In a recent published report, Kenneth Research has updated the Market report for Non-Life Insurance Market for 2022 till 2031. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Non-Life Insurance Market Products.
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Furthermore, growing focus of companies to improve customer experience for maintaining customer loyalty is also predicted to accelerate market growth in the years to come. In addition, there is an increase in the penetration of smartphones around the world, coupled with heightened implementation of technologies such as artificial intelligence (AI) and automated onboarding. As of 2022, the total number of smartphones users in the world is more than 6 billion, which means about 75% of the world’s population currently owns a smartphone. This number is estimated to grow up to approximately 7 billion by 2024. This, in turn, is assessed to offer profitable opportunities to the market in the near future.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The non-life insurance market in India has been witnessing growth, lately, owing to the introduction of innovative products covering miscellaneous risks associated with the current market scenario. As of FY 2017, out of the 29 non-life insurance companies operating in India, 23 companies were operating as general insurers, out of which 17 are private sector companies and 6 are public sector companies, and the remaining 6 are standalone health insurers. The insurance and re-insurance industries of India are regulated and promoted autonomously by the Insurance Regulatory and Development Authority (IRDA).
Market insights:
The non-life insurance market in India was valued at INR 1,281 Bn in FY 2017, and is anticipated to expand at a compound annual growth rate (CAGR) of ~24% in FY 2018, to reach a value of INR 4,434 Bn by the end of FY 2023. Economic growth of the country, expansion of the associated industries like automobile, and healthcare, and strengthening of the online distribution channel are contributing to the growth of the market. The major players operating in the Indian non-life insurance market include the New India Assurance Company Limited, National Insurance Company Limited, ICICI Lombard General Insurance Company Limited, and Bajaj Allianz General Insurance Company Limited.
Product-wise segment insights:
The main non-life insurance products offered by the companies in India include motor insurance, health insurance, fire insurance, and marine insurance, among others. The motor insurance segment dominated the market between FY 2016 and FY 2017, contributing ~39% of the total general insurance gross direct premium collected in FY 2017, owing to a significant rise in the demand of automobiles (passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles), and compulsion of motor insurance across the country.
Distribution channel-wise segment insights:
Non-life insurance policies are sold in India through individual agents, corporate agents (banks, and others), brokers, and direct business. In FY 2017, direct business transactions owed for ~31% of the overall non-life insurance policies sold in India. People prefer buying insurance policies through direct business distribution channels because of its fast and easy process.
Key growth drivers of the market:
The non-life insurance industry is driven by the growing demand for a number of associated sectors such as the automobile industry, and the healthcare industry. Total automobile production in India reached 29 Mn units in FY 2018 from 25 Mn units in FY 2017, owing to the increased purchasing power of the middle-class population, coupled with a growing young working population. Since motor insurance is compulsory in India, growth of the automobile sector is expected to boost the motor insurance segment of the non-life insurance market in India. Apart from the automobile industry, growth in health awareness, and rising inclination towards preventive healthcare are encouraging demand for the health insurance segment of the Indian non-life insurance market.
Key deterrents to the growth of the market:
The rate of non-life insurance penetration, measured as a percentage of insurance premium to gross domestic product (GDP), stood at 0.77% in 2016, which was lower than 0.80% in 2013. This implies that during 2014-2016, growth of insurance premium in India was lower than the growth in national GDP, mainly due to the capping of incentives of the brokers and agents, and supply-side problems in the associated industries. Emerging economies in Asia such as Malaysia, Thailand, and China have higher non-life insurance penetration than India.
Companies covered:
o Agriculture Insurance Company of India Limited
o Bajaj Allianz General Insurance Company Limited
o HDFC ERGO General Insurance Company Limited
o ICICI Lombard General Insurance Company Limited
o IIFCO Tokio General Insurance
o National Insurance Company Limited
o Oriental Insurance Company Limited
o Star Health and Allied Insurance Company Limited
o Tata AIG General Insurance Company Limited
o The New India Assurance Company Limited
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Non-Life Insurance Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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About Kenneth Research:
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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