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Non-Life Insurance Market to reach a value of INR 4,434 Bn by 2023

Non-Life Insurance Market

Non-Life Insurance Market

A new research document is added in HTF MI database of 60 pages, titled as 'Non-Life Insurance Market in India (2018-2023)' with detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis that includes regions and important players/vendors such as Agriculture Insurance Company of India Limited, Bajaj Allianz General Insurance Company Limited, HDFC ERGO General Insurance Company Limited etc. The report will help you gain market insights, future trends and growth prospects for forecast period of 2018-2023.

Request a sample report @ https://www.htfmarketreport.com/sample-report/1812349-non-life-insurance-market-in-india

Summary
The non-life insurance market in India has been witnessing growth, lately, owing to the introduction of innovative products covering miscellaneous risks associated with the current market scenario. As of FY 2017, out of the 29 non-life insurance companies operating in India, 23 companies were operating as general insurers, out of which 17 are private sector companies and 6 are public sector companies, and the remaining 6 are standalone health insurers. The insurance and re-insurance industries of India are regulated and promoted autonomously by the Insurance Regulatory and Development Authority (IRDA).

Market insights:
The non-life insurance market in India was valued at INR 1,281 Bn in FY 2017, and is anticipated to expand at a compound annual growth rate (CAGR) of ~24% in FY 2018, to reach a value of INR 4,434 Bn by the end of FY 2023. Economic growth of the country, expansion of the associated industries like automobile, and healthcare, and strengthening of the online distribution channel are contributing to the growth of the market. The major players operating in the Indian non-life insurance market include the New India Assurance Company Limited, National Insurance Company Limited, ICICI Lombard General Insurance Company Limited, and Bajaj Allianz General Insurance Company Limited.

Product-wise segment insights:
The main non-life insurance products offered by the companies in India include motor insurance, health insurance, fire insurance, and marine insurance, among others. The motor insurance segment dominated the market between FY 2016 and FY 2017, contributing ~39% of the total general insurance gross direct premium collected in FY 2017, owing to a significant rise in the demand of automobiles (passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles), and compulsion of motor insurance across the country.

Distribution channel-wise segment insights:
Non-life insurance policies are sold in India through individual agents, corporate agents (banks, and others), brokers, and direct business. In FY 2017, direct business transactions owed for ~31% of the overall non-life insurance policies sold in India. People prefer buying insurance policies through direct business distribution channels because of its fast and easy process.

Key growth drivers of the market:
The non-life insurance industry is driven by the growing demand for a number of associated sectors such as the automobile industry, and the healthcare industry. Total automobile production in India reached 29 Mn units in FY 2018 from 25 Mn units in FY 2017, owing to the increased purchasing power of the middle-class population, coupled with a growing young working population. Since motor insurance is compulsory in India, growth of the automobile sector is expected to boost the motor insurance segment of the non-life insurance market in India. Apart from the automobile industry, growth in health awareness, and rising inclination towards preventive healthcare are encouraging demand for the health insurance segment of the Indian non-life insurance market.

Key deterrents to the growth of the market:
The rate of non-life insurance penetration, measured as a percentage of insurance premium to gross domestic product (GDP), stood at 0.77% in 2016, which was lower than 0.80% in 2013. This implies that during 2014-2016, growth of insurance premium in India was lower than the growth in national GDP, mainly due to the capping of incentives of the brokers and agents, and supply-side problems in the associated industries. Emerging economies in Asia such as Malaysia, Thailand, and China have higher non-life insurance penetration than India.

View Detailed Table of Content @ https://www.htfmarketreport.com/reports/1812349-non-life-insurance-market-in-india

Companies covered:
Agriculture Insurance Company of India Limited, Bajaj Allianz General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, ICICI Lombard General Insurance Company Limited, IIFCO Tokio General Insurance , National Insurance Company Limited , Oriental Insurance Company Limited, Star Health and Allied Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited

Customizations available
With the given market data, we offer customizations according to specific needs. Write to us at support@researchonglobalmarkets.com, or connect with us here.

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Chapter 1: Executive summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction
3.1. Non-life insurance market - definition and structure

Chapter 4: Non-life insurance market in India
4.1. Market overview
4.2. Market size and growth forecast (on the basis of gross premium income) - value-wise (FY 2018-FY 2023e)
4.3. Gross direct premium income - insurer type-wise (FY 2017)
o Public sector insurers
o Private sector insurers
....Continued

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It's vital you keep your market knowledge up to date. If you have a different set of players/manufacturers according to geography or needs regional or country segmented reports we can provide customization accordingly.

Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Unit No. 429, Parsonage Road Edison, NJ
New Jersey USA – 08837
Phone: +1 (206) 317 1218
sales@htfmarketreport.com

About Author:
HTF Market Report is a wholly owned brand of HTF market Intelligence Consulting Private Limited. HTF Market Report global research and market intelligence consulting organization is uniquely positioned to not only identify growth opportunities but to also empower and inspire you to create visionary growth strategies for futures, enabled by our extraordinary depth and breadth of thought leadership, research, tools, events and experience that assist you for making goals into a reality. Our understanding of the interplay between industry convergence, Mega Trends, technologies and market trends provides our clients with new business models and expansion opportunities. We are focused on identifying the “Accurate Forecast” in every industry we cover so our clients can reap the benefits of being early market entrants and can accomplish their “Goals & Objectives”.

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