Business

Life Insurance- a Market Worth Observing Growth: Aditya Birla, Metlife, Bajaj Allianz

Life Insurance Market in India 2019 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 Life Insurance Market. Some of the key players profiled in the study are Life Insurance Corporation of India, HDFC Life Insurance Company Limited, ICICI Prudential Life Insurance Company Limited, SBI Life Insurance Company Limited, Aditya Birla Sun Life Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited, Max Life Insurance Company Limited, PNB Metlife India Insurance Company Limited, Reliance Nippon Life Insurance Company Limited, Tata AIA Life Insurance Company Limited.

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The Indian financial services sector is a highly volatile sector, influenced by fiscal and monetary policies, government regulations, trade rules, tax changes, and technology changes. The insurance industry in India is regulated by the Insurance Regulatory and Development Authority of India (IRDAI), which is an autonomous body established in 1999.

 

Market segment insights
In India, currently there are 24 life insurance players, which comprise 1 public sector and 23 private sector players. The Indian life insurance market is exhibiting immense growth, next to banks for mobilized savings, and is a formidable part of the Indian capital market. In FY 2019, the life insurance sector accounted for approximately 2.68% to India’s gross domestic product (GDP). LIC is the sole public sector life insurance company in India. However, private life insurance companies have been penetrating the market since 2000, mainly through unique customer services.

 

In terms of the number of new policies issued, shares of both LIC and private insurers have increased during the FY 2017-FY 2018 period. In FY 2018, LIC held a share of ~75.67% in terms of the number of new policies issued, the rest being acquired by private insurers. The demand for LIC policies is usually high, owing to the handsome maturity value offered by the company at the end of the policy terms.

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Key growth drivers of the market
On the macroeconomic front, the Indian economy has been gaining momentum since FY 2018. Moreover, India’s young population with increased purchasing power and greater inclination towards security products is growing. However, the penetration of life insurance in India is shallow, compared to the advanced and emerging economies of the world. In a way, life insurance companies are utilizing the opportunity of penetrating the Indian market, thereby taking advantage of its expanding economy and rising individual income level.

 

Key deterrents to the growth of the market
High lapse ratio, due to low persistency, is having a detrimental impact on the overall business of insurers. This is because lapsation of insurance policies result in a negative impact on customer retention, product performance, pricing factors, product image and workforce planning.

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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 Life Insurance market?
Risk side analysis involved with suppliers in specific geography?
What influencing factors driving the demand of Life Insurance near future?
What is the impact analysis of various factors in the Life Insurance market growth?
What are the recent trends in the regional market and how successful they are?

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

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