India: More players eyeing entry into insurance mart
Source: Asia Insurance Review | Dec 2017
The IRDAI has received three applications for new non-life businesses and two from reinsurance companies to start operations in India.
Currently, there are 24 companies each in the life and non-life markets. In addition, there are several standalone health insurers and eight reinsurers in the country.
The IRDAI was quoted to say they will be looking into the applications soon and also said they did not receive any application for new life insurance companies so far.
New world of (re)insurance in India today
It is not surprising that interest towards India is building. With a myriad of changes and innovations happening in the Indian insurance industry today, the market has infinite opportunities on offer. Some of these traits include:
- Branches of several overseas reinsurers, including Lloyd’s of London, are operational on-shore;
- Non-life sector registered 33% growth in 2016-17;
- General insurance gross premium income above INR 1.27 trillion in fiscal 2016-17;
- IPOs bring fresh capital and a new class of stakeholders, the shareholders, on board for the Indian (re)insurers; and
- Life insurance premium to grow to around INR12.7 trillion by 2025.
It is indeed a new world of (re)insurance in India today.
Come January and it is once again India Rendezvous time. Asia Insurance Review and GIC Re are jointly organising the 11th edition of India Rendezvous in Mumbai from 17-19 January 2018. With the theme “The New World of Reinsurance in India”, the Rendezvous will look at the key drivers of growth in the very vibrant India
Several other hot issues will include Reinsurance hubs; Corporate Governance; Talent Hunt & development; Driverless Cars; Social impact of Insurance; and The New World of Risk Management.
It is a proud privilege for India Rendezvous to have Ms Inga Beale, CEO, Lloyd’s of London, as the Keynote Speaker and Mrs Alice Vaidyan, Chairman-cum-MD of GIC Re, the co-organiser of 11th India Rendezvous, sharing the dais.