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Life Insurance to Infuse Growth in the Indian Insurance Industry
Dec 07, 2007
The leading name in the business of market research, RNCOS, has recently published a comprehensive research report on the Indian insurance industry “Indian Insurance Industry Forecast (2007-2009)”.
The study says that Indian insurance sector is dominated by life insurance market, which is driven by factors like incidences of natural calamities at regular intervals, shifting consumer behavior, rising insurance contribution to GDP and changing socio-economic demography.
The growth of the life insurance products has been further boosted by the entry of private players following the deregulation of the industry in 2000. They have contributed a lot to the industry by introducing new distribution channels (such as bancassurance) and strategies to the industry. The rising demand for retirement provision in the ageing population along with efforts of governments to move from public to private pension schemes has also led to rapid growth.
Filliped by the above factors, the report predicts the life insurance market to swell at a CAGR of over 200% during 2006-2009, thus leaving the non-life insurance market behind.
The non-life insurance market has also shown steady growth with changing growth trends since 2006. Pension business, along with the female insurance products, will experience significant growth during the period 2007-2010. The market is forecasted to grow at a CAGR of 27% during 2006 to 2009.
Introduction of new products in the Indian insurance market, entry of new foreign players, deregulation of the insurance industry, huge prospects for insurance penetration and the shifting from traditional individual agents towards new distribution channels signifies the opportunity areas for the insurance industry.
However, there are some bottlenecks for the growth of the Indian insurance, like low insurance penetration in contrast to the global standards, lack of sufficient distribution channels for insurance products, unpredictable weather conditions and high regulatory control.
“Indian Insurance Industry Forecast (2007-2009)” is a work of in-depth study on the Indian insurance industry and covers various parameters like insurance products, impact of government policies, changing consumer behavior, and driving factors to analyze the future scenario of the industry.
The research also addresses key issues and marketing strategies of the players, evaluating the prospective areas of investments in the insurance industry.
For more information visit: http://www.rncos.com/Report/FM004.htm
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