Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Mar 2024

India: Strong growth expected in non-life insurance sector

Source: Asia Insurance Review | Oct 2015

The Indian government’s commitment to infrastructure development as well as a INR3.0 trillion (US$47.7 billion) housing scheme, that is expected to result in the development of 20 million housing units, is set to spur growth in the property insurance sector at a CAGR of 17.5% during 2014-2018.
 
   According to a report by Timetric’s Insurance Intelligence Centre, a favourable regulatory environment, increasing consumer awareness about the benefits of insurance and higher levels of infrastructure development are also expected to drive growth in the Indian non-life insurance sector during the forecast period.
 
   The Indian non-life insurance market performed well in the 2010-2014 period, with gross written premiums registering a significant compounded average growth rate of 14.9%, the report noted.
 
   However, the Indian non-life insurance segment is concentrated, with the top 10 companies accounting for 77.5% of the gross written premium in 2014. The leading four insurers operating in the non-life segment are government-owned, and accounted for 49.4% of the segment’s gross written premium in 2014. The remaining six are insurance joint ventures with foreign companies. They account for 28.2% of the segment’s gross written premium.
 
| Print
CAPTCHA image
Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.