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Insurance Broking Market: 3 Bold Projections for 2021 | Aditya Birla, Edelweiss, Reliance

Insurance Broking Market

Insurance Broking Market in India 2020 is latest research study released by HTF MI evaluating the market, highlighting opportunities, risk side analysis, and leveraged with strategic and tactical decision-making support. The study provides information on market trends and development, drivers, capacities, technologies, and on the changing investment structure of the Insurance Broking Market. Some of the key players profiled in the study are Aditya Birla Insurance Brokers Limited, Edelweiss Gallagher Insurance Brokers Limited, Global Insurance Brokers Private Limited, Manappuram Insurance Brokers Limited, Muthoot Risk Insurance and Broking Services Private Limited, Narnolia Financial Advisors Limited, Reliance Retail Insurance Broking Limited, Share India Insurance Brokers Private Limited, Tata Motors Insurance Broking and Advisory Services Limited, Marsh India Insurance Brokers Private Limited.

You can get free access to samples from the report here: https://www.htfmarketreport.com/sample-report/2797384-insurance-broking-market

Market Insights:

Insurance brokers are representatives of clients’ interests in insurance contracts (not insurers), and act as an intermediary between insurers and the insured. A significant number of brokers have entered the Indian insurance broking industry, since 2003, when the Insurance Regulatory and Development Authority (IRDAI) allowed brokers to act as intermediaries. As of July 2020, 468 insurance brokers have been licensed by the IRDAI. Brokers are the preferred channel of business in India as they account for more than 70% of commercial lines (marine, aviation, construction, engineering, risk, and liability insurance). Further, the dynamic and conducive regulatory landscape in the country is expected to propel industry growth in the coming years. As the Indian insurance market continues to grow organically with increasing population and insurance requirements, there remains a massive opportunity for disruption through technology.

The total premium collected through brokers grew from INR 170 Bn in FY 2014 to INR 372.68 Bn in FY 2019, expanding at a CAGR of 17.00% during the 2014-2019 period

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Segment insights:

Non-life insurance accounts for a majority share of the broking business, whereas, life-insurance forms a mere 1% of the total distribution mix. The Indian insurance industry witnessed a growing contribution from the non-life insurance channel between FY 2014 and FY 2019 due to the increased penetration of motor and healthcare businesses in the country. The large-sized and medium-sized corporates account for ~40%–50% of the customers; SME customers account for ~10%–20% and retail customers’ account for ~30%–40% of the broking business in India.

 

 

Impact of COVID-19 and the way forward:

The outbreak of deadly COVID-19 has increased awareness regarding insurance products (mostly health insurance products) among Indians. However, insurance renewals are getting delayed, owing to the lack of funds in the hands of policyholders. Property and casualty business, and fresh savings business have gravely hampered the market of insurance brokers in the country.

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Key Answers Captured in Study are
Which geography would have better demand for product/services?
What strategies of big players help them acquire share in regional market?
Countries that may see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
How feasible is market for long term investment?
What opportunity the country would offer for existing and new players in the Insurance Broking market?
Risk side analysis involved with suppliers in specific geography?
What influencing factors driving the demand of Insurance Broking near future?
What is the impact analysis of various factors in the Insurance Broking market growth?
What are the recent trends in the regional market and how successful they are?

Read Detailed Index of full Research Study at @ https://www.htfmarketreport.com/reports/2797384-insurance-broking-market

Some extract from Table of Contents
• Overview of Insurance Broking Market
• Insurance Broking Size (Sales Volume) Comparison by Type (2019-2025)
• Insurance Broking Size (Consumption) and Market Share Comparison by Application (2019-2025)
• Insurance Broking Size (Value) Comparison by Region (2019-2025)
• Insurance Broking Sales, Revenue and Growth Rate (2019-2025)
• Insurance Broking Competitive Situation and Trends
• Players/Suppliers High Performance Pigments Manufacturing Base Distribution, Sales Area, Product Type
• Analyze competitors, including all important parameters of Insurance Broking
• Insurance Broking Manufacturing Cost Analysis
• Marketing Strategy Analysis, Research Conclusions

Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Europe or Asia or Oceania [Australia and New Zealand].


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