Press release
COVID19 Impact: Life Insurance Market in India Critical Analysis with Expert Opinion
Life Insurance Market in India
What's keeping Life Insurance Corporation of India, HDFC Life Insurance Company Limited, ICICI Prudential Life Insurance Company Limited, SBI Life Insurance Company Limited, Aditya Birla Sun Life Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited, Max Life Insurance Company Limited, PNB Metlife India Insurance Company Limited, Reliance Nippon Life Insurance Company Limited, Tata AIA Life Insurance Company Limited Ahead in the Market? Benchmark yourself with the strategic moves and findings recently released by HTF MI
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Market Overview of Life Insurance
The Indian financial services sector is a highly volatile sector, influenced by fiscal and monetary policies, government regulations, trade rules, tax changes, and technology changes. The insurance industry in India is regulated by the Insurance Regulatory and Development Authority of India (IRDAI), which is an autonomous body established in 1999.
In India, currently there are 24 life insurance players, which comprise 1 public sector and 23 private sector players. The Indian life insurance market is exhibiting immense growth, next to banks for mobilized savings, and is a formidable part of the Indian capital market. In FY 2019, the life insurance sector accounted for approximately 2.68% to India's gross domestic product (GDP).
This study mainly helps understand which market segments or Region or Country they should focus in coming years to channelize their efforts and investments to maximize growth and profitability. The report presents the market competitive landscape and a consistent in depth analysis of the major vendor/key players in the market along with impact of economic slowdown due to COVID.
Furthermore, the years considered for the study are as follows:
Historical year - 2014-2019
Base year - 2019
Forecast period** - 2020 to 2026 [** unless otherwise stated]
**Moreover, it will also include the opportunities available in micro markets for stakeholders to invest, detailed analysis of competitive landscape and product services of key players.
The titled segments and sub-section of the market are illuminated below:
LIC is the sole public sector life insurance company in India. However, private life insurance companies have been penetrating the market since 2000, mainly through unique customer services.
In terms of the number of new policies issued, shares of both LIC and private insurers have increased during the FY 2017-FY 2018 period. In FY 2018, LIC held a share of ~75.67% in terms of the number of new policies issued, the rest being acquired by private insurers. The demand for LIC policies is usually high, owing to the handsome maturity value offered by the company at the end of the policy terms.
Considering the amount of premium collected in FY 2018, LIC alone held a share of ~69.36%. However, the share of private insurers, in terms of premium collected, had increased during the FY 2017-FY 2018 period at a rate of ~19.17%, mainly due to innovative product mixes offered by the companies. In FY 2018, out of the top private insurers operating in India, ICICI Prudential had the highest market share (~5.9%), followed by SBI Life (~5.53%) and HDFC Standard (~5.14%).
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Important Features that are under offering & key highlights of the report:
- Detailed overview of Life Insurance market
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application etc
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Life Insurance market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards Life Insurance market performance
- Market players information to sustain and enhance their footprint
Read Detailed Index of full Research Study at @ https://www.htfmarketreport.com/reports/2585543-life-insurance-market
Major Highlights of TOC:
Chapter One: Life Insurance Market Industry Overview
1.1 Life Insurance Industry
1.1.1 Overview
1.1.2 Products of Major Companies
1.2 Life Insurance Market Segment
1.2.1 Industry Chain
1.2.2 Consumer Distribution
1.3 Price & Cost Overview
Chapter Two: Life Insurance Market Demand
2.1 Segment Overview
2.1.1 APPLICATION 1
2.1.2 APPLICATION 2
2.1.3 Other
2.2 Life Insurance Market Size by Demand
2.3 Life Insurance Market Forecast by Demand
Chapter Three: Life Insurance Market by Type
3.1 By Type
3.1.1 TYPE 1
3.1.2 TYPE 2
3.2 Life Insurance Market Size by Type
3.3 Life Insurance Market Forecast by Type
Chapter Four: Major Region of Life Insurance Market
4.1 Life Insurance Sales
4.2 Life Insurance Revenue & market share
Chapter Five: Major Companies List
Chapter Six: Conclusion
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Key questions answered
o What impact does COVID-19 have made on Life Insurance Market Growth & Sizing?
o Who are the Leading key players and what are their Key Business plans in the Life Insurance market?
o What are the key concerns of the five forces analysis of the Life Insurance market?
o What are different prospects and threats faced by the dealers in the Life Insurance market?
o What are the strengths and weaknesses of the key vendors?
Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.
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Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
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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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