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India Non-life Insurance Scenario Largely Untapped with Few Government Schemes Launched, Scope for Private Players to Enter

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Published on : Sep 29, 2016

ALBANY, New York, September 29, 2016: ResearchMoz.us has added a new research report to its vast repertoire on the topic of insurance and its related markets and industries. The new report, titled “Non-Life Insurance in India Key Trends and Opportunities to 2020,” is a 185-page document which encapsulates a descriptive outlook of non-life insurance in India, in terms of a product-based categorical segmentation. The report also draws comparisons with the other forms of insurance available in India from a national as well as a regional point of view.

As per the report, the India non-life insurance business is still in a stage of rudimentary development. A large percentage of the Indian population is still untapped due to factors such as lack of awareness regarding the benefits of insurance coverage. In 2015, 15.1% of the Indian gross written premium was taken up by non-life insurance.

The situation is improving for private players over time. For instance, in March 2015, the foreign direct investment limit within the insurance industry of India was boosted to 49% from a previous 26%. In January 2016, the India government launched the Pradhan Mantri Fasal Bima Yojana, an insurance scheme for farmers to cover their crops. The IRDAI had increased the liability premiums for motor third-parties in April, 2016.

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Statutory motor third-party insurance is especially witnessing a large boost currently, thanks to the growing demand for automobiles and housing. The economy is also improving at a fast pace, adding to the favor of growth rate of non-life insurance till 2020.

The report covers a wide scope of topics, including the historical values of top non-life insurance categories in India within a review period from 2011 to 2015. It further expands into the forecasted figures for the time frame of 2015 to 2020. The same forecast period is also used to discuss and analyze the various categories in India for non-life insurance. The report also analyzes the several distribution channels available for players in non-life insurance within India, while providing an outline of the key players and the regulations they are guided by.

The report helps users understand the dynamics on the demand-side of the non-life insurance scenario, along with the related market trends and potential growth stages and areas in it. This can be done through a deep examination on the strategic business decisions made in India for non-life insurance. The report thus creates a strong insight into the Indian non-life insurance business and how individual factors are expected to affect this market in the near future.

The research on the India non-life insurance market has been conducted using proprietary research methodologies, through high end modeling and analysis expertise, thereby providing users with the access to data that can give them a competitive advantage.

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