India is fast emerging on the world map as a strong economy and a global power. The country is going through a phase of rapid development and growth. All the vital industries and sectors of the country are registering growth and thus, luring foreign investors. And insurance sector is one of them. To throw light on the Indian insurance sector, “Emerging Rural Insurance Market in India” that gives an extensive research and in-depth analysis of the insurance sector in India. This report helps clients to analyze the leading-edge opportunities critical to the success of the insurance industry in India. Based on this analysis, the report gives a future forecast of the market that is intended as a rough guide to the direction in which the market is likely to move.
Market Analysis
With a huge population and large untapped market, insurance happens to be a big opportunity in India. The insurance business (measured in the context of first year premium) grew by 47.93% in 2005-06, surpassing the growth of 32.49% achieved in 2004-05. However, insurance penetration in the country continues to be low.
Insurance penetration or premium volume as a share of a country’s GDP for the year 2005 stood at 2.53% for life insurance and 0.62% for non-life insurance. The level of penetration tends to rise as income increases, particularly in life insurance. India, with its huge middle class households, has exhibited potential for the insurance industry. This has made international players to look at the Indian market. Moreover, saturation of markets in many developed economies has made the Indian market all the more attractive for global insurance majors.
Key Findings
The total life insurance premiums market in India could grow from Rs 16,8600 Crore (Nearly US$ 42.85 Billion, Rs 1 = US$ 0.0254146) in 2006-07 to Rs 1,230,000 Crore (Nearly US$ 312.6 Billion, Rs 1 = US$ 0.0254146) by 2010-11.
The total non-life insurance premium is expected to increase at a CAGR of nearly 24.7% for the period spanning from 2007-08 to 2010-11.
With the entry of several low cost airlines along with fleet expansions by existing ones and increasing corporate aircraft ownership, the Indian aviation insurance market is all set to boom in a big way in coming few years.
The home insurance segment is set to achieve a 100% growth as latest inclusion by financial institutions have made home insurance obligatory for housing loans approval.
Health insurance is poised to become the second largest business for non-life insurers in the next three years after motor insurance.
A booming life insurance market has propelled the Indian life insurance agents into the top 10 country list in terms of membership to the Million Dollar Round Table (MDRT) — an exclusive club for the highest performing life insurance agents.
Key Issues and Facts
Where does India stands in the context of emerging countries?
What are key reasons behind attractiveness of Indian insurance market?
What are growing insurance segments in India?
What are various opportunity areas in the market?
What is the status of Microinsurance in India?
What are the various avenues for the growth of Microinsurance in India?
What are the various challenges faced by the Microinsurance sector?
What initiatives the government is taking to promote the Indian insurance market?
Who are the major players engaged in providing Microinsurance in the country?
Key Players
The major players discussed in the report are Life Insurance Corporation of India, Bajaj Allianz, ICICI Prudential, HDFC Standard, and SBI Life under life insurance segments and New India, National Insurance, Oriental, United India, and ICICI Lombard under non-life insurance segments.
Research Methodology Used
Information Sources
Information has been sourced from books, newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and through access to more than 3000 paid databases.
Analysis Methods
The analysis methods include ratio analysis, historical trend analysis, and linear regression analysis using software tools, judgmental forecasting and cause and effect analysis.
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Article Source: ArticlesBase.com – Emerging Rural Insurance Market in India
Filed under Home Insurance by on Jan 10th, 2010. Comment. 
Drink Driving offence in NSW, Australia affect my Irish Insurance back at home?
I’ve received a drink driving conviction on an Irish Licence here in NSW, Australia.
My licence is not disqualified in Ireland, but do I need to declare it to my insurance company over there.
I don’t think I do, but I’m not sure?
Thanks
Getting new auto insurance is a quite simple way to save a lot of money. You can get a fast estimate at websites they often give you competing quotes.
I have used http://www.InsureAutoNow.info
Filed under Home Insurance by on Jan 9th, 2010. Comment.
There’s nothing more infuriating than paying too much for something. Well, actually, there is one thing even more infuriating than that. It’s finding out that you’ve been doing it for years.
If you usually only drive short distances or have low annual mileage on your vehicle, you’ve likely been shelling out more money than you really need to pay for car insurance cover. You’ve been subsidizing the habits of other drivers. You just haven’t been aware of it.
By paying standard insurance premiums, you’ve been treated just like any other nameless customer. The trouble is that your situation makes you different from other customers. You have a much lower risk profile.
You see, most car insurance companies in Australia base their premium pricing on a set of assumptions about drivers. They use composite data to paint a picture of the average driver and the time they spend on the road. They don’t care about your personal daily commute-they simple use estimates to price your coverage based on national averages for commuter mileage.
The average Australian commutes 20 – 25 minutes each day to work, according to a recent Payscale survey. Thus, car insurance cover premiums are based on that risk profile. If your commute is shorter, you have less road time, and thus present a lower risk profile. Unfortunately, you won’t be receiving a corresponding discount from most major Australian insurers anytime soon.
However, there is a way to get the premium price discount you deserve for your lower risk profile. To do it, you simply need to seek out an insurance company that takes the time to differentiate between actual driver behaviour and national averages. You need to find an insurance company that really cares about you as an individual consumer instead of treating you like just another anonymous customer.
To do this, you should look for a company that has a more personalized approach to the insurance quotation process. Most companies don’t ask for more than your name, driver’s license, and accident history. They throw a number out to you as a premium, based on their assumptions, because they just want to get you a quote as quickly as possible, even if its a bad price for you.
However, thanks to modern technologies, a bit of additional inquisitiveness during the quotation process is not a time consuming issue. The technology is there to ask you the quick questions that will paint a true picture of your driving habits. This allows a premium price to be offered that more accurately reflects your risk profile and your needs when it comes to car insurance cover.
As a result, the final premium that you are offered can be much lower than what you are paying at a standardised insurer. You can finally get the price break you deserve. All these years, you’ve not gotten any benefit out of your shorter commute than the pleasure of saved time. Isn’t it about time you also explored the possibility that you could be saving money?
Youi offers tailor-made car insurance that could save you lots of money. At Youi we ask the right questions so that you don’t pay for car insurance you don’t need. You interested? Go to youi.com.au for a smarter way of doing Car Insurance Quotes.
Filed under Home Insurance by on Jan 8th, 2010. Comment.