Just Published: "India Insurance Report Q1 2015"

The Indian insurance sector returned to growth in 2014, with single digit premium growth reported across most lines, bolstered by the increasing strength of the Indian rupee. Moving forward a more positive domestic economic outlook underlines our forecasts for high single digit growth in the dominant life insurance sector as well as even more positive double digit growth in India's rapidly expanding non-life sector.

We are forecasting healthy GDP growth in India of 5.6% in FY2014/15 (April-March) which will provide a boost to household consumption and underpins our forecasts for growth across a range of insurance lines. After a difficult period in 2011-2013, the life insurance sector returned to growth in 2014 and we expect to see further growth of around 7% throughout the remainder of the forecast period meaning gross life premiums will increase from USD59bn in 2015 to USD69.3bn in 2018. India offers enormous potential as a life insurance market, and the increasing utilisation of online sales channels and more innovate products including micro insurance will help insurers to take advantage of this growth capacity. This may be of more benefit to smaller (in terms of the Indian market) insurers with ICICI Prudential Life Insurance and HDFC Life reporting over 30% increases in terms of first-year premium collection in Q214, compared to a 5.5% decline in first year premiums by state owned LIC which dominates the life market in India.

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State owned companies also dominate the non-life sector in India, where intense competition is placing downwards pressure on pricing and extensive underwriting losses remain substantial. Nonetheless growth in terms of non-life premiums across key sub sectors is expected to be substantial throughout our forecast period. Healthy growth in new auto sales and an improved regulatory environment will bolster motor vehicle insurance premiums, while private health insurance is expected to become increasingly popular to plug...

The India Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's India Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Indian insurance industry.

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