The Indian insurance industry is expected to reach US$ 280 billion by 2020 driven by high levels of awareness, customizable and innovative products with easy access to the product. Overall insurance penetration in India reached 3.69 per cent in 2017 from 2.71 per cent in 2001. Gross premiums written in India reached Rs 5,78,000 crore (US$ 82.8 billion) in FY19, with Rs 4,08,000 crore (US$ 58.5 billion) from life insurance and Rs 1,69,000 crore (US$ 24.3 billion) from non-life insurance. The insurance industry in India has still a humongous amount of ground to be covered. India is a densely populated country; the majority population is living in the rural population or tier three cities which still haven't been fully tapped yet. This untapped market has created a huge demand and promising scope for the insurance industry to scale up and take the big leap if done right.
Moving ahead the increasing life expectancy, greater employment and higher standard of living is expected to fuel the demand for different insurance plans. This gives the right spirit and hope to be shaping the products and innovating newer products with increasing demand.
The Insurance industry in India has been segmented into 24 life insurance companies and 33 non-life-insurance companies. There are two reinsurance companies as well. The market share of private sector companies in the non-life insurance market rose from 13.12 per cent in FY03 to 55.7 per cent in FY20 (up to April 2019). In life insurance segment, private players had a market share of 25.29 per cent in new business in FY19.
The Indian insurance industry is pollen to bees. The industry is highly demanding and desperate for expansion. The market share is so excessively large that a lot of foreign companies look forward to investing in the sector. There are discussions happening on mergers and new entrants in the business. Factors like growing middle class, growing population and increasing awareness for insurance are favoring the growth of the sector. It can be said that India's insurance sector is at the crossroads of development and factors like distribution channels, focus on financial inclusion, and consumer's need will drive growth in this sector.
A world class platform, one-to-one meetings with solution providers and the opportunity to network with your peers will arm you with the information you need. The summit will discuss key challenges being faced, advancement in the sector and the opportunities. The summit will include: