Non-Life Insurance in India, Key Trends and Opportunities to 2020

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Profitability

4.2.5 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies sold

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies sold

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Policies sold

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies sold

5.4.4 Claims

5.4.5 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Direct marketing

6.1.3 Brokers

6.1.4 Bancassurance

6.1.5 E-commerce

6.1.6 Other channels

7 Natural Hazards

7.1 Flooding

7.2 Earthquakes

7.3 Droughts

7.4 Extreme temperatures

7.5 Hailstorms

7.6 Cyclones

7.7 Exposure

8 Competitive Landscape

8.1 Overview

8.2 Company Profiles

8.2.1 The New India Assurance Company Ltd – company overview

8.2.2 National Insurance Company Ltd – company overview

8.2.3 United India Insurance Company Ltd – company overview

8.2.4 The Oriental Insurance Company Ltd – company overview

8.2.5 ICICI Lombard General Insurance Company Ltd – company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life Insurance

9.3.2 Property Insurance

9.3.3 Motor Insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Third-party liability insurance for owner of hazardous facilities

9.4.2 Motor third party liability insurance

9.4.3 Professional indemnity insurance for insurance brokers and web aggregators

9.4.4 Workmen's compensation insurance/employers’ liability insurance

9.4.5 Professional indemnity insurance for stock brokers

9.4.6 Aviation carriers' liability insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Insurance Regulatory and Development Authority of India

9.5.3 The Life Insurance Council

9.5.4 The General Insurance (GI) Council

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution (ADR)

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing and E-Commerce

10.5 Insurance Brokers and Agencies

10.6 Bancassurance and Other Distribution Channels

10.7 Property Insurance

10.8 Property Insurance by Product

10.9 Motor Insurance

10.1 Motor Insurance by Product

10.11 Liability Insurance

10.12 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table 1: Indian Non-Life Insurance – Key Facts, 2015

Table 2: Indian Non-Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: BRICS Region – Real GDP (US$ Billion), 2015

Table 4: Indian Government Credit Ratings

Table 5: Indian Non-Life Insurance – Gross Written Premium (INR Billion and US$ Billion), 2011–2015

Table 6: Indian Non-Life Insurance – Penetration (%), 2011–2015

Table 7: Indian Non-Life Insurance – Gross Written Premium (INR Billion and US$ Billion), 2015–2020

Table 8: Indian Non-Life Insurance – Penetration (%), 2015–2020

Table 9: Indian Non-Life Insurance – Premium per Capita (INR and US$), 2011–2015

Table 10: Indian Non-Life Insurance – Premium per Capita (INR and US$), 2015–2020

Table 11: Indian Non-Life Insurance – Number of Policies Sold (Million), 2011–2015

Table 12: Indian Non-Life Insurance – Number of Policies Sold (Million), 2015–2020

Table 13: Indian Non-Life Insurance – Paid Claims (INR Billion and US$ Billion), 2011–2015

Table 14: Indian Non-Life Insurance – Paid Claims (INR Billion and US$ Billion), 2015–2020

Table 15: Indian Non-Life Insurance – Profitability Ratio (%), 2011–2015

Table 16: Indian Non-Life Insurance – Profitability Ratio (%), 2015–2020

Table 17: Indian Non-Life Insurance – Total Assets (INR Billion and US$ Billion), 2011–2015

Table 18: Indian Non-Life Insurance – Total Assets (INR Billion and US$ Billion), 2015–2020

Table 19: Indian Non-Life Insurance – Total Investment Income (INR Billion and US$ Billion), 2011–2015

Table 20: Indian Non-Life Insurance – Total Investment Income (INR Billion and US$ Billion), 2015–2020

Table 21: Indian Non-Life Insurance – Investment Portfolio (INR Billion), 2011–2015

Table 22: Indian Non-Life Insurance – Investment Portfolio (INR Billion), 2015–2020

Table 23: Indian Non-Life Insurance – Gross Written Premium by Category (INR Billion),2011–2015

Table 24: Indian Non-Life Insurance – Gross Written Premium by Category (INR Billion), 2015–2020

Table 25: Indian Property Insurance – Communal Violence, 2013–2015

Table 26: Indian Property Insurance – Direct Written Premium by Sub-Category (INR Billion), 2011–2015

Table 27: Indian Property Insurance – Direct Written Premium by Sub-Category (INR Billion), 2015–2020

Table 28: Indian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 29: Indian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 30: Indian Property Insurance – Paid Claims (INR Billion and US$ Billion), 2011–2015

Table 31: Indian Property Insurance – Paid Claims (INR Billion and US$ Billion), 2015–2020

Table 32: Indian Property Insurance – Loss Ratio (%), 2011–2015

Table 33: Indian Property Insurance – Loss Ratio (%), 2015–2020

Table 34: Indian Motor Insurance – Increase in Motor Third-Party Liability Premium Rate (%)

Table 35: Indian Motor Insurance – Motor Vehicle Bill 2016 Amendments

Table 36: Indian Motor Insurance – Direct Written Premium by Sub-Category (INR Billion), 2011–2015

Table 37: Indian Motor Insurance – Direct Written Premium by Sub-Category (INR Billion), 2015–2020

Table 38: Indian Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2015

Table 39: Indian Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2015–2020

Table 40: Indian Motor Insurance – Paid Claims (INR Billion and US$ Billion), 2011–2015

Table 41: Indian Motor Insurance – Paid Claims (INR Billion and US$ Billion), 2015–2020

Table 42: Indian Motor Insurance – Loss Ratio (%), 2011–2015

Table 43: Indian Motor Insurance – Loss Ratio (%), 2015–2020

Table 44: Indian Liability Insurance – Direct Written Premium by Sub-Category (INR Billion), 2011–2015

Table 45: Indian Liability Insurance – Direct Written Premium by Sub-Category (INR Billion), 2015–2020

Table 46: Indian Liability Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 47: Indian Liability Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 48: Indian Liability Insurance – Paid Claims (INR Million and US$ Million), 2011–2015

Table 49: Indian Liability Insurance – Paid Claims (INR Million and US$ Million), 2015–2020

Table 50: Indian Liability Insurance – Loss Ratio (%), 2011–2015

Table 51: Indian Liability Insurance – Loss Ratio (%), 2015–2020

Table 52: Indian Non-Life Insurance – Number of Vessels, 2011–2015

Table 53: Indian Non-Life Insurance – Fleet (Gross Registered Tonnage), 2011–2015

Table 54: Indian Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (INR Billion), 2011–2015

Table 55: Indian Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (INR Billion), 2015–2020

Table 56: Indian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 57: Indian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 58: Indian Marine, Aviation and Transit Insurance – Paid Claims (INR Million and US$ Million), 2011–2015

Table 59: Indian Marine, Aviation and Transit Insurance – Paid Claims (INR Million and US$ Million), 2015–2020

Table 60: Indian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 61: Indian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020

Table 62: Indian Non-Life Insurance – Direct Written Premium by Distribution Channel (INR Billion), 2011–2015

Table 63: Indian Non-Life Insurance – Direct Written Premium by Distribution Channel (INR Billion), 2015–2020

Table 64: Indian Non-Life Insurance – Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011–2020

Table65: Indian Non-Life Insurance – Segment Shares of Leading Insurers (%), 2015

Table 66: The New India Assurance Company Ltd – Key Facts

Table 67: The New India Assurance Company Ltd – Key Financials (INR Million), 2011–2015

Table 68: National Insurance Company Ltd – Key Facts

Table 69: National Insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table 70: United India Insurance Company Ltd – Key Facts

Table 71: United India Insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table 72: The Oriental Insurance Company Ltd – Key Facts

Table 73: The Oriental Insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table 74: ICICI Lombard General Insurance Company Ltd – Key Facts

Table 75: ICICI Lombard General Insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table76: India – Insurance Regulatory Framework Key Features

Table77: India – Sum Insured or Premium Limit for Electronic Policies

Table78: India – Percentage of Allowable Expenses

Table79: India – Commission Payable on Non-Life Insurance Policy

Table80: India – Life Insurance Regulatory Framework

Table81: India – Commission Payable on Single Premium Life Policy

Table82: India – Commission Payable on Regular Premium Life Policy

Table83: India – Property Insurance Regulatory Framework

Table84: India – Compulsory Cession Limits

Table85: India – Motor Insurance Regulatory Framework

Table86: India – Liability Insurance Regulatory Framework

Table87: India – Commission Payable on Health Insurance Policies Offered by Life Insurers

Table88: India – Commission Payable on Health Retail Insurance Policy

Table89: India – Commission Payable on Health Group Insurance Policy

Table90: India – Premium Rates for Third–Party (TP) Liability Insurance

Table91: India – Employee Compensation Benefits

Table92: India – Factors for Calculation of Required Solvency Margin

Table93: India – Surcharge for the Financial Year 2016

Table94: India – Other Corporate Tax Rates for the Financial Year 2016

Table 95: Indian Insurance Industry – Policies and Premium, 2011–2015

Table 96: Indian Insurance Industry – Policies and Premium, 2015–2020

Table 97: Indian Non-Life Insurance – Claims and Expenses, 2011–2015

Table 98: Indian Non-Life Insurance – Claims and Expenses, 2015–2020

Table 99: Indian Non-Life Insurance – Assets and Investments, 2011–2015

Table 100: Indian Non-Life Insurance – Assets and Investments, 2015–2020

Table 101: Indian Non-Life Insurance – Direct Marketing and E-Commerce, 2011–2015

Table 102: Indian Non-Life Insurance – Direct Marketing and E-Commerce, 2015–2020

Table 103: Indian Non-Life Insurance – Insurance Brokers and Agencies, 2011–2015

Table 104: Indian Non-Life Insurance – Insurance Brokers and Agencies, 2015–2020

Table 105: Indian Non-Life Insurance – Bancassurance and Other Distribution Channels, 2011–2015

Table 106: Indian Non-Life Insurance – Bancassurance and Other Distribution Channels, 2015–2020

Table 107: Indian Non-Life Insurance – Property Insurance, 2011–2015

Table 108: Indian Non-Life Insurance – Property Insurance, 2015–2020

Table 109: Indian Non-Life Insurance – Property Insurance by Product, 2011–2015

Table 110: Indian Non-Life Insurance – Property Insurance by Product, 2015–2020

Table 111: Indian Non-Life Insurance – Motor Insurance, 2011–2015

Table 112: Indian Non-Life Insurance – Motor Insurance, 2015–2020

Table 113: Indian Non-Life Insurance – Motor Insurance by Product, 2011–2015

Table 114: Indian Non-Life Insurance – Motor Insurance by Product, 2015–2020

Table 115: Indian Non-Life Insurance – Liability Insurance, 2011–2015

Table 116: Indian Non-Life Insurance – Liability Insurance, 2015–2020

Table 117: Indian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 118: Indian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 119: Insurance Industry Definitions

Figure 1: Indian Real GDP (INR Trillion), 2011–2020

Figure 2: Indian Consumer Price Inflation (%), 2011–2020

Figure 3: Indian Current Account Balance as Percentage of GDP (%), 2011–2020

Figure 4: INR–US$ Exchange Rate, 2011–2020

Figure 5: Indian Unemployment Rate (%), 2011–2020

Figure 6: Indian Population by Age Group, 1991–2025

Figure 7: Indian Non-Life Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Indian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 9: Indian Non-Life Insurance – Gross Written Premium (INR Billion), 2011–2020

Figure 10: Indian Non-Life Insurance – Penetration (%), 2011–2020

Figure 11: Indian Non-Life Insurance – Premium per Capita (INR), 2011–2020

Figure 12: Indian Non-Life Insurance – Number of Policies Sold (Million), 2011–2020

Figure 13: Indian Non-Life Insurance – Paid Claims (INR Billion), 2011–2020

Figure 14: Indian Non-Life Insurance – Profitability Ratio (%), 2011–2020

Figure 15: Indian Non-Life Insurance – Total Assets (INR Billion), 2011–2020

Figure 16: Indian Non-Life Insurance – Total Investment Income (INR Billion), 2011–2020

Figure 17: Indian Non-Life Insurance – Investment Portfolio (INR Billion), 2011–2020

Figure 18: Indian Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 19: Indian Non-Life Insurance – Gross Written Premium by Category (INR Billion), 2011–2020

Figure 20: Indian Non-Life Insurance – Gross Written Premium Dynamics by Category, 2011–2020

Figure 21: Indian Property Insurance – Construction Value Output by Category (INR Billion), 2011–2015

Figure 22: Indian Property Insurance – Communal Violence by State, 2015

Figure 23: Indian Property Insurance – Direct Written Premium by Sub-Category (INR Billion), 2011–2020

Figure 24: Indian Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 25: Indian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 26: Indian Property Insurance – Paid Claims (INR Billion), 2011–2020

Figure 27: Indian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (INR Billion and %), 2011–2020

Figure 28: Indian Motor Insurance – Automobile Production and Sales, 2011–2015

Figure 29: Indian Motor Insurance – Automobile Production and Sales, 2011–2015

Figure 30: Indian Motor Insurance – Direct Written Premium by Sub-Category (INR Billion), 2011–2020

Figure 31: Indian Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 32: Indian Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2020

Figure 33: Indian Motor Insurance – Paid Claims (INR Billion), 2011–2020

Figure 34: Indian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (INR Billion and %), 2011–2020

Figure 35: Indian Liability Insurance – Number of Offences Under IT Act, 2011–2014

Figure 36: Indian Liability Insurance – Direct Written Premium (INR Billion), 2011–2020

Figure 37: Indian Liability Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 38: Indian Liability Insurance – Paid Claims (INR Billion), 2011–2020

Figure 39: Indian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (INR Billion and %), 2011–2020

Figure 40: Indian Aviation Insurance – Passenger Traffic, 2011–2015

Figure 41: Indian Aviation Insurance – Passenger Traffic, 2011–2015

Figure 42: Indian Marine, Aviation and Transit Insurance – Direct Written Premium (INR Billion), 2011–2020

Figure 43: Indian Marine, Aviation and Transit Insurance – Number of Policies Sold (Million), 2011–2020

Figure 44: Indian Marine, Aviation and Transit Insurance – Paid Claims (INR Billion), 2011–2020

Figure 45: Indian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (INR Billion and %), 2011–2020

Figure 46: Indian Non-Life Insurance – Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 47: India – Frequency of Hazards by Type, 1990–2014

Figure 48: Indian Mortality by Hazards Type, 1990–2014

Figure 49: Indian Economic Loss by Hazards Type, 1990–2014

Figure 50: Indian Non-Life Insurance – Segment Shares of Leading Insurers (%), 2015

Figure 51: India – Insurance Supervision and Control at Various Levels

Figure 52: India – Insurance Regulatory Frameworks for Company Registration and Operation

Figure 53: India – Judiciary System