data management insurance

8/8/2019 Data Management Insurance

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Piyali Chatterjee (6)

Sham Srinivas (23)



India- Insurance marketIndia is the fifth largest life insurance market in the emerginginsurance economies globally and is growing at 32-34%annually.This impressive growth in the market has been driven byliberalization, with new players significantly enhancingproduct awareness and promoting consumer education andinformation.The strong growth potential of the country has also madeinternational players to look at the Indian insurance market

Moreover, saturation of insurance markets in manydeveloped economies has made the Indian market moreattractive for international insurance players



RECENTS TRENDS IN IND IA

The US$ 41-billion Indian insurance industry is the fifthlargest life insurance market in the emerging insuranceeconomies globally, growing at 32-34 per cent annually

Life insurance in India has the First Year Premium (inclusiveof Single Premium) segment accounting for US$ 24 billionand Non-Life Insurance²US$ 5.6-billion industry²withmotor and health segments accounting for 56 per cent of total business

Currently, there are 22 life insurance firms operating in Indiaand as per industry estimates, the life category constitutesabout 4 per cent of the total GDP in the country.



RECENTS TRENDS IN IND IA

The foreign direct investment (FD I) limit in the insurancespace for foreign players is capped at 26 per cent²permissible under the automatic route subject to obtain alicence from the official regulator, Insurance Regulatory and

Development Authority ( IRDA)²but the government isplanning to raise it to 49 per cent and a bill to give effect tothe proposal is pending in the Rajya Sabha

The life insurance industry has contributed more than four

per cent to the country¶s gross domestic product (GDP) sinceliberalisation and non-life¶s contribution has been at 0.6 per cent for the last nine years



Pl ayers in the market

LIC (Life Insurance Corporation of India) still remains thelargest life insurance company accounting for 64% marketshare. Its share, however, has dropped from 74% a year before, mainly owing to entry of private players with

innovative products and better sales force

ICICI Prudential Life Insurance Co Ltd is the biggest privatelife insurance company in India. It experienced growth of 58% in new business premium, accounting for increase in

market share to 8.93% in 2007-08 from 6.97% in 2006-07

Bajaj Allianz Life Insurance Co Ltd has reported a growth of 52% and its market share went up to 6.98% in 2007-08 form5.66% in 2006-07. The company ranked second (after L IC)in number of policies sold in 2007-08, with total market shareof 7.36%.



Pl ayers in the marketSB I Life Insurance Co Ltd in terms of new number of policiessold, the company ranked 6th in 2007-08. New premiumcollection for the company was Rs 4,792.66 crore in 2007-08, an increase of 87% over last year

Reliance Life Insurance Co Ltd Total collected was Rs2,792.76 crore and its market share went up to 2.96% from1.23% a year back. It now ranks 5th in new businesspremium and 4th in number of new policies sold in 2007-08

HDFC Standard Life Insurance Co Ltd with an income of Rs

2,680 crore in FY2007-08, registering a year-on-year growthof 64%. Its market share is 2.88% and it ranks 6 th amongthe insurance companies and 5th amongst the privateplayers.



Pl ayers in the market

Birla Sun Life Insurance Co Ltd market share of thecompany increased from 1.22% to 2.11% in 2007-08. Thecompany moved to the 7th position in 2007-08 from 8the ayear before, pushing down Max New York Life insurance

company

Max New York Life Insurance Co Ltd has reported growth of 73% in 2007-08. Total new business generated was Rs641.83 crore as against Rs 387.51 crore. The company was

pushed down to the 8th position from 7th in 2007-08.



Pl ayers in the marketK otak Mahindra Old Mutual Life Insurance Ltd the fiscal2007-08, the company reported growth of 80%, moving fromthe 11th position to 9th. It captured a market share of 1.19%in 2007-08. Last year the company doubled its branch

network to 150 from 74

Aviva Life Insurance Company India Ltd ranking dropped to10th in 2007-08 from 9th last year. It has presence in morethan 3,000 locations across India via 221 branches and

close to 40 bancassurance partnerships. Aviva LifeInsurance plans to increase its capital base by Rs 344 crore.With the fresh investment, total paid-up capital of the insurer would go up to Rs 1,348.8 crore



K ey FindingsTaking into account the changing socio-economicdemographics, rate of GDP growth, changing consumer behavior and occurrences of natural calamities at regular intervals, the Indian life insurance market is expected toreach the value of around Rs 1683 Billion in the year 2009

The market is expected to grow at a CAGR of more than200% YOY from the year 2006

In 2006-07, pension premium contributed about 22.11% tototal premium income of insurers. Interestingly, the figure inthe first nine months to December 2005 was 25.22%.



K ey FindingsIn the non-life segment, the established players control 65%of the market. So it is their monthly performance thatdetermines how the market as a whole would perform

In Motor Insurance Business, Public sector covers almost68% of the market value whereas the private sector just had32% market share till September 2006

In Accident Insurance Business, private sector players havealmost 53% market share with ICICI Lombard as the leadplayer. Public sector players constitute about 47% market

value with NewIndia as the leading player followed byUnited India.



SB I Life Insurance has been ranked the no. 1 life insurer across the globe, by the Million Dollar Round Table (MDRT)members. MDRT is an association of the world¶s best life

insurance sales professionals

The country's largest life insurance player, Life InsuranceCorporation of India (L IC), is celebrating its 53rd anniversaryweek starting September 1, 2009 and has grown to 35.8million policies and a sum assured of US$ 80.3 billion in2008-09. It has collected US$ 325.27 million throughalternate channels in the first four months of the current fiscal

K ey Findings



K ey Findings

MetLife India Insurance became the first private sector lifeinsurer to provide guaranteed monthly income along withother regular benefits like tax incentives and bonuses withthe launch of 'Met Monthly Income Plan' in August 2009

Public sector companies continue to dominate the generalinsurance market accounting for more than 58 per cent of market share. The four public sector general insurers²United India Insurance Company, National Insurance

Company, NewIndia Assurance and Oriental

InsuranceCompany² were able to marginally increase their market

share to 59.74 per cent from their combined market share of 59.4 per cent during April 2008-February 2009



Insurer

Immediate access to NewMarkets

Improve saleseffectiveness & after sales

service

Develop new financial

products more efficiently

Combine Cost Saving &Increased Profitability

Reduce reliance ontraditional distribution

channel

Increase in MarketPenetration

LIFE INSURANCE-currentStrategy



S hriram Genera l InsuranceCo

mpanyShriram General Insurance Company Limited is a JointVenture between Shriram Capital Limited (Part of ShriramGroup) and Sanlam Limited. In this Joint Venture, ShriramCapital Limited holds 74% of Equity and Sanlam Limited

holds the balance 26% of the Equity

Sanlam is the largest General Insurance Company in South Africa. Sanlam Limited was established in 1918,demutualised in 1998 and is a leading financial services

group in South Africa engaged in the business of generalinsurance, life insurance, investment and independentfinancial services

The market capitalization of Sanlam is approximately USD 6billion and has over USD 60 billion of assets under management



S hriram Genera l InsuranceCo

mpanyShriram Group, established in 1974, having a turnover of USD 8 billion is among the leading corporate houses in Indiaand is a major player in the Indian financial services sector.Shriram Group¶s focus is on financial services that reach out

to a large number of common people ± providing themopportunities to improve their prosperity

Shriram Group has 5 million customers, 80,000 Agents Associates, 30,000 Employees, and 1300 branches spread

all over the Country



Insurance P ro ducts:

Motor Insurance

Fire Insurance

Engineering

Miscellaneous:

Householder's Umbrella PackageInsuranceShopkeeper Umbrella Package Insurance

Shri Suraksha InsurancePersonal Accident Insurance



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