Booming Insurance Market in India

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Booming Insurance Market in India (2008-2011)

Description:    With a huge population base and large untapped market, insurance industry is a big opportunity
                area in India for national as well as foreign investors. India is the fifth largest life insurance market
                in the emerging insurance economies globally and is growing at 32-34% annually. This impressive
                growth in the market has been driven by liberalization, with new players significantly enhancing
                product awareness and promoting consumer education and information. The strong growth
                potential of the country has also made international players to look at the Indian insurance market.
                Moreover, saturation of insurance markets in many developed economies has made the Indian
                market more attractive for international insurance players, according to "Booming Insurance Market
                in India (2008-2011)”.

                This research report will help the client to analyze the leading-edge opportunities critical to the
                success of insurance industry in India. Based on this analysis, the report gives a future forecast of
                the market that is intended as a rough guide to the direction in which the market is likely to move.

                Research Findings

                -Total life insurance premium in India is projected to grow Rs 1,230,000 Crore by 2010-11.

                -Total non-life insurance premium is expected to increase at a CAGR of 25% for the period
                spanning from 2008-09 to 2010-11.

                -With the entry of several low-cost airlines, along with fleet expansion by existing ones and
                increasing corporate aircraft ownership, the Indian aviation insurance market is all set to boom in a
                big way in coming years.

                -Home insurance segment is set to achieve a 100% growth as financial institutions have made
                home insurance obligatory for housing loan approvals.

                -Health insurance is poised to become the second largest business for non-life insurers after motor
                insurance in next three years.

                -A booming life insurance market has propelled the Indian life insurance agents into the ‘top 10
                country list’ in terms of membership to the Million Dollar Round Table (MDRT) — an exclusive club
                for the highest performing life insurance agents.

                Key Issues & Facts Analyzed in the Report

                -Where does India stands in context of emerging countries?
                -How the insurance market is likely to move in near future?
                -What are key factors fuelling growth into the Indian insurance market?
                -What are the growing insurance segments in India?
                -What are various opportunity areas in the market?
                -What are the key issues that need to be addressed?
                -What is the status of micro-insurance and rural insurance in India?
                -What initiatives the government is taking to promote the Indian insurance market?

                Key Players

                The major players discussed in the report include LIC, Bajaj Allianz and HDFC Standard under life
                insurance segments, and New India, United India and ICICI Lombard under non-life insurance
                segments.

                Research Methodology Used

                Information Sources
                Information has been sourced from books, newspapers, trade journals and white papers, industry
            portals, government agencies, trade associations, monitoring industry news and developments, and
            through access to more than 3000 paid databases.

            Analysis Methods
            The analysis methods used for judgmental analysis in the report include ratio analysis, historical
            trend analysis, linear regression analysis using software tools, judgmental forecasting, and cause
            and effect analysis.



Contents:   1. Analyst View

            2. Emerging Insurance Markets
             2.1 Life Insurance
             2.2 Non-life Insurance

            3. India - Attractive Destination for Insurance Investment
             3.1 Economic Stability
             3.2 Insurance Penetration
             3.3 Semi-urban & Rural Markets
             3.4 Urbanization
             3.5 Growing Population
             3.6 Disposable Income
             3.7 Saving Tendency
             3.8 Awareness Level
             3.9 Developed Countries Reaching Saturation
             3.10 Government Initiatives

            4. Market Performance
             4.1 Life Insurance
             4.1.1 By Products
             4.1.2 By Segments
             4.1.3 By Distribution Channels
             4.2 Non-life Insurance
             4.2.1 Motor
             4.2.2 Fire
             4.2.3 Health
             4.2.4 Marine
             4.2.5 Engineering
             4.2.6 Personal Accidents
             4.2.7 Liability
             4.2.8 Aviation
             4.2.9 Others
             4.2.9.1 Travel
             4.2.9.2 Credit
             4.2.9.3 Home

            5. Growth Prospects
             5.1 Takaful Insurance
             5.2 TPA
             5.3 Insurance BPOs
             5.4 Pension & Provident Funds
             5.5 Pharmaceutical Market
             5.6 Banking Industry
             5.7 IT Sector

            6. Growth Hurdles
             6.1 Claims
             6.2 Policy Lapsation Rate
             6.3 Agent Attrition
             6.4 Changing Market Demand
             6.5 Unpredictable Climatic Conditions

            7. Rural Insurance
8. Microinsurance
 8.1 Performance
 8.2 Recent Products & Developments
 8.3 Government Initiatives
 8.4 Key Microinsurance Institutions
 8.4.1 Yeshasvini
 8.4.2 Spandana
 8.4.3 SEWA
 8.5 Scope
 8.6 Growth Hurdles

9. Future Outlook (2008-09 to 2010-11)
 9.1 Life Insurance
 9.2 Non-life Insurance

10. Key Industry Contributors
 10.1 Life Insurance
 10.1.1 LIC
 10.1.2 Bajaj Allianz
 10.1.3 ICICI Prudential
 10.1.4 HDFC Standard
 10.1.5 SBI Life
 10.2 Non-life Insurance
 10.2.1 New India
 10.2.2 National Insurance
 10.2.3 Oriental
 10.2.4 United India
 10.2.5 ICICI Lombard

Tables
Table 2-1: Emerging Markets - Top Ten Life Insurance Markets by Premium (in Million US$), 2005
Table 2-2: Emerging Markets - Top Ten Non-life Insurance Markets by Premium (in Million US$),
2005
Table 4-1: India - Number of Registered Insurers by Sector (Sep 2007)
Table 4-2: India - Top Countries on MDRT by Registered Membership, 2006
Table 4-3: India - Gross Non-life Insurance Premium by Private Insurer (in Crore Rs), Apr-Aug
2006 & Apr-Aug 2007
Table 4-4: India - Key Insurers offering Marine Insurance, 2006
Table 4-5: India - NPA by Type of Bank (in Crore Rs), 2003-04 to 2005-06
Table 6-1: India - Number of Lapsed Individual Life Insurance Policies of Non-linked Business (2005
-06)
Table 8-1: India - List of Microinsurance Organizations, 2005
Table 10-1: Bajaj Allianz - Key Financials (in Crore Rs), 2003-04 to 2006-07
Table 10-2: HDFC Standard - Key Financials (in Crore Rs), 2006-07
Table 10-3: New India - Key Financials (in Crore Rs), 2000-01 to 2004-05
Table 10-4: National Insurance - Key Financials (in Crore Rs), 2002-03 to 2006-07
Table 10-5: Oriental - Key Financials (in Lakh Rs), 2002-03 to 2006-07
Table 10-6: United India - Key Financials (in Crore Rs), 2002-03 to 2006-07
Table 10-7: ICICI Lombard - Key Financials (in Million Rs), 2005-06 & 2006-07

Figures
Figure 2-1:   Emerging Markets - Life & Non-life Insurance Premium (in Million US$), 2004 & 2005
Figure 2-2:   Emerging Markets - Non-life Insurance Premium by Country (%), 2005
Figure 3-1:   India - Gross Domestic Product (in Billion US$), 2001-2006
Figure 3-2:   India - Forecast for Gross Domestic Product (in Billion US$), 2007-2011
Figure 3-3:   India - Life Insurance Penetration (%), 1990-91, 2005 & 2006-07
Figure 3-4:   India - Share of Rural & Urban Population (%), 2005 & 2030F
Figure 3-5:   India & China - Growth in Population (in Billion), 2000 to 2050F
Figure 3-6:   India - Disposable Income (in US$/Head), 2001-2007E
Figure 3-7:   India - Forecast for Disposable Income (in US$/Head), 2008-2011
Figure 3-8:   India - Comparative Household Savings as a Share of Gross National Savings Rate (%),
2005
Figure 3-9: India - Employment (in Million), 2001-2007E
Figure 3-10: India - Forecast for Employment (in Million), 2008-2011
Figure 4-1: India - Life Insurance Premium (in ‘000 Crore Rs), 2003-04 to 2007-08E
Figure 4-2: India - Life Insurance Premium by Regular, Single & Renewal Premium (%), 2006-07
Figure 4-3: India - LIC & Private Life Insurers by Premium (%), 2004-05 to 2006-07
Figure 4-4: India - Share of Unit-linked & Non-linked Life Insurance Underwritten Premium (%),
2005-06 & 2006-07
Figure 4-5: India - Share of LIC & Private Life Insurers in Unit-linked & Non-linked Life Insurance
Products (%), 2006-07
Figure 4-6: India - Breakup of Life Insurance Underwritten Premium (%), 2006-07
Figure 4-7: India - Breakup of LIC Underwritten Premium (%), 2006-07
Figure 4-8: India - Breakup of Private Life Insurers Underwritten Premium (%), 2006-07
Figure 4-9: India - New Underwritten Life Premium of LIC by Distribution Channel (%), 2005-06
Figure 4-10: India - New Underwritten Life Premium of Private Life Insurers by Distribution Channel
(%), 2005-06
Figure 4-11: India - Share of Key Insurance Players on MDRT (%), 2006
Figure 4-12: India - Gross Non-life Insurance Direct Premium of Public Insurers (in Crore Rs), 2000
-01 to 2006-07
Figure 4-13: India - Gross Non-life Insurance Direct Premium for Public Sector by Company (%),
2006-07
Figure 4-14: India - Gross Non-life Insurance Direct Premium of Private Insurers (in Crore Rs),
2000-01 to 2006-07
Figure 4-15: India - Gross Non-life Insurance Direct Premium for Private Sector by Company (%),
2006-07
Figure 4-16: India - Penetration of Private Insurers in Non-life Insurance Market (%), 2000-01 to
2006-07 & Q1 2007-08
Figure 4-17: India - Non-Life Insurance Premium by Sector (%), 2005-06
Figure 4-18: India - Motor Insurance Gross Premium (in Crore Rs), 2004-05 & 2005-06
Figure 4-19: India - Number of New Cars Registration (in ‘000), 2001-2007E
Figure 4-20: India - Forecast for Number of New Cars Registration (in ‘000), 2008-2011
Figure 4-21: India - Number of Commercial Vehicles Registration (in ‘000), 2001-2007E
Figure 4-22: India - Forecast for Number of Commercial Vehicles Registration (in ‘000), 2008-2011
Figure 4-23: India - Fire Insurance Underwritten Premium (in Crore Rs), 2004-05 & 2005-06
Figure 4-24: India - Health Insurance Premium (in Crore Rs), 2001-02 & 2006-07
Figure 4-25: India - Share of Private Health Insurers (%), 2005-06 & 2006-07
Figure 4-26: India - Health Insurance Premium (in Crore Rs), 2007E & 2015F
Figure 4-27: India - Marine Insurance Underwritten Premium (in Crore Rs), 2004-05 & 2005-06
Figure 4-28: India - Number of Road Accidents (in ‘000), 2001-2005P
Figure 4-29: India - Number of Persons Killed & Injured in Road Accidents (2001-2005P)
Figure 4-30: India - Fleet of Aircrafts (in Number), 2007E & 2010F
Figure 4-31: India - Number of Outbound Tourists (in Million), 2001-2007E
Figure 4-32: India - Forecast for Number of Outbound Tourists (in Million), 2008-2011
Figure 4-33: India - Lending by Financial Institutions (in Billion US$), 2001-2007E
Figure 4-34: India - Forecast for Lending by Financial Institutions (in Billion US$), 2008-2011
Figure 5-1: India - Medical Equipment Market (in Billion US$), 2006, 2009F & 2012F
Figure 5-2: India - Life Insurance Business Procured through Banks (%), 2005-06
Figure 5-3: India - IT Spending by Banking & Financial Institutions (in Billion US$), 2007E & 2010F
Figure 6-1: India - Claims Paid by Life Insurers (in Crore Rs), 2004-05 & 2005-06
Figure 6-2: India - Claims Paid by Private Life Insurers (in Crore Rs), 2004-05 & 2005-06
Figure 6-3: India - Incurred Claim Ratio of Public Sector Non-life Insurers (%), 2004-05 & 2005-06
Figure 8-1: India - Share of Organizations Providing Microinsurance (%), May 2005
Figure 8-2: India - Number of Microinsurance Schemes Developed in Partnership with Public &
Private Insurance Companies (May 2005)
Figure 8-3: India - Level of Experience for Microinsurance Schemes (%), May 2005
Figure 8-4: India - Share of Rural & Urban Area in Microinsurance (%), May 2005
Figure 8-5: India - Microinsurance by State (%), May 2005
Figure 8-6: India - Microinsurance Schemes by Type (in Number), May 2005
Figure 8-7: India - Distribution of Coverage Provided under Microinsurance Schemes (in Number),
May 2005
Figure 9-1: India - Forecast for Life Insurance Premium (in ‘000 Crore Rs), 2008-09 to 2010-11
Figure 9-2: India - Forecast for Non-life Insurance Premium (in Crore Rs), 2008-09 to 2010-11
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