India Insurance Q2 2019
Already extensive in size, India's insurance market will continue growing at a robust pace over the medium term, and weforecast Life premiums to grown by 7.6% y-o-y in 2019 and non life premiums to increase by 14.7%, producing premiums ofINR5,166.82bn and INR1,974.69bn respectively by the end of the year. Specifically, we see rising life expectancies and demand forsavings and investment products driving demand for life insurance policies, while growth in private healthcare costs, rising carownership, and regulatory changes in the price for health and motor insurance, will maintain elevated growth in non-life premiums.Key growth areas are the female and rural demographics, with rising life insurance penetration amongst women and theexceptionally limited penetration in rural areas offering substantial opportunities for insurers able to capitalise on new markets. Thenew rules lifting the maximum foreign ownership in joint ventures to 49% should result in an acceleration in foreign directinvestments (FDI) into the insurance market over the next few years.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook