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India Insurance Market IntelligenceKoncept Analytics - 1/1/2010 - 25 Pages - ID: KOAN2648967
Abstract | Table
of Contents
Indian insurance industry entered an important phase in 1998 when the government of India permitted the operation of private sector in the insurance market. The impressive growth in life insurance, the dominating segment, led to an overall growth of the Indian insurance industry. This growth is mainly attributed to the improving standard of living, rising disposable income and literacy in addition to insurance awareness among the people. The general insurance (non-life) segment, on the other hand, witnessed growth due to increase in automobile sales, which, in turn, fuelled motor insurances, and the awareness regarding non-life insurance plans, like health insurance.
The insurance density of India puts the country among the lowest-spending nations in Asia, with the high population growth being one of the factors responsible for this. Higher growth in the economy against the insurance industry resulted in a decline in penetration in the recent past. The foreign players are consistently gaining market share in a notably short period of only ten years in the Indian life insurance market at the expense of Indian companies like LIC, which is also the dominating domestic player so far. The non-life insurance services are mostly availed by the public sector and private players.
The present report gives an overview of the Indian insurance market along with an analysis of the Indian political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the Indian insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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