2014 | Pages: 194 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth market analysis, information and insights into the Indian life insurance segment, including:
The Indian life insurance segment's growth prospects by life insurance category 
Key trends and drivers for the life insurance segment 
The various distribution channels in the Indian life insurance segment
The detailed competitive landscape of the life insurance segment in India
Detailed regulatory policies of the Indian insurance industry
A description of the life reinsurance segment in India
Porter's Five Forces analysis of the life insurance segment
A benchmarking section on Indian life insurance segment in comparison with other BRICS countries 

Summary
Life insurance was the largest segment in the Indian insurance industry in 2013, and accounted for 78.5% of the industry's gross written premium. The segment registered significant growth at a review-period (2009-2013) CAGR of 3.3%. Growth was primarily attributed to the rapid expansion of group superannuation products, which registered a review-period CAGR of 21.7% in terms of gross written premium. Steady expansion in the individual whole life category, which accounted for 77.8% of the life insurance gross written premium, also contributed to the segment's growth. 
Sustainable economic growth and rising GDP, increasing levels of employment, an expanding population, rising life expectancy, increased tax benefits and the introduction of flexible life insurance plans are expected to support the segment's growth over the forecast period. Gross written premium is projected to increase at a projected forecast-period CAGR of 6.3%. 
Scope
This report provides a comprehensive analysis of the life insurance segment in India:
It provides historical values for the Indian life insurance segment for the report's 2009-2013 review period, and projected figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key categories in the Indian life insurance segment, along with market forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
It analyses the various distribution channels for life insurance products in India.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in India for life insurance business.
It provides a detailed analysis of the reinsurance segment in India and its growth prospects.
It profiles the top life insurance companies in India and outlines the key regulations affecting them. 
Reason To Buy
 Make strategic business decisions using in-depth historic and forecast market data related to the Indian life insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities in the Indian life insurance segment
Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
Identify the growth opportunities and market dynamics in key product categories
Gain insights into key regulations governing the Indian insurance industry, and their impact on companies and the market's future 
Key Highlights
 India ranked 10th out of 147 countries in terms of life insurance business gross written premium.
The Indian life segment accounted for 78.5% of the industry's gross written premium in 2013, following growth at a review-period CAGR of 3.3%.
Government incentives such as tax exemptions and rebates, along with security of capital by public insurance companies such as Life Insurance Corporation of India (LIC) drove growth in the segment.
The individual whole life category was the largest in the life segment and accounted for 77.8% of the segment's total gross written premium in 2013.
In July 2013, IRDA proposed an increase in the FDI limit from 26% to 49% in order to improve, promote and develop the domestic insurance industry.
The low penetration rate of the Indian life segment provides ample scope for the development of new business over the forecast period.

 1 Key Facts and Events
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Indian Insurance Industry Attractiveness
4.1 Insurance Industry Size, 2009-2018
4.2 Regiol Benchmarking
4.3 Overview
4.3.1 Market trends
4.3.2 Scale and Penetration
4.3.3 Total segment gross written premium
5 Life Insurance Outlook
5.1 Consumer Segmentation
5.2 Key Drivers
5.3 Key Trends
5.4 Challenges
5.5 Life Insurance Growth Prospects by Category
5.6 Individual Life Insurance
5.6.1 Individual whole life insurance
5.6.2 Individual general annuity insurance
5.6.3 Individual pension insurance
5.7 Group Life Insurance
5.7.1 Group whole life insurance
5.7.2 Group superannuation insurance
5.8 Life Insurance Growth Prospects by Customer Segment
5.8.1 Individual single-premium insurance
5.8.2 Individual non-single-premium insurance
5.8.3 Group single-premium insurance
5.8.4 Group non-single-premium insurance
5.9 Life Insurance Growth Prospects by Product Type
5.9.1 Total linked insurance business
5.9.2 Total non-linked insurance business
6 Alysis by Distribution Channel
6.1 Direct Marketing
6.2 Bancassurance
6.3 Agencies
6.4 E-commerce
6.5 Brokers
6.6 Other Channels
7 Governce, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Legislation Trends by Type of Insurance
7.2.1 Life insurance regulatory trends
7.2.2 Property insurance regulatory trends
7.2.3 Motor insurance regulatory trends
7.2.4 Marine, aviation and transit insurance regulatory trends
7.2.5 Persol accident and health insurance regulatory trends
7.3 Compulsory Insurance
7.3.1 Motor third-party liability insurance
7.3.2 Workmen's compensation insurance/employers' liability insurance
7.4 Supervision and Control
7.4.1 Intertiol Association of Insurance Supervisors
7.4.2 Insurance Regulatory and Development Authority
7.5 Non-Admitted Insurance Regulatory Trends
7.5.1 Overview
7.5.2 Intermediaries
7.5.3 Market practices
7.5.4 Fines and pelties
7.6 Company Registration and Operations
7.6.1 Types of insurance organization
7.6.2 Establishing a local company
7.6.3 Foreign ownership
7.6.4 Types of license
7.6.5 Capital requirements
7.6.6 Solvency margins
7.6.7 Reserve requirements
7.6.8 Investment regulations
7.6.9 Statutory return requirements
7.6.10 Fee structure
7.7 Taxation
7.7.1 Insurance premium or policy taxation
7.7.2 Corporate tax
7.7.3 VAT
7.7.4 Captives
7.8 Legal System
7.8.1 Introduction
7.8.2 Access to court
7.8.3 Altertive dispute resolution (ADR)
8 Competitive Landscape and Strategic Insights
8.1 Overview
8.2 Leading Companies in Indian Life Insurance Segment
8.3 Comparison of the Top Five Insurers
8.3.1 Gross written premium
8.3.2 Outwards reinsurance expense
8.3.3 Gross claims
8.3.4 Total assets
8.3.5 Total Investment Income
8.4 Leading Life Insurers - New Product Launches
8.5 Leading Life Insurers - Key Developments
8.6 Life Insurance Corporation of India - Company Overview
8.6.1 Life Insurance Corporation of India - key facts
8.6.2 Life Insurance Corporation of India - key fincials
8.7 ICICI Prudential Life Insurance Co. Ltd - Company Overview
8.7.1 ICICI Prudential Life Insurance Co. Ltd - key facts
8.7.2 ICICI Prudential Life Insurance Co. Ltd - key fincials
8.8 HDFC Standard Life Insurance Company Ltd - Company Overview
8.8.1 HDFC Standard Life Insurance Company Ltd - key facts
8.8.2 HDFC Standard Life Insurance Company Ltd - key fincials
8.9 SBI Life Insurance Co. Ltd - Company Overview
8.9.1 SBI Life Insurance Co. Ltd - key facts
8.9.2 SBI Life Insurance Co. Ltd - key fincial
8.1 Bajaj Allianz Life Insurance Co. Ltd - Company Overview
8.10.1 Bajaj Allianz Life Insurance Co. Ltd - key facts
8.10.2 Bajaj Allianz Life Insurance Co. Ltd - key fincials
8.11 Max Life Insurance Company Ltd - Company Overview
8.11.1 Max Life Insurance Company Ltd - key facts
8.11.2 Max Life Insurance Company Ltd - key fincials
8.12 Birla Sun Life Insurance Company Ltd - Company Overview
8.12.1 Birla Sun Life Insurance Company Ltd - key facts
8.12.2 Birla Sun Life Insurance Company Ltd - key fincials
8.13 Reliance Life Insurance Company Ltd - Company Overview
8.13.1 Reliance Life Insurance Company Ltd - key facts
8.13.2 Reliance Life Insurance Company Ltd - key fincials
8.14 Kotak Mahindra Old Mutual Life Insurance Ltd - Company Overview
8.14.1 Kotak Mahindra Old Mutual Life Insurance Ltd - key facts
8.14.2 Kotak Mahindra Old Mutual Life Insurance Ltd - key fincials
8.15 Tata AIA Life Insurance Company Ltd - Company Overview
8.15.1 Tata AIA Life Insurance Company Ltd - key facts
8.15.2 Tata AIA Life Insurance Company Ltd - key fincials
9 Appendix - 1
9.1 Market Capitalization Trend - Bombay Stock Exchange, India
9.2 GDP at Constant Prices (US$)
9.3 GDP Per Capita at Constant Prices (US$)
9.4 GDP at Current Prices (US$)
9.5 GDP Per Capita at Current Prices (US$)
9.6 Inflation Rate
9.7 Unemployment Rate
9.8 Household Consumption Expenditure (US$)
9.9 Urban and Rural Populations
9.1 Age Distribution of the Total Population
10 Appendix - 2
10.1 Methodology
10.2 Contact Timetric
10.3 About Timetric
10.4 Timetric's Services
10.5 Disclaimer


List of Tables
Table 1: Indian Life Insurance - Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: Indian Insurance Industry - Gross Written Premium by Segment (Percentage Share), 2009-2018
Table 4: Indian Insurance Industry - Direct Written Premium by Segment (Percentage Share), 2009-2018
Table 5: India - Life Insurance Regulatory Framework
Table 6: India - Property Insurance Regulatory Framework
Table 7: India - Motor Insurance Regulatory Framework
Table 8: India - Premium Rates for Third-Party (TP) Liability Insurance
Table 9: India - Corporate Income Tax Rates for the Fincial Year 2013 - 2014
Table 10: India - Other Corporate Tax Rates for the Fincial Year 2012-2013
Table 11: India - Changes in Corporate Tax Rates on Implementation of DTC
Table 12: Shares of Key Insurers in Indian Life Insurance Segment (%), 2013
Table 13: Life Insurance Corporation of India, Key Facts
Table 14:Life Insurance Corporation of India, Key Fincials (INR Million), 2009-2013
Table 15: ICICI Prudential Life Insurance Co. Ltd, Key Facts
Table 16:ICICI Prudential Life Insurance Co. Ltd, Key Fincials (INR Million), 2009-2013
Table 17: HDFC Standard Life Insurance Company Ltd, Key Facts
Table 18:HDFC Standard Life Insurance Company Ltd, Key Fincials (INR Million), 2009-2013
Table 19: SBI Life Insurance Co. Ltd, Key Facts
Table 20:SBI Life Insurance Co. Ltd, Key Fincials (INR Million), 2009-2013
Table 21: Bajaj Allianz Life Insurance Co. Ltd, Key Facts
Table 22:Bajaj Allianz Life Insurance Co. Ltd, Key Fincials (INR Million), 2009-2013
Table 23: Max Life Insurance Company Ltd, Key Facts
Table 24:Max Life Insurance Company Ltd, Key Fincials (INR Million), 2009-2013
Table 25: Birla Sun Life Insurance Company Ltd, Key Facts
Table 26:Birla Sun Life Insurance Company Ltd, Key Fincials (INR Million), 2009-2013
Table 27: Reliance Life Insurance Company Ltd, Key Facts
Table 28:Reliance Life Insurance Company Ltd, Key Fincials (INR Million), 2009-2013
Table 29: Kotak Mahindra Old Mutual Life Insurance Ltd, Key Facts
Table 30:Kotak Mahindra Old Mutual Life Insurance Ltd, Key Fincials (INR Million), 2009-2013
Table 31: Tata AIA Life Insurance Company Ltd, Key Facts
Table 32:Tata AIA Life Insurance Company Ltd, Key Fincials (INR Million), 2009-2013