India Insurance Market, By Type of Product (Life Insurance and General Insurance), By Type of Channel (Third Party, Mixed and Tied Agents), By Insurance Application (Home and Commercial Buildings, Life and Health, Business and Enterprise, etc.), By Private Vs Public Insurance Companies, By Company and By Geography, Forecast & Opportunities, 2023
India Insurance Market is expected to witness robust growth by 2024 owing to growing awareness among population regarding the benefits of insurance either life insurance or general insurance. India consists of more than 55 insurance companies including life insurance and general insurance companies. Indias insurance industry has seen fast development amid the most recent decade since numerous foreign organizations have shown interest for putting resources into local insurance agencies, regardless of the Government of Indias direction, which mandates the foreign shareholding limit is at 26% for the life and additionally non-life coverage parts. Based on sectors, the market has been categorised into Public and Private sector. In 2018, the public sector dominated the market since Life Insurance Corporation (LIC) is the biggest among all. Moreover, favourable government initiatives such as under Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2017-18 in which over 47.9 million famers were benefitted, Ayushman Bharat scheme to provide coverage of up to Rs 500,000 to more than 100 million families etc. and growing investments in the insurance sector such as in 2017, India saw 10 merger and acquisition deals worth US$ 903 million in insurance sector and companies raised around Rs 434.3 billion through public issues further drives the India insurance market.
Years considered for this report:
Historical Years : 2014-2017
Base Year : 2018
Estimated Year : 2019
Forecast Period : 2020-2024
Objective of the Study:
To define, classify and forecast the India Insurance market based on type of product, type of channel, insurance application, region and company.
To analyse and forecast the India Insurance market size.
To scrutinize the detailed market segmentation and forecast the market size, in terms of value, based on insurance applications and regions, namely, North, South, East and West.
To identify the supporting factors and challenges for the India Insurance market.
To strategically profile leading players operating in the India Insurance market.
Some of the leading players in the India Insurance Market are Apollo Munich Health Insurance Company Ltd, Bharti AXA General Insurance Co.Ltd., Max Bupa Health Insurance Company Ltd, Aviva Life Insurance Co. India Ltd., Birla Sun Life Insurance Co. Ltd., ICICI Prudential Life Insurance Co. Ltd., HDFC ERGO General Insurance Co. Ltd. etc.
To perform the study, They conducted primary as well as exhaustive secondary research. Initially, They prepared an exhaustive list of Insurance companies and service providers operating in India. Subsequently, They conducted primary research surveys, which include primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. They analysed product offerings, services and regional presence of all major Insurance companies across India.
They calculated the market size for India Insurance market using a bottom-up technique, wherein sales value data of different accounting companies was recorded as well as forecast for the future years. They sourced these values from industry experts and company representatives, and externally validated through analysing historical sales data of Insurance companies to arrive at the overall market size.
Key Target Audience:
Research & development organizations and consulting firms
Government bodies such as regulating authorities and policy makers
The study is useful in providing answers to several critical questions that are important for the industry stakeholders, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, India Insurance Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, By Type of Product:
Market, By Type of Channel:
Market, By Insurance Application:
Home and Commercial Buildings
Life and Health
Business and Enterprise
Automotive and Transportation
Consumer Electronics and Industrial Machines
Market, By Private Vs Public Insurance Companies:
Market, by Region:
Company Profiles: Detailed analysis of the major companies present in Insurance Market.
With the given market data, They offers customizations according the company’s specific needs. The following customization options are available for the report:
Detailed analysis and profiling of additional market players (up to five).
1. Insurance Market: An Introduction and Classification
2. Research Methodology
3. Executive Summary
4. Voice of Customers/End User Analysis
4.1. End User Expectation
4.2. Customer Satisfaction Level
4.3. Challenges & Unmet Needs
5. India Insurance Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type of Product (Life Insurance and General Insurance)
5.2.2. By Type of Channel (Third Party, Mixed and Tied Agents)
5.2.3. By Insurance Application (Home and Commercial Buildings, Life and Health, Business and Enterprise, Automotive and Transportation, Travel and Consumer Electronics and Industrial Machines)
5.2.4. By Private Vs Public Insurance Companies
5.2.5. By Company
5.2.6. By Region
5.3. Market Attractiveness Index
6. India Life Insurance Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type of Channel
6.2.2. By Insurance Application
6.2.3. By Region
6.3. Market Attractiveness Index
7. India General Insurance Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Type of Channel
7.2.2. By Insurance Application
7.2.3. By Region
7.3. Market Attractiveness Index
8. PEST Analysis
9. Market Dynamics
9.1. Impact Analysis
10. Market Trends & Developments
11. India Economic Profile
12. Policy & Regulatory
12.1. Government Initiatives and Other regulatory aspects
13. Competitive Landscape
14. Strategic Recommendations
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