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

Date: 2015-09

“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.”

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