What is Indian Insurance Industry Market Scope?
There are 57 insurance companies in India, 24 are life insurance and 4 are non-life insurance companies. LIC India is the sole public sector company. There are six public sector insurers in the non-life insurance segment. The life insurance industry is expected to reach a CAGR of 5.7% between 2021 and 2025.
The Indian Insurance Industry market study is being classified by Type (Public and Private) and major geographies with country level break-up.
Global Indian Insurance Industry is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Policies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
National Insurance Co. Ltd. (India), The New India Assurance Co. Ltd. (India), The Oriental Insurance Co. Ltd. (India), United India Insurance Co. Ltd. (India), Acko General Insurance Limited (India), Bajaj Allianz General Insurance Co Ltd (India), Bharti AXA General Insurance Co Ltd (India), Cholamandalam MS General Insurance (India), Edelweiss General Insurance Co Ltd (India) and Future Generali India Insurance Co Ltd (India) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Go Digit General Insurance Limited (India), HDFC Ergo General Insurance Co Ltd (India), ICICI Lombard General Insurance Co Ltd (India) and IFFCO-Tokio General Insurance Co Ltd (India).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Indian Insurance Industry market by Type, Application and Region.
On the basis of geography, the market of Indian Insurance Industry has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
On 1st November 2021, ICICI Lombard General Insurance Co Ltd has with Vega Helmets. The collaboration will provide a personal accidental policy on every online purchase of Vega Helmet to enhance road safety awareness and inculcate the habit of protection.
On 14th August 2021, ICICI Lombard General Insurance Co Ltd has launched a comprehensive policy of remotely piloted aircraft insurance plans, especially for drone operators. The policy covered any theft or loss or damage caused to the drone, such as payload attached to it and third-party liabilities.
Influencing Market Trend
- New Models, Personalized Products
- AI & Automation for Faster Claims
Market Drivers
- Increasing Implementation of Insurance among Health and Automobile Sector
Opportunities
- High Demand for Health Insurance
- Government Initiatives to boost the Insurance Industry
Restraints
- Poor Rural Participation and Low Household Investment
- Fraud Activities Related to Insurance
Challenges
- Continuously Changing Regulatory Framework
Key Target Audience
Indian Insurance Industry Regulatory Bodies, New Entrants, Potential Investors, Research and Development Institutes and Others
Customization available in this Study:
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To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.
Frequently Asked Questions (FAQ):
1. At what growth rate would the Indian Insurance Industry market expands?
The Global Indian Insurance Industry market is expected to see a growth of % during projected year 2021 to 2027.
2. Who are the prominent players of the Global Indian Insurance Industry market?
The prominent players of Global Indian Insurance Industry market are National Insurance Co. Ltd. (India), The New India Assurance Co. Ltd. (India), The Oriental Insurance Co. Ltd. (India), United India Insurance Co. Ltd. (India), Acko General Insurance Limited (India), Bajaj Allianz General Insurance Co Ltd (India), Bharti AXA General Insurance Co Ltd (India), Cholamandalam MS General Insurance (India), Edelweiss General Insurance Co Ltd (India) and Future Generali India Insurance Co Ltd (India), to view complete player list click here
3. What are the top priorities to focus for Indian Insurance Industry markets growth?
In this highly competitive & fast evolving Indian Insurance Industry industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.