The insurance industry in India has recorded significant amount of growth post liberalization. The Indian Insurance Industry, both life and non-life are expected to experience a significant growth in the upcoming future.
The non-life insurance market is experiencing rapid growth over the last few years due to the economic growth of the country, expansion of associated industries like automobile, healthcare and the introduction of several innovative products covering the miscellaneous risks associated with the current market. According to the report published by Research on Global Markets on “Non-Life Insurance Market in India (2018-2023)”, the market is expected to reach a value of INR 4.434 Bn by the end of 2023.
The published report provides an overview of the non-life insurance market and also provides an insight on the market size of the sector in the country. The report also covers the segmentation of the Non-Life Insurance Market in India based on product type, new policies issued and the distribution channels. According to the product type, Indian Non-Life Insurance Industry is segmented into Motor Insurance, Health Insurance, Fire Insurance, Marine Insurance and others.
According to the report, the motor insurance segment has been contributing to the highest share of the general insurance market, due to the high demand of automobiles and the new government initiative that has made automobile insurance compulsory for all vehicles that are being sold.
Apart from the automobile industry, the health insurance segment of the non-life insurance market has also been experiencing a steady growth due to the growing health awareness among consumers and the rising inclination towards preventive healthcare among people.
The report covers the segmentation of the market based on new policies issued which includes public insurer, private insurer and specialized insurer. It also contains a detailed analysis of the market based on the distribution channel. The non-life insurance market on the basis of distribution channel is segmented into individual agents, corporate bank agents (banks and others), brokers and direct business. As per the report, direct business transactions consisted of the highest percentage of the overall life insurance policies sold in India in the financial year of 2017.
The report covers the major drivers of growth in the non-life insurance market in India and also provides a detailed analysis of the key growth deterrents. The increased purchasing power of the middle-class population along with the growing young working population are some of the major drivers of growth in the general insurance market.
Additionally, the report tracks the performance of some of the major players in the market which includes the Agriculture Insurance Company of India Limited, Bajaj Allianz General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, ICICI Lombard General Insurance Company Limited, IIFCO Tokio General Insurance, National Insurance Company Limited, Oriental Insurance Company Limited, Star Health and Allied Insurance Company Limited, Tata AIG General Insurance Company Limited, and The New India Assurance Company Limited.
Key Benefits of the report:
• The report provides an overview of the Non-Life Insurance Market in India and takes into consideration all the socio-economic indicators of growth.
• It further provides a comprehensive analysis of the market and discusses in detail the market size and growth factors.
• The report covers the segmentation of Non-Life Insurance Market based on three factors, namely, product type, new policies issued and distribution channels.
• It additionally includes the key drivers of growth and the major threats that has been negatively affecting the market.
• The report presents an analysis of the competitive landscape and profiles the major players operating in the space.
• It provides a better understanding of the Non-Life Insurance Market in India, dynamics of the market and the current state of the sector.
The report has been designed to help businesses strategize marketing, market entry, market expansion and other business plans by understanding the factors driving the growth of the market. It helps businesses, start-ups or experienced, to understand business strategies of the major competitors and respond accordingly to benefit from the market.
For More Information On This Report, Please Visit @ https://www.researchonglobalmarkets.com/non-life-insurance-market-in-india-2018-2023.html
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