Insurance Broking: Market 2020 | Coronavirus Impact | Industry Business Outlook, Revenue, Trends and Forecasts 2025 | Aditya Birla Insurance Brokers, Edelweiss Gallagher Insurance Brokers, Global Insurance Brokers, Manappuram Insurance Brokers, Muthoot Ri

Insurance brokers are representatives of clients’ interests in insurance contracts (not insurers), and act as an intermediary between insurers and the insured.

A significant number of brokers have entered the Indian insurance broking industry, since 2003, when the Insurance Regulatory and Development Authority (IRDAI) allowed brokers to act as intermediaries. As of July 2020, 468 insurance brokers have been licensed by the IRDAI. Brokers are the preferred channel of business in India as they account for more than 70% of commercial lines (marine, aviation, construction, engineering, risk, and liability insurance). Further, the dynamic and conducive regulatory landscape in the country is expected to propel industry growth in the coming years. As the Indian insurance market continues to grow organically with increasing population and insurance requirements, there remains a massive opportunity for disruption through technology.
The total premium collected through brokers grew from INR 170 Bn in FY 2014 to INR 372.68 Bn in FY 2019, expanding at a CAGR of 17.00% during the 2014-2019 period

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This Free report sample includes:
A brief introduction to the Insurance Broking Market research report.
Graphical introduction of the regional analysis.
Top players in the Insurance Broking Market with their revenue analysis.
Selected illustrations of Insurance Broking Market insights and trends.
Example pages from the Insurance Broking Market report.

The Major Players in the Insurance Broking Market.

• Aditya Birla Insurance Brokers Limited
• Edelweiss Gallagher Insurance Brokers Limited
• Global Insurance Brokers Private Limited
• Manappuram Insurance Brokers Limited
• Muthoot Risk Insurance and Broking Services Private Limited
• Narnolia Financial Advisors Limited
• Reliance Retail Insurance Broking Limited
• Share India Insurance Brokers Private Limited
• Tata Motors Insurance Broking and Advisory Services Limited
• Marsh India Insurance Brokers Private Limited

Key Businesses Segmentation of Insurance Broking Market

Non-life insurance accounts for a majority share of the broking business, whereas, life-insurance forms a mere 1% of the total distribution mix. The Indian insurance industry witnessed a growing contribution from the non-life insurance channel between FY 2014 and FY 2019 due to the increased penetration of motor and healthcare businesses in the country.
The large-sized and medium-sized corporates account for ~40%–50% of the customers; SME customers account for ~10%–20% and retail customers’ account for ~30%–40% of the broking business in India.

Impact of COVID-19 and the way forward:

The outbreak of deadly COVID-19 has increased awareness regarding insurance products (mostly health insurance products) among Indians. However, insurance renewals are getting delayed, owing to the lack of funds in the hands of policyholders. Property and casualty business, and fresh savings business have gravely hampered the market of insurance brokers in the country.
Furthermore, with a substantial drop in interest rates, credit spread is rising. Hence, the credit discount rate used for calculating mathematical reserves is expected to decline, putting pressure on premiums. Therefore, the opportunity to reinvest the maturing assets will be challenging for insurance brokers in India.
However, to keep policies in force, regulators can frame automatic renewal with a grace period for the payment of premium. Also, the Indian government can promote policies to ensure steady cash flow and accelerated payments of premium.

Some of the key factors contributing to the Insurance Broking market growth include:

Growing per capita disposable income
Favorable for youth Demographics
Technology advancement

In terms of COVID 19 impact, the Insurance Broking market report also includes following data points:

Impact on Insurance Broking market Size
End User Trend, Preferences and Budget Impact of Insurance Broking market
Regulatory Framework/Government Policies
Key Players Strategy to Tackle Negative Impact of Insurance Broking market
New Opportunity Window of Insurance Broking market

Key Question Answered in Insurance Broking Market Report.

What are the strengths and weaknesses of the Insurance Broking Market?
What are the different marketing and distribution channels?
What is the current CAGR of the Insurance Broking Market?
What are the Insurance Broking market opportunities in front of the market?
What are the highest competitors in Insurance Broking market?
What are the key outcomes of SWOT and Porter’s five techniques?
What is the Insurance Broking market size and growth rate in the forecast period?

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