Non-Life Insurance in India, Key Trends and Opportunities to 2018

Published: Oct, 2014 | Pages: 197 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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

Summary
The Indian non-life insurance segment registered significant growth during the review period (2009-2013), despite the global financial crisis in 2009. The increase was primarily due to growing awareness of compulsory motor third-party liability insurance, and rising property prices in major Indian cities such as Mumbai and Bangalore. This was encouraged by rising income levels that increased demand for motor and property insurance. These factors are expected to enable the segment to record a forecast-period (2009-2018) CAGR of 11.3%. 
The segment is dominated by public sector insurers, and the combined market value of all private non-life insurers is less than 50% of the total non-life insurance written premium. Public sector insurers are expected to continue to dominate the segment over the forecast period, although private non-life insurers are expected to gradually increase their market shares. Although the Indian non-life segment grew rapidly during the review period, it remains largely underpenetrated due to poor awareness of the benefits of non-life insurance, low penetration in rural areas, and a lack of an effective distribution model. 
Scope
This report provides a comprehensive analysis of the non-life insurance segment in India:
It provides historical values for India's non-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 India's non-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 non-life insurance products in India.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in India for the non-life insurance segment.
It provides a detailed analysis of the reinsurance segment in India and its growth prospects.
It profiles the top non-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 non-life insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities in the Indian non-life insurance segment
Assess the competitive dynamics in the non-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
 In terms of gross written premium, the non-life segment grew at a review-period CAGR of 17.0%.
Motor insurance is a prominent category in the Indian non-life segment, while engineering, marine, aviation and transit, and general liability are the other main non-life products. 
Motor insurance was the largest category in terms of gross written premium, and accounted for 56.3% of the segment in 2013.
Property insurance was the second-largest category in the non-life segment and accounted for 35.2% of the segment's gross written premium.
The rise in the smartphone users in the country has encouraged insurers to introduce mobile apps for the quick and settlement of claims and online payment of premiums.

 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 Non-Life Insurance Outlook
5.1 Consumer Segmentation
5.2 Key Drivers
5.3 Key Trends
5.4 Challenges
5.5 Non-Life Insurance Growth Prospects by Category
5.6 Property Insurance
5.6.1 Fire and allied perils insurance
5.6.2 Engineering insurance
5.6.3 Agriculture insurance
5.6.4 Other property insurance
5.7 Motor Insurance
5.7.1 Motor hull insurance
5.7.2 Motor third-party insurance
5.8 Liability Insurance
5.9 Marine, Aviation and Transit Insurance
5.9.1 Marine insurance
5.9.2 Marine hull insurance
5.9.3 Marine liability insurance
5.9.4 Aviation insurance
5.9.5 Transit insurance
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 the Indian Non-Life Insurance Segment
8.3 Comparison of the Top Five Insurers
8.3.1 Gross written premium
8.3.2 Net earned premiums
8.3.3 Paid claims
8.3.4 Loss ratio
8.4 Leading Non-Life Insurers - New Product Launches
8.5 Leading Non-life Insurers - Key Developments
8.6 New India Assurance Co. Ltd - Company Overview
8.6.1 New India Assurance Co. Ltd - key facts
8.6.2 New India Assurance Co. Ltd - key fincials
8.7 United India Insurance Co. Ltd - Company Overview
8.7.1 United India Insurance Co. Ltd - key facts
8.7.2 United India Insurance Co. Ltd - key fincials
8.8 tiol Insurance Co. Ltd - Company Overview
8.8.1 tiol Insurance Co. Ltd - key facts
8.8.2 tiol Insurance Co. Ltd - key fincials
8.9 Oriental Insurance Company Ltd - Company Overview
8.9.1 Oriental Insurance Company Ltd - key facts
8.9.2 Oriental Insurance Company Ltd - key fincials
8.1 ICICI Lombard General Insurance Co. Ltd - Company Overview
8.10.1 ICICI Lombard General Insurance Co. Ltd - key facts
8.10.2 ICICI Lombard General Insurance Co. Ltd - key fincials
8.11 Bajaj Allianz General Insurance Co. Ltd - Company Overview
8.11.1 Bajaj Allianz General Insurance Co. Ltd - key facts
8.11.2 Bajaj Allianz General Insurance Co. Ltd - key fincials
8.12 Agriculture Insurance Company - Company Overview
8.12.1 Agriculture Insurance Company - key facts
8.12.2 Agriculture Insurance Company -key fincials
8.13 Iffco-Tokio General Insurance Co. Ltd - Company Overview
8.13.1 Iffco-Tokio General Insurance Co. Ltd - key facts
8.13.2 Iffco-Tokio General Insurance Co. Ltd - key fincials
8.14 Tata AIG General Insurance Company Ltd�-Company Overview
8.14.1 Tata AIG General Insurance Company Ltd�- key facts
8.14.2 Tata AIG General Insurance Company Ltd�- key fincials
8.15 Reliance General Insurance Company Ltd - Company Overview
8.15.1 Reliance General Insurance Company Ltd - key facts
8.15.2 Reliance General 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 GDP by Key Sector
9.7 Inflation Rate
9.8 Construction Net Output at Current Prices (US$)
9.9 Construction Net Output at Current Prices as a Percentage of GDP
9.1 Household Consumption Expenditure (US$)
9.11 Total Population
9.12 Urban and Rural Populations
9.13 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 Non-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 the Indian Non-Life Insurance Segment (%), 2013
Table 13: New India Assurance Co. Ltd, Key Facts
Table 14: New India Assurance Co. Ltd, Key Fincials (INR Million), 2009-2013
Table 15: United India Insurance Co. Ltd, Key Facts
Table 16:United India Insurance Co. Ltd, Key Fincials (INR Million), 2009-2013
Table 17: tiol Insurance Co. Ltd, Key Facts
Table 18: tiol Insurance Co. Ltd, Key Fincials (INR Million), 2009-2013
Table 19: Oriental Insurance Company Ltd, Key Facts
Table 20: Oriental Insurance Company Ltd, Key Fincials (INR Million), 2009-2013
Table 21: ICICI Lombard General Insurance Co. Ltd, Key Facts
Table 22: ICICI Lombard General Insurance Co. Ltd, Key Fincials (INR Million), 2009-2013
Table 23: Bajaj Allianz General Insurance Co. Ltd, Key Facts
Table 24: Bajaj Allianz General Insurance Co. Ltd, Key Fincials (INR Million), 2009-2013
Table 25: Agriculture Insurance Company, Key Facts
Table 26:Agriculture Insurance Company, Key Fincials (INR Million), 2009-2013
Table 27: Iffco-Tokio General Insurance Co. Ltd, Key Facts
Table 28: Iffco-Tokio General Insurance Co. Ltd, Key Fincials (INR Million), 2009-2013
Table 29: Tata AIG General Insurance Company Ltd, Key Facts
Table 30:Tata AIG General Insurance Company Ltd, Key Fincials (INR Million), 2009-2013
Table 31: Reliance General Insurance Company Ltd, Key Facts
Table 32: Reliance General Insurance Company Ltd, Key Fincials (INR Million), 2009-2013