India Insurance Report Q3 2016 - New Market Report

India's insurance market is expected to record rapid growth over the course of our five year forecast period of 2016- 2020. While already a large market, the insurance sector is by no means mature and there remains significant scope for growth from a relatively low base, particularly in the less developed non-life market. India is home to a large population where household income rates are expected to increase steadily which indicates greater affordability for a range of products - though the focus will likely remain on basic motor, health and property lines. Relaxation of the stringent rules governing foreign investment in the insurance sector will likely attract more multinationals to the market, enhancing the range of products available and we expect to see healthy growth in life and non-life insurance moving forward.

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Key Updates and Forecasts

Several insurance providers are developing their bancassurance networks in order to improve penetration rates. Future Generali India Insurance Company Limited (FGII), for example, has established partnerships with ten small and medium size banks in Kolhapur and Sangli districts with a focus on agricultural insurance. FGII expects to see 30% growth in rural and micro-insurance products over the year.

India appears set for its first life insurance firm initial public offering (IPO) after Housing Development Finance Corp announced it would offer a stake in life insurer HDFC (a joint venture with Standard Life Plc), a sale expected to raise USD500mn. ICICI Prudential Life Insurance and SBI Life Insurance are reportedly also in the line-up for future IPOs.

Life insurance premiums are forecast to increase steadily over the course of the forecast period, increasing by an average of 5.5% annually between 2016 and 2020 (in local currency terms) to reach INR4,565.7bn (USD64.3bn) at the end of the forecast period.

The smaller non-life sector is expected to record stronger growth, with premiums forecast to increase by 12.5% annually between 2016 and 2020. As such premiums will increase from INR1,108.9bn (USD16.2bn) in 2016 to INR1,750.1bn (USD24.6bn) in 2020.

The India Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's India Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Indian insurance industry.

Key Benefits

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