Press release
Life Insurance Market Showing Footprints for Strong Annual Sales
Life Insurance Market
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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.
Key growth drivers of the market
On the macroeconomic front, the Indian economy has been gaining momentum since FY 2018. Moreover, India’s young population with increased purchasing power and greater inclination towards security products is growing. However, the penetration of life insurance in India is shallow, compared to the advanced and emerging economies of the world. In a way, life insurance companies are utilizing the opportunity of penetrating the Indian market, thereby taking advantage of its expanding economy and rising individual income level.
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Market segment insights
-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).
-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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Some extract from Table of Contents
• Overview of Life Insurance Market
• Life Insurance Size (Sales Volume) Comparison by Type (2019-2025)
• Life Insurance Size (Consumption) and Market Share Comparison by Application (2019-2025)
• Life Insurance Size (Value) Comparison by Region (2019-2025)
• Life Insurance Sales, Revenue and Growth Rate (2019-2025)
• Life Insurance Competitive Situation and Trends
• Players/Suppliers High Performance Pigments Manufacturing Base Distribution, Sales Area, Product Type
• Analyze competitors, including all important parameters of Life Insurance
• Life Insurance Manufacturing Cost Analysis
• Marketing Strategy Analysis, Research Conclusions
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