India Insurance Report Q4 2016

Publisher Name :
Date: 14-Sep-2016
No. of pages: 55

BMI View: 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. Growth in the life sector should also remain strong, especially in

view of very strong data for new premiums for 2016/17; we now forecast growth in gross premiums written

of 11.0% in local currency terms in 2016, ahead of growth remaining in (or close to) double digits

throughout the forecast period.

Key Updates and Forecasts

? New business in the life sector during the first four months of fiscal year 2016/17 was very strong, with

the country's Life Insurance Council revealing a 22.7% rise in new premiums. We forecast growth in

gross premiums written of 11.0% in 2016, which would take premiums to INR4,176.8bn. In US dollar

terms this translates into growth of 4.3%, taking gross premiums written to USD61.2bn. The lower

growth in US dollar terms reflects a depreciation of the Indian rupee this year, although we expect the

India Insurance Report Q4 2016

Table of Contents

BMI Industry View 5
Table: Headline Insurance Forecasts (India 2013-2020) 5
SWOT 7
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (India 2013-2020) 12
Table: Life Insurance Claims (India 2008-2014) 13
Non-Life Premiums Forecast 14
Table: Non-Life Premiums (India 2013-2020) 17
Table: Non-Life Insurance Claims (India 2009-2015) 17
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums by Product Line (India 2013-2020) 27
Insurance Risk/Reward Index 29
Asia Pacific Industry Risk/Reward Index 29
Table: Asia Pacific Insurance Risk/Reward Index Q416 30
Market Overview 31
Life Insurance Market Overview 31
The Product Offering 31
The Competitive Landscape 31
Table: India Life Insurance Market Share (USDmn) 2008-2014 33
Non-Life Insurance Market Overview 36
The Product Offering 36
The Competitive Landscape 36
Table: India Non-Life Insurance Market Share (USDmn), 2008-2014 38
Company Profile 40
ICICI Lombard GIC 40
Life Insurance Corporation of India 43
The New India Assurance Co 46
Methodology 49
Industry Forecast Methodology 49
Risk/Reward Index Methodology 52
Table: Indicators 54
Table: Weighting of Indicators 55

List of Tables

Table: Headline Insurance Forecasts (India 2013-2020)
Table: Life Premiums (India 2013-2020)
Table: Life Insurance Claims (India 2008-2014)
Table: Non-Life Premiums (India 2013-2020)
Table: Non-Life Insurance Claims (India 2009-2015)
Table: Non-Life Insurance Premiums by Product Line (India 2013-2020)
Table: Asia Pacific Insurance Risk/Reward Index Q416
Table: India Life Insurance Market Share (USDmn) 2008-2014
Table: India Non-Life Insurance Market Share (USDmn), 2008-2014
Table: Indicators
Table: Weighting of Indicators
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