Life Insurance in India, Key Trends and Opportunities to 2020

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Published: September 06, 2016 Report Code: GD-IS1265MR-ST

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GlobalData’s 'Life Insurance in India Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Indian life insurance segment, and a comparison of the Indian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Indian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the life insurance segment in India:

• It provides historical values for the Indian life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Indian life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Indian life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in India.

• It profiles the top life insurance companies in India and outlines the key regulations affecting them.

Key Highlights

• The Indian life insurance segment accounted for 79.2% of the industry’s gross written premium in 2015.

• In March 2015, the limit on foreign direct investment (FDI) in the Indian insurance industry was increased from 26% to 49%.

• Competition between LIC and private insurers intensified during the review period.

• The total investment income of the life segment increased at a review-period CAGR of 33.0%.

• Direct marketing remained the dominant distribution channel during the review period, accounting for 49.7% of the segment’s new business direct written premium in 2015.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Indian life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Indian life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Indian insurance industry, and their impact on companies and the industry's future.

Life Insurance Corporation of India
ICICI Prudential Life Insurance Company Ltd
HDFC Standard Life Insurance Company Ltd
SBI Life Insurance Company Ltd
Max Life insurance Company Ltd

Table of Contents

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 Sum assured

4.2.5 Assets and investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Policies sold

5.1.3 Penetration

5.2 Group Life Insurance

5.2.1 Premium

5.2.2 Policies sold

5.2.3 Penetration

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Competitive Landscape

7.1 Overview

7.2 Company Profiles

7.2.1 Life Insurance Corporation of India – company overview

7.2.2 ICICI Prudential Life Insurance Company Ltd – company overview

7.2.3 HDFC Standard Life Insurance Company Ltd – company overview

7.2.4 SBI Life Insurance Company Ltd – company overview

7.2.5 Max Life insurance Company Ltd – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life Insurance

8.3.2 Property Insurance

8.3.3 Motor Insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Third-party liability insurance for owner of hazardous facilities

8.4.2 Motor third party liability insurance

8.4.3 Professional indemnity insurance for insurance brokers and web aggregators

8.4.4 Workmen's compensation insurance/employers’ liability insurance

8.4.5 Professional indemnity insurance for stock brokers

8.4.6 Aviation carriers' liability insurance

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Insurance Regulatory and Development Authority of India

8.5.3 The Life Insurance Council

8.5.4 The General Insurance (GI) Council

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution (ADR)

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Direct Marketing and E-Commerce

9.5 Insurance Brokers and Agencies

9.6 Bancassurance and Other Distribution Channels

9.7 Individual Life Insurance

9.8 Individual Life Insurance by Product

9.9 Group Life Insurance

9.1 Group Life Insurance by Product

9.11 Individual Life – Single vs. Non-Single Premium

9.12 Group Life – Single vs Non-Single Premium

9.13 Linked vs Non-Linked Policies

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Indian Life Insurance – Key Facts, 2015

Table 2: Indian 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 Life Insurance – Gross Written Premium (INR Billion and US$ Billion), 2011–2015

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

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

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

Table 9: Indian Life Insurance – New Business Direct Written Premium (INR Billion and US$ Billion), 2011–2015

Table 10: Indian Life Insurance – New Business Direct Written Premium (INR Billion and US$ Billion), 2015–2020

Table 11: Indian Life Insurance – Premium per Capita (INR and US$), 2011–2015

Table 12: Indian Life Insurance – Premium per Capita (INR and US$), 2015–2020

Table 13: Indian Life Insurance – Number of Policies Sold (Million), 2011–2015

Table 14: Indian Life Insurance – Number of Policies Sold (Million), 2015–2020

Table 15: Indian Life Insurance – Paid Claims (INR Billion and US$ Billion), 2011–2015

Table 16: Indian Life Insurance – Paid Claims (INR Billion and US$ Billion), 2015–2020

Table 17: Indian Life Insurance – Sum Assured (INR Trillion and US$ Trillion), 2011–2015

Table 18: Indian Life Insurance – Sum Assured (INR Trillion and US$ Trillion), 2015–2020

Table 19: Indian Life Insurance – Total Assets (INR Billion and US$ Billion), 2011–2015

Table 20: Indian Life Insurance – Total Assets (INR Billion and US$ Billion), 2015–2020

Table 21: Indian Life Insurance – Total Investment Income (INR Billion and US$ Billion), 2011–2015

Table 22: Indian Life Insurance – Total Investment Income (INR Billion and US$ Billion), 2015–2020

Table 23: Indian Life Insurance – Investment Portfolio (INR Billion), 2011–2015

Table 24: Indian Life Insurance – Investment Portfolio (INR Billion), 2015–2020

Table 25: Indian Life Insurance – Direct Written Premium by Sub-Segment (INR Billion),2011–2015

Table 26: Indian Life Insurance – Direct Written Premium by Sub-Segment (INR Billion), 2015–2020

Table 27: Indian Individual Life Insurance – Direct Written Premium by Category (INR Billion), 2011–2015

Table 28: Indian Individual Life Insurance – Direct Written Premium by Category (INR Billion), 2015–2020

Table 29: Indian Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2015

Table 30: Indian Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2015–2020

Table 31: Indian Group Life Insurance – Direct Written Premium by Category (INR Billion), 2011–2015

Table 32: Indian Group Life Insurance – Direct Written Premium by Category (INR Billion), 2015–2020

Table 33: Indian Group Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2015

Table 34: Indian Group Life Insurance – Number of Policies Sold by Category (Thousand), 2015–2020

Table 35: Indian Life Insurance – Direct Written Premium by Distribution Channel (INR Billion), 2011–2015

Table 36: Indian Life Insurance – Direct Written Premium by Distribution Channel (INR Billion), 2015–2020

Table 37: Indian Life Insurance – Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011–2020

Table 38: Indian Life Insurance – Segment Shares of Leading Insurers (%), 2015

Table 39: Life Insurance Corporation of India – Key Facts

Table 40: Life Insurance Corporation of India – Key Financials (INR Million), 2011–2015

Table 41: ICICI Prudential Life Insurance Company Ltd – Key Facts

Table 42: ICICI Prudential Life Insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table 43: HDFC Standard Life Insurance Company Ltd – Key Facts

Table 44: HDFC Standard Life Insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table 45: SBI Life Insurance Company Ltd – Key Facts

Table 46: SBI Life Insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table 47: Max Life insurance Company Ltd – Key Facts

Table 48: Max Life insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table49: India – Insurance Regulatory Framework Key Features

Table50: India – Sum Insured or Premium Limit for Electronic Policies

Table51: India – Percentage of Allowable Expenses

Table52: India – Commission Payable on Non-Life Insurance Policy

Table53: India – Life Insurance Regulatory Framework

Table54: India – Commission Payable on Single Premium Life Policy

Table55: India – Commission Payable on Regular Premium Life Policy

Table56: India – Property Insurance Regulatory Framework

Table57: India – Compulsory Cession Limits

Table58: India – Motor Insurance Regulatory Framework

Table59: India – Liability Insurance Regulatory Framework

Table60: India – Commission Payable on Health Insurance Policies Offered by Life Insurers

Table61: India – Commission Payable on Health Retail Insurance Policy

Table62: India – Commission Payable on Health Group Insurance Policy

Table63: India – Premium Rates for Third–Party (TP) Liability Insurance

Table64: India – Employee Compensation Benefits

Table65: India – Factors for Calculation of Required Solvency Margin

Table66: India – Surcharge for the Financial Year 2016

Table67: India – Other Corporate Tax Rates for the Financial Year 2016

Table 68: Indian Life Insurance – Policies and Premium, 2011–2015

Table 69: Indian Life Insurance – Policies and Premium, 2015–2020

Table 70: Indian Life Insurance – Claims and Expenses, 2011–2015

Table 71: Indian Life Insurance – Claims and Expenses, 2015–2020

Table 72: Indian Life Insurance – Assets and Investments, 2011–2015

Table 73: Indian Life Insurance – Assets and Investments, 2015–2020

Table 74: Indian Life Insurance – Direct Marketing and E-Commerce, 2011–2015

Table 75: Indian Life Insurance – Direct Marketing and E-Commerce, 2015–2020

Table 76: Indian Life Insurance – Insurance Brokers and Agencies, 2011–2015

Table 77: Indian Life Insurance – Insurance Brokers and Agencies, 2015–2020

Table 78: Indian Life Insurance – Bancassurance and Other Distribution Channels, 2011–2015

Table 79: Indian Life Insurance – Bancassurance and Other Distribution Channels, 2015–2020

Table 80: Indian Life Insurance – Individual Life Insurance, 2011–2015

Table 81: Indian Life Insurance – Individual Life Insurance, 2015–2020

Table 82: Indian Life Insurance – Individual Life Insurance by Product, 2011–2015

Table 83: Indian Life Insurance – Individual Life Insurance by Product, 2015–2020

Table 84: Indian Life Insurance – Group Life Insurance, 2011–2015

Table 85: Indian Life Insurance – Group Life Insurance, 2015–2020

Table 86: Indian Life Insurance – Group Life Insurance by Product, 2011–2015

Table 87: Indian Life Insurance – Group Life Insurance by Product, 2015–2020

Table 88: Indian Life Insurance – Individual Life Insurance by Premium, 2011–2015

Table 89: Indian Life Insurance – Individual Life Insurance by Premium, 2015–2020

Table 90: Indian Life Insurance – Group Life Insurance by Premium, 2011–2015

Table 91: Indian Life Insurance – Group Life Insurance by Premium, 2015–2020

Table 92: Indian Life Insurance – Linked vs. Non-Linked Policies, 2011–2015

Table 93: Indian Life Insurance – Linked vs. Non-Linked Policies, 2015–2020

Table 94: Insurance Industry Definitions

Figures

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 Life Insurance Penetration – Regional Comparison (%), 2015

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

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

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

Figure 11: Indian Life Insurance – New Business Direct Written Premium (INR Billion), 2011–2020

Figure 12: Indian Life Insurance – Premium per Capita (INR), 2011–2020

Figure 13: Indian Life Insurance – Number of Policies Sold (Million), 2011–2020

Figure 14: Indian Life Insurance – Paid Claims (INR Billion), 2011–2020

Figure 15: Indian Life Insurance – Sum Assured (INR Trillion), 2011–2020

Figure 16: Indian Life Insurance – Total Assets (INR Billion), 2011–2020

Figure 17: Indian Life Insurance – Total Investment Income (INR Billion), 2011–2020

Figure 18: Indian Life Insurance – Investment Portfolio (INR Billion), 2011–2020

Figure 19: Indian Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 20: Indian Life Insurance – Direct Written Premium by Sub-Segment (INR Billion), 2011–2020

Figure 21: Indian Life Insurance – Direct Written Premium Share by Sub-Segment, 2011–2020

Figure 22: Indian Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2011–2020

Figure 23: Indian Individual Life Insurance – Direct Written Premium by Category (INR Billion), 2011–2020

Figure 24: Indian Individual Life Insurance – Direct Written Premium Share by Category, 2011–2020

Figure 25: Indian Individual Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 26: Indian Individual Life Insurance – Number of Policies Sold by Category (Million), 2011–2020

Figure 27: Indian Individual Life Insurance – Penetration (%), 2011–2015

Figure 28: Indian Individual Life Insurance – Penetration (%), 2015–2020

Figure 29: Indian Group Life Insurance – Direct Written Premium by Category (INR Billion), 2011–2020

Figure 30: Indian Group Life Insurance – Direct Written Premium Share by Category (INR Billion), 2011–2020

Figure 31: Indian Group Life Insurance – Direct Written Premium Dynamics by Category (INR Billion), 2011–2020

Figure 32: Indian Group Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2020

Figure 33: Indian Group Life Insurance – Penetration (%), 2011–2015

Figure 34: Indian Group Life Insurance – Penetration (%), 2015–2020

Figure 35: Indian Life Insurance – Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 36: Indian Life Insurance – Segment Shares of Leading Insurers (%), 2015

Figure 37: India – Insurance Supervision and Control at Various Levels

Figure 38: India – Insurance Regulatory Frameworks for Company Registration and Operation

Figure 39: India – Judiciary System

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