India Non-Life Insurance Market was valued at US$ 13, 7889 Mn. in 2021 and is expected to grow at US$ 22,400 Mn. in 2029. India Non-Life Insurance Market size is expected to grow at a CAGR of 7.18 % through the forecast period.
India Non-Life Insurance Market Overview:Non-life insurance is an insurance policy that covers medical emergencies, and the property of a person. Non-life insurance is defined as a type of insurance that compensates the insured for losses sustained as a result of a specific financial event. Non-life insurance is also known as general insurance, property insurance, and casualty insurance. It can be defined as any type of insurance that isn’t life insurance. A non-life insurance policy covers people, legal responsibilities, and property. Non-life insurance policies typically have a one-year policy length. Depending on the type of insurance, the period may be longer. While life insurance is broken down into permanent and term life policies, non-life insurance includes many types of other insurance policies. To know about the Research Methodology:-Request Free Sample Report General insurance, property insurance and casualty insurance are other names of non-life insurance. It can be defined as any insurance that is not related to life insurance. People, legal liabilities and properties are covered under a non-life insurance policy. Non-life insurance, also called property and casualty insurance, is a type of coverage that is very common and covers businesses and individuals. It protects them, monetarily, from disaster by providing money in the event of a financial loss. The report explores the India Non-Life Insurance Market segments (Product, New Policies Issued and Distribution Channel and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the India Non-Life Insurance Market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the India Non-Life Insurance Market contemporary competitive scenario.
India Non-Life Insurance Market Dynamics:The growing demand for a number of associated sectors such as the automobile industry, and the healthcare industry led to the growth of the India Non-Life Insurance Market during the forecast period. The increased purchasing power of the middle-class population, coupled with a growing young working population drives the market growth. Since motor insurance is compulsory in India, growth of the automobile sector is expected to boost the motor insurance segment of the non-life insurance market in India. Apart from the automobile industry, growth in health awareness, and rising inclination towards preventive healthcare are encouraging demand for the health insurance segment of the Indian non-life insurance market. The capping of incentives of the brokers and agents, and supply-side problems in the associated industries restrains the growth of the market. As well as making decisions over issues such as discount rates and treatment of reinsurance, non-life insurers count data requirements and operational complexities as critical challenges. Lack of penetration in many geographies, including rural settings, has been a decades-long problem. Risks faced by insurance companies are quite numerous to mention. One of such risks is a cyber-attack. Cyber risk is something that cannot be fully mitigated but can be prevented as hackers are always moving and adapting much quicker than the defense on the ground. The risk of data and privacy compromission are the among top problems faced by customers in insurance companies. There are several business challenges that established insurers are facing as they try to meet new customer needs while improving core insurance functions. Some of the issues are the cost of maintaining a high level of insurance technology which has now become a norm in the insurance industry and causing fierce competition among players. Every insurance company is looking for ways to leverage and incorporate technology into their business growth strategy. There is more emphasis now on the use of artificial intelligence in the insurance business processes, as this helps to improve efficiency and automating all business processes like customer-facing, underwriting and claims processes. This all factor challenges the growth of the India Non-Life Insurance Market.
India Non-Life Insurance Market Segment Analysis:Based on Product, The motor insurance held the largest market share in 2021. Significant rise in the demand of automobiles, and compulsion of motor insurance across the India. The report provides an in-depth segment analysis of the India non-life insurance market, thereby providing valuable insights at macro as well as micro levels. It covers against listed damage and destruction done to the car due to floods, earthquakes, typhoons etc. It also covers damage and destruction caused to the vehicle due to theft, burglary, strikes and riots. The cover offers protection for the owner/driver of the car and co-passengers while travelling. The cover is also valid for damage and destruction caused during mounting or dismounting from the car. This all factors lead to the growth of the India Non-Life Insurance Market. The objective of the report is to present a comprehensive analysis of the India Non-Life Insurance Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the India Non-Life Insurance Market dynamic, structure by analyzing the market segments and projecting the India Non-Life Insurance Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the India Non-Life Insurance Market make the report investor’s guide.
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India Non-Life Insurance Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2021: US$ 13,789 Mn. Forecast Period 2022 to 2029 CAGR: 7.18% Market Size in 2029: US$ 22,400 Mn. Segments Covered: by Product • Motor insurance • Health insurance • Fire insurance • Marine insurance • Others by New Policies Issued • Public insurer • Private insurer • Specialize insurer by Distribution Channel • Individual agents • Corporate agents - banks • Corporate agents - others • Brokers • Direct business • Others
India Non-Life Insurance Market Key Players• Agriculture Insurance Company of India Limited • Bajaj Allianz General Insurance Company Limited • HDFC ERGO General Insurance Company Limited • ICICI Lombard General Insurance Company Limited • IIFCO Tokio General Insurance • National Insurance Company Limited • Oriental Insurance Company Limited • Star Health and Allied Insurance Company Limited • Tata AIG General Insurance Company Limited • The New India Assurance Company Limited • The Insurance Times • ICICI Bank • Mahindra Insurance Brokers Limited • Royal Sundaram General Insurance Co. Limited • Universal Sompo General Insurance Co. Ltd. Frequently Asked Questions: 1] What segments are covered in the India Non-Life Insurance Market report? Ans. The segments covered in the India Non-Life Insurance Market report are based on Product, New Policies Issued and Distribution Channel. 2] What is the market size of the India Non-Life Insurance Market by 2029? Ans. The market size of the India Non-Life Insurance Market by 2029 is expected to reach US$ 22,400 Mn. 3] What is the forecast period for the India Non-Life Insurance Market? Ans. The forecast period for the India Non-Life Insurance Market is 2022-2029. 4] What was the market size of the India Non-Life Insurance Market in 2021? Ans. The market size of the India Non-Life Insurance Market in 2021 was valued at US$ 13,789 Mn.
1. India Non-Life Insurance Market: Research Methodology 2. India Non-Life Insurance Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to India Non-Life Insurance Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. India Non-Life Insurance Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. COVID-19 Impact 4. India Non-Life Insurance Market Segmentation 4.1. India Non-Life Insurance Market, By Product (2021-2029) • Motor insurance • Health insurance • Fire insurance • Marine insurance • Others 4.2. India Non-Life Insurance Market, By New Policies Issued (2021-2029) • Public insurer • Private insurer • Specialize insurer 4.3. India Non-Life Insurance Market, By Distribution Channel (2021-2029) • Individual agents • Corporate agents - banks • Corporate agents - others • Brokers • Direct business • Others 5. Company Profile: Key players 5.1 Agriculture Insurance Company of India Limited 5.1.1. Company Overview 5.1.2. Financial Overview 5.1.3. Presence 5.1.4. Capacity Portfolio 5.1.5. Business Strategy 5.1.6. Recent Developments 5.2 Bajaj Allianz General Insurance Company Limited 5.3 HDFC ERGO General Insurance Company Limited 5.4 ICICI Lombard General Insurance Company Limited 5.5 IIFCO Tokio General Insurance 5.6 National Insurance Company Limited 5.7 Oriental Insurance Company Limited 5.8 Star Health and Allied Insurance Company Limited 5.9 Tata AIG General Insurance Company Limited 5.10 The New India Assurance Company Limited 5.11 The Insurance Times 5.12 ICICI Bank 5.13 Mahindra Insurance Brokers Limited 5.14 Royal Sundaram General Insurance Co. Limited 5.15 Universal Sompo General Insurance Co. Ltd.