India Insurance Market

The India Insurance Market despite having a highly elaborate history spanning almost two centuries, has come of age only in the last 50 years after the formation of the Life Insurance Corporation (LIC) of India in 1956 and the entry of private companies into the market in 2000.

Traditionally the Indian Insurance Market had centered around the life insuranceuntil recently, a host of other insurance policies covering a diverse range of issues and objects like medical insurance, accident insurance, fire insurance, automobile insurance and other policies which fall under the category of general insurance are being provided by various private insurance companies.

Performance of the Indian Insurance Market – A Report

The following points will provide you an insight into the insurance market of Indiaand its fast expanding prospects . The report is well supported by data based on detailed analysis that would help investors, financial service providers and global banking players to venture into the Indian insurance market .

Taking into account the changing socio-economic demographies, rate of GDP growth, behavior of consumers, and occurrences of natural calamities at regular intervals themarket of Life Insurance in India is expected grow to the value of around US $ 41.44 billion by the year 2009. The Market is expected to grow at a compounded annual growth rate (CAGR) of more than 200 % year over year (YOY) from year 2006 onwards.

• 65 % of the general insurance market is controlled by private housesthat already exist in the market.
• However in automobile insurance , public sector covers a substantial 68 % of the total market value.
• Among individual companies that are worthy of mentioning, ICICI Lombardenjoys a whopping 53 % market share in Accident Insurance while the remaining 47 % is shared by New India Assurance and United India Insurance , both belonging to the public sector .

The other key players of the market include: 
In Public Sector:

Life Insurance Corporation (LIC) of India, National Insurance Company Limited, Oriental Insurance Limited, New India Assurance Company Limited and United India Insurance Company Limited.

In Private Sector:

Bajaj Allianz, ING Vysya, SBI Life, Tata AIG Life, HDFC Standard, ICICI Prudential Life Insurance, Birla Sunlife, Aviva Life Insurance, Kotak Mahindra Old Mutual, Max New York Life and Met Life.

Thus, the ever increasing population of the country will ensure constant boom in the India Insurance Market in the distant future.