India Insurance Report - Business Monitor International - Industry Reports

India Insurance Report

India Insurance Report - Business Monitor International - Industry Reports
India Insurance Report
Published Sep 10, 2016
55 pages — Published Sep 10, 2016
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Abstract:

For those Indians who can afford to save via life insurance and who understand its benefits, the asset class has long been reasonably attractive. New business in the first four months of fiscal year ----/-- was very strong, with the country s Life Insurance Council revealing a --.- rise in new premiums. ...In US dollar terms this translates into growth of -.- , taking gross premiums written to USD--.-bn. The lower growth in US dollar terms reflects a depreciation of the Indian rupee this year, although we expect the local currency to remain largely stable from ----, meaning that returns in both dollars and rupees should re- converge again from next year. Strong growth is forecast over the remainder of the core forecast period from ---- to ----, ranging between -.- and --.- in local currency terms and -.- to -.- in US dollar terms to reach INR-,---.-bn ...Supporting longer-term growth in the life sector is a gradual improvement in life expectancy, which is expected to reach around -- years by the end of the current forecast period.

...� Business Monitor International Ltd Page -- predominantly youthful population, and the percentage of the population that is aged over -- years will remain less than - . This points to a large working age population that are able to contribute to a pension scheme. ...For these households, traditional life insurance products are an unaffordable luxury. Over the forecast period, strong economic growth means we expect to see the number of households in the USD-,--- to USD--,--- bracket increase, which indicates scope for life insurance providers to tap into a new consumer base - particularly if they are able to offer more affordable micro-insurance products. We also note that the government is determined to boost financial inclusion and is looking to increase the number of people who have basic insurance cover from -- to ----- . ...Over the forecast period, strong economic growth means we expect to see the number of households in the USD-,--- to USD--,--- bracket increase, which indicates scope for life insurance providers to tap into a new consumer base - particularly if they are able to offer more affordable micro-insurance products. We also note that the government is determined to boost financial inclusion and is looking to increase the number of people who have basic insurance cover from -- to ----- .

...< ALACRA META ABSTRACT>BMI View: India s insurance market is expected to record rapid growth over the course of our five-year forecast period of ---------. 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. ...

  
Source:
Document ID
1750-5674
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "India Insurance Report" Sep 10, 2016. Alacra Store. Dec 09, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/India-Insurance-Report-2026-80>
  
APA:
Business Monitor International - Industry Reports. (2016). India Insurance Report Sep 10, 2016. New York, NY: Alacra Store. Retrieved Dec 09, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/India-Insurance-Report-2026-80>
  
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