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With an annual growth rate of 15-20% and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge. Total value of the Indian insurance market (2004-05) is estimated at Rs. 450 billion (US$10 billion). According to government sources, the insurance and banking services’ contribution to the country's gross domestic product (GDP) is 7% out of which the gross premium collection forms a significant part. The funds available with the state-owned Life Insurance Corporation (LIC) for investments are 8% of GDP.

Till date, only 20% of the total insurable population of India is covered under various life insurance schemes, the penetration rates of health and other non-life insurances in India is also well below the international level. These facts indicate the of immense growth potential of the insurance sector.

The year 1999 saw a revolution in the Indian insurance sector, as major structural changes took place with the ending of government monopoly and the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership.

Though, the existing rule says that a foreign partner can hold 26% equity in an insurance company, a proposal to increase this limit to 49% is pending with the government. Since opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have poured into the Indian market and 21 private companies have been granted licenses.

Innovative products, smart marketing, and aggressive distribution have enabled fledgling private insurance companies to sign up Indian customers faster than anyone expected. Indians, who had always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer.

The life insurance industry in India grew by an impressive 36%, with premium income from new business at Rs. 253.43 billion during the fiscal year 2004-2005, braving stiff competition from private insurers. RNCOS’s report, “Indian Insurance Industry: New Avenues for Growth 2012”, finds that the market share of the state behemoth, LIC, has clocked 21.87% growth in business at Rs.197.86 billion by selling 2.4 billion new policies in 2004-05. But this was still not enough to arrest the fall in its market share, as private players grew by 129% to mop up Rs. 55.57 billion in 2004-05 from Rs. 24.29 billion in 2003-04.

Though the total volume of LIC's business increased in the last fiscal year (2004-2005) compared to the previous one, its market share came down from 87.04 to 78.07%. The 14 private insurers increased their market share from about 13% to about 22% in a year's time. The figures for the first two months of the fiscal year 2005-06 also speak of the growing share of the private insurers. The share of LIC for this period has further come down to 75 percent, while the private players have grabbed over 24 percent.

There are presently 12 general insurance companies with four public sector companies and eight private insurers. According to estimates, private insurance companies collectively have a 10% share of the non-life insurance market.

Though the focus of this market research report is on the potential growth on the Indian Insurance Sector, it also talks about the market size, market segmentation, and key developments in the market after 1999. The report gives an instant overview of the Indian non-life insurance market, and covers fire, marine, and other non-life insurance. The data is supplied in both graphical and tabular format for ease of interpretation and analysis. This report also provides company profiles of the major private insurance companies.

REPORT HIGHLIGHTS:
- Gains of Liberalization in Indian Insurance Sector
- Indian Insurance Market Segmentation By Products
- Size of the Market and Market Share Of Life Insurers, In INR (crore)
- Market Share Of Non-Life Insurers
- Forecast of Life Insurance Growth Up to 2012
- Forecast of Non-Life Insurance Growth Up to 2012
- Market Revenue of Both Public and Private Insurers
- Policies and Measures Taken By IRDA To Develop The Insurance Market
- Research and Development Activities
- Regulation of insurance and reinsurance companies
- Major Challenges That Indian Insurance Sector is Facing
- Profiles of the Major Players

REPORT FEATURES:
In the globalize market scenario, companies need to understand and challenge the competitive markets they operate in. RNCOS’s “Indian Insurance Industry: New Avenues for Growth 2012” is a complete analysis of the market that will help you in decision making. Chapter 2, 3, and 4 of this report discussed the impact of liberalization of the market, market shares of public and private sector companies and polices implemented by IRDA to develop the insurance market in India. Chapter 5, 6, and 7 deals with market revenue of private and public players, opportunities and forecasts and Government policies. Regulation of insurance and reinsurance companies, international cooperation and major challenges of Indian insurance sector along with profiles of major players are discussed in Chapter 8 and 9. Similarly, the level of competition among the existing players and their strategies are also discussed.

1. Executive Summary

2. Gains of Globalization And Indian Insurance Sector

3. Appraisal of the Indian Insurance Market – A Global Perspective (1999-2005)

4. Indian Insurance Market Segmentations By Product
4.1. Life Insurance
4.1.1. Market Share Of Life Insurers (Public and Private), %, 2005
4.1.2. New Products In The Market
4.1.3. Commission and Operational Expenses of the Life Insurers (INR crore), 2005

4.2. Non-Life Insurance
4.2.1. Market Share Of Non-Life Insurers (Public and Private), %, 2005
4.2.2. Premium Collected By Non-Life Insurers - Segment Wise (INR crore), 2001-2005
4.2.3. New Polices Issued (Public and Private Sector), 2002-2005
4.2.4. Innovations in Products Introduced
4.2.5. Premium Underwritten Outside India (INR crore), 2001-2005
4.2.6. Expenses of Non-Life Insurers
4.2.7. Incurred Claims Ratio (Public and Private Sector), 2001-2005
4.2.8. Investments Of Non-Life Insurers, 2004-05 (Public and Private Sector)

4.3. Other Products
4.3.1. Health Insurance
4.3.2. Crop Insurance
4.3.3. Micro Insurance
4.3.4. Credit Insurance

5. Market Revenue Of Indian Insurance Companies (INR crore), 2001-2004
5.1. Profits of the Life Insurers, 2004-2005
5.1.1. Paid Up Capital: Life Insurers, 2005
5.1.2. Benefits Paid To The Customers, 2004-05
5.1.3. Investment Income
5.2. Profits of the Non-Life Insurers, 2004-2005
5.2.1. Paid Up Capital: Non-Life Insurers And Reinsurer (INR crore), 2005
5.2.2. Investment Income
5.2.3. Dividends Paid: Public Sector Insurers (INR Lakh), 2001-2005

6. Indian Insurance Industry – Opportunities and Forecasts, 2012
6.1. Projected Growth of Emerging Global Markets, 2004-2014 (in %), Inflation-Adjusted
6.2. GOI Proposal To Raise FDI Cap To 49%
6.3. Role Of IRDA
6.4. Market Penetration Rates In Indian Insurance Sector
6.4.1. International Comparison Of Insurance Penetration, %, By Continent/ Country
6.4.2. International Comparison Of Insurance Density (ratio)
6.5. Opportunities For Private Companies In the rural Market
6.6. Forecast of Life Insurance Growth in India (INR bn), 2012
6.7. Forecast of Non-Life Insurance Growth In India (INR bn), 2012

7. Policies and Measures Taken By IRDA To Develop The Insurance Market

8. Major Challenges Facing India’s Insurance Market

9. Company Profiles of Major Life Insurers (By Market Share)
9.1. Life Insurance Corporation of India
9.2. ICICI Prudential Life Insurance
9.3. Birla Sun Life Insurance
9.4. Bajaj Allianz Life Insurance
9.5. TATA-AIG Life Insurance
9.6. AVIVA Life Insurance
9.7. ING VYSYA Life Insurance
9.8. HDFC-STD Life Insurance

List of Figures:
Figure1. Market Share Of Indian Life Insurer, Up to June 2005, (INR Lakhs), Percent
Figure2. New Business Underwritten Through Various Intermediaries – Life Insurance, (%) 2004-05, Private, Public sector, and Total
Figure3. Percentage Contribution of Respective Segments Of Life Insurers, (%), 2001-2005
Figure4. Percentage Contribution of Respective Segments Of Public Life Insurers, (%), 2001-2005
Figure5. Percentage Contribution of Respective Segments Of Private Life Insurers, (%), 2001-2005
Figure6. Premium Underwritten By Non-Life Insurers - Segment Wise, (%), 2001-2005
Figure7. Incurred Claims Ratio (%) Of Public and Private Sector – Segment Wise, 2005
Figure8. Forecast of Life Insurance Market Growth (In INR bn and %) 2012
Figure9. Forecast of Non-Life Insurance Market Growth (In INR bn and %) 2012
Figure10. Contribution of Various Investment Funds – Public Sector (%), 2003-2005
Figure11. Contribution of Various Investment Funds - Private Sector (%)2003-2005
Figure12. Contribution of Various Investment Funds – Total (%), 2003-2005

List of Tables:
Table1. Key Market Indicators (Global and Indian), 2003-2005
Table2. Number of Registered Insurance Companies in India, By Type of Business
Table3. Premium underwritten by Life Insurers, (INR Lakh), 2001-2005
Table4. Market Share of Life Insurers (%), 2001-2005
Table5. Number of New policies issued: Life Insurers, Public and Private Sector, 2002-2005
Table6. Commission Expenses of Life Insurers, (INR Lakh), 2001-2005
Table7. Operating Expenses of Life Insurers, (INR Lakh), 2001-2005
Table8. Paid up Capital: Life Insurers, (INR crore), 2001-2005
Table9. Premium underwritten by Non-life Insurers - Segment wise, (INR Lakh), 2001-2005
Table10. Number of New Policies issued: Non-life Insurers, 2003-2005
Table11. Ratio (in %) of outside India premium to total premium, 2001-2005
Table12. Gross Direct Premium from business outside India: Non-life Insurers, (INR Lakh), 2001-2005
Table13. Commission Expenses: Private Sector Non-life Insurers, (INR Lakh), 2001-2005
Table14. Commission Expenses: Public Sector Non-Life Insurers, (INR Lakh), 2001-2005
Table15. Incurred Claims Ratio (%): Public Sector Non-life Insurers, 2001-2005
Table16. Incurred Claims Ratio (%): Private Sector Non-life Insurers, 2001-2005
Table17. Underwriting Experience: Non-life Insurers, (INR Lakh), 2001-2005
Table18. Operating Expenses: Non-life Insurers, (INR Lakh), 2001-2005
Table19. Paid up Capital: Non-life Insurers and Re-insurer, (INR crore), 2001-2005
Table20. Dividends Paid: Public Sector Insurers, (INR Lakh), 2001-2005
Table21. Investments of Non-life Insurers, Public-Private Comparison (INR crore), 2004-2005
Table22. Investments of Life Insurers: Fund-wise, (INR crore), 2004-2005, Public and Private Sector
Table23. New Business (Life) underwritten through various intermediaries: 2004-05, Ratio in Percent