Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2020

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GlobalData’s 'Personal Accident and Health 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, combined ratio, 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 personal accident and health insurance segment in India:

• It provides historical values for the Indian personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the Indian personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in India.

• It profiles the top personal accident and health insurance companies in India, and outlines the key regulations affecting them.

Key Highlights

• The Indian personal accident and health segment recorded the insurance industry’s fastest growth, in terms of gross written premium, at a review-period CAGR of 15.4%.

• The public system dominates Indian healthcare, and there are various national and state-level health insurance schemes offered to lower- and middle-income families.

• The personal accident and health insurance combined ratio gradually increased during the review period.

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

• In May 2015, the Prime Minister of India launched Pradhan Mantri Suraksha Bima Yojana (PMSBY) – an accident insurance scheme which provides cover for accidental death and disability.

Reasons to Buy

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

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

• Assess the competitive dynamics in the personal accident and health 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.

The New India Assurance Co. Ltd
National Insurance Company Ltd
United India Insurance Co. Ltd
The Oriental Insurance Company Ltd
ICICI Lombard General 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 Profitability

4.2.5 Assets and investments

5 Outlook by Category

5.1 Personal Accident Insurance

5.1.1 Premium

5.1.2 Policies

5.1.3 Claims

5.1.4 Profitability

5.2 Health Insurance

5.2.1 Premium

5.2.2 Policies

5.2.3 Claims

5.2.4 Profitability

5.3 Travel Insurance

5.3.1 Premium

5.3.2 Policies

5.3.3 Claims

5.3.4 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Competitive Landscape

7.1 Overview

7.2 Company Profiles

7.2.1 The New India Assurance Company Ltd – company overview

7.2.2 National Insurance Company Ltd – company overview

7.2.3 United India Insurance Company Ltd – company overview

7.2.4 The Oriental Insurance Company Ltd – company overview

7.2.5 ICICI Lombard General Insurance Company Ltd – company overview

7.2.6 Star Health and Allied 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

9.1.1 Claims and expenses

9.1.2 Assets and investments

9.1.3 Direct marketing and e-commerce

9.1.4 Insurance brokers and agencies

9.1.5 Bancassurance and other distribution channels

9.1.6 Personal accident insurance

9.1.7 Health insurance

9.1.8 Travel insurance

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 Personal Accident and Health Insurance – Key Facts, 2015

Table 2: Indian Personal Accident and Health 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 Travel Insurance – Number of Railway Accidental Deaths by Type, 2010–2014

Table 6: Indian Personal Accident and Health Insurance – Gross Written Premium (INR Billion and US$ Billion), 2011–2015

Table 7: Indian Personal Accident and Health Insurance – Penetration (%), 2011–2015

Table 8: Indian Personal Accident and Health Insurance – Gross Written Premium (INR Billion and US$ Billion), 2015–2020

Table 9: Indian Personal Accident and Health Insurance – Penetration (%), 2015–2020

Table 10: Indian Personal Accident and Health Insurance – Premium per Capita (INR and US$), 2011–2015

Table 11: Indian Personal Accident and Health Insurance – Premium per Capita (INR and US$), 2015–2020

Table 12: Indian Personal Accident and Health Insurance – Number of Policies Sold (Million), 2011–2015

Table 13: Indian Personal Accident and Health Insurance – Number of Policies Sold (Million), 2015–2020

Table 14: Indian Personal Accident and Health Insurance – Paid Claims (INR Billion and US$ Billion), 2011–2015

Table 15: Indian Personal Accident and Health Insurance – Paid Claims (INR Billion and US$ Billion), 2015–2020

Table 16: Indian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 17: Indian Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 18: Indian Personal Accident and Health Insurance – Total Assets (INR Billion and US$ Billion), 2011–2015

Table 19: Indian Personal Accident and Health Insurance – Total Assets (INR Billion and US$ Billion), 2015–2020

Table 20: Indian Personal Accident and Health Insurance – Total Investment Income (INR Billion and US$ Billion), 2011–2015

Table 21: Indian Personal Accident and Health Insurance – Total Investment Income (INR Billion and US$ Billion), 2015–2020

Table 22: Indian Personal Accident and Health Insurance – Investment Portfolio (INR Billion), 2011–2015

Table 23: Indian Personal Accident and Health Insurance – Investment Portfolio (INR Billion), 2015–2020

Table 24: Indian Personal Accident and Health Insurance – Direct Written Premium by Category (INR Billion), 2011–2015

Table 25: Indian Personal Accident and Health Insurance – Direct Written Premium by Category (INR Billion), 2015–2020

Table 26: Indian Personal Accident Insurance – Direct Written Premium (INR Billion and US$ Billion), 2011–2015

Table 27: Indian Personal Accident Insurance – Direct Written Premium (INR Billion and US$ Billion), 2015–2020

Table 28: Indian Personal Accident Insurance – Number of Policies Sold (Million), 2011–2015

Table 29: Indian Personal Accident Insurance – Number of Policies Sold (Million), 2015–2020

Table 30: Indian Personal Accident Insurance – Paid Claims (INR Million and US$ Million), 2011–2015

Table 31: Indian Personal Accident Insurance – Paid Claims (INR Million and US$ Million), 2015–2020

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

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

Table 34: Indian Health Insurance – Direct Written Premium (INR Billion), 2011–2015

Table 35: Indian Health Insurance – Direct Written Premium (INR Billion), 2015–2020

Table 36: Indian Health Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2015

Table 37: Indian Health Insurance – Number of Policies Sold by Sub-Category (Million), 2015–2020

Table 38: Indian Health Insurance – Paid Claims (INR Billion and US$ Billion), 2011–2015

Table 39: Indian Health Insurance – Paid Claims (INR Billion and US$ Billion), 2015–2020

Table 40: Indian Health Insurance – Loss Ratio (%), 2011–2015

Table 41: Indian Health Insurance – Loss Ratio (%), 2015–2020

Table 42: Indian Travel Insurance – Direct Written Premium (INR Million), 2011–2015

Table 43: Indian Travel Insurance – Direct Written Premium (INR Million), 2015–2020

Table 44: Indian Travel Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 45: Indian Travel Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 46: Indian Travel Insurance – Paid Claims (INR Million and US$ Million), 2011–2015

Table 47: Indian Travel Insurance – Paid Claims (INR Million and US$ Million), 2015–2020

Table 48: Indian Travel Insurance – Loss Ratio (%), 2011–2015

Table 49: Indian Travel Insurance – Loss Ratio (%), 2015–2020

Table 50: Indian Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (INR Billion), 2011–2015

Table 51: Indian Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (INR Billion), 2015–2020

Table 52: Indian Personal Accident and Health Insurance – Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011–2020

Table 53: Indian Personal Accident and Health Insurance – Segment Shares of Leading Insurers (%), 2015

Table 54: The New India Assurance Company Ltd – Key Facts

Table 55: The New India Assurance Company Ltd – Key Financials (INR Million), 2011–2015

Table 56: National Insurance Company Ltd – Key Facts

Table 57: National Insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table 58: United India Insurance Company Ltd – Key Facts

Table 59: United India Insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table 60: The Oriental Insurance Company Ltd – Key Facts

Table 61: The Oriental Insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table 62: ICICI Lombard General Insurance Company Ltd – Key Facts

Table 63: ICICI Lombard General Insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table 64: Star Health and Allied Insurance Company Ltd – Key Facts

Table 65: Star Health and Allied Insurance Company Ltd – Key Financials (INR Million), 2011–2015

Table66: India – Insurance Regulatory Framework Key Features

Table67: India – Sum Insured or Premium Limit for Electronic Policies

Table68: India – Percentage of Allowable Expenses

Table69: India – Commission Payable on Non-Life Insurance Policy

Table70: India – Life Insurance Regulatory Framework

Table71: India – Commission Payable on Single Premium Life Policy

Table72: India – Commission Payable on Regular Premium Life Policy

Table73: India – Property Insurance Regulatory Framework

Table74: India – Compulsory Cession Limits

Table75: India – Motor Insurance Regulatory Framework

Table76: India – Liability Insurance Regulatory Framework

Table77: India – Commission Payable on Health Insurance Policies Offered by Life Insurers

Table78: India – Commission Payable on Health Retail Insurance Policy

Table79: India – Commission Payable on Health Group Insurance Policy

Table80: India – Premium Rates for Third–Party (TP) Liability Insurance

Table81: India – Employee Compensation Benefits

Table82: India – Factors for Calculation of Required Solvency Margin

Table83: India – Surcharge for the Financial Year 2016

Table84: India – Other Corporate Tax Rates for the Financial Year 2016

Table 85: Indian Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 86: Indian Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 87: Indian Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 88: Indian Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 89: Indian Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 90: Indian Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 91: Indian Personal Accident and Health Insurance – Direct Marketing and E-Commerce, 2011–2015

Table 92: Indian Personal Accident and Health Insurance – Direct Marketing and E-Commerce, 2015–2020

Table 93: Indian Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2011–2015

Table 94: Indian Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2015–2020

Table 95: Indian Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2011–2015

Table 96: Indian Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2015–2020

Table 97: Indian Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 98: Indian Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 99: Indian Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 100: Indian Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 101: Indian Personal Accident and Health Insurance – Travel Insurance, 2011–2015

Table 102: Indian Personal Accident and Health Insurance – Travel Insurance, 2015–2020

Table 103: 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 Personal Accident Insurance – Number of Road Accidents, 2011–2015

Figure 8: Indian Personal Accident Insurance – Fatalities in Road Accidents, 2011–2015

Figure 9: Indian Personal Accident Insurance – Road Accidents by State – 2015

Figure 10: Indian Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

Figure 11: Indian Insurance Industry Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 12: Indian Personal Accident and Health Insurance – Gross Written Premium (INR Billion), 2011–2020

Figure 13: Indian Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 14: Indian Personal Accident and Health Insurance – Premium per Capita (INR), 2011–2020

Figure 15: Indian Personal Accident and Health Insurance – Number of Policies Sold (Million), 2011–2020

Figure 16: Indian Personal Accident and Health Insurance – Paid Claims (INR Billion), 2011–2020

Figure 17: Indian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 18: Indian Personal Accident and Health Insurance – Total Assets (INR Billion), 2011–2020

Figure 19: Indian Personal Accident and Health Insurance – Total Investment Income (INR Billion), 2011–2020

Figure 20: Indian Personal Accident and Health Insurance – Investment Portfolio (INR Billion), 2011–2020

Figure 21: Indian Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 22: Indian Personal Accident and Health Insurance – Direct Written Premium by Category (INR Billion), 2011–2020

Figure 23: Indian Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 24: Indian Personal Accident Insurance – Direct Written Premium (INR Billion), 2011–2020

Figure 25: Indian Personal Accident Insurance – Number of Policies Sold (Million), 2011–2020

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

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

Figure 28: Indian Health Insurance – Direct Written Premium (INR Billion), 2011–2020

Figure 29: Indian Health Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2020

Figure 30: Indian Health Insurance – Paid Claims (INR Billion), 2011–2020

Figure 31: Indian Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (INR Billion and %), 2011–2020

Figure 32: Indian Travel Insurance – Direct Written Premium (INR Million), 2011–2020

Figure 33: Indian Travel Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 34: Indian Travel Insurance – Paid Claims (INR Billion), 2011–2020

Figure 35: Indian Travel Insurance – Earned Premium, Incurred Loss and Loss Ratio (INR Billion and %), 2011–2020

Figure 36: Indian Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 37: Indian Personal Accident and Health Insurance – Segment Shares of Leading Insurers (%), 2015

Figure 38: India – Insurance Supervision and Control at Various Levels

Figure 39: India – Insurance Regulatory Frameworks for Company Registration and Operation

Figure 40: India – Judiciary System

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