India Insurance Market is expected to witness robust growth by 2024 owing to growing awareness among the population regarding the benefits of insurance either life insurance or general insurance. India consists of more than 55 insurance companies including life insurance and general insurance companies. India’s insurance industry has seen fast development amid the most recent decade since numerous foreign organizations have shown interest in putting resources into local insurance agencies, regardless of the Government of India’s direction, which mandates the foreign shareholding limit is at 26% for the life and additionally non-life coverage parts. Based on sectors, the market has been categorized into Public and Private sectors. In 2018, the public sector dominated the market since Life Insurance Corporation (LIC) is the biggest among all.
Moreover, favorable government initiatives such as under Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2017-18 in which over 47.9 million farmers benefitted, the Ayushman Bharat scheme to provide coverage of up to Rs 500,000 to more than 100 million families, the, etc. and growing investments in the insurance sector such as in 2017, India saw 10 merger and acquisition deals worth US$ 903 million in the insurance sector and companies raised around Rs 434.3 billion through public issues further drives the India insurance market.
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
To perform the study, TechSci Research conducted primary as well as exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of Insurance companies and service providers operating in India. Subsequently, TechSci Research conducted primary research surveys, which include primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. TechSci Research analyzed product offerings, services, and regional presence of all major Insurance companies across India.
TechSci Research calculated the market size for India Insurance market using a bottom-up technique, wherein sales value data of different accounting companies was recorded as well as a forecast for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated them by analyzing historical sales data of Insurance companies to arrive at the overall market size.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, India Insurance Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Overview and Scope Cosmetic ingredients refer to the substances or components used in the formulation…
Overview and Scope Cosmeceuticals refers to cosmetic products that contain active ingredients with potential therapeutic…
Overview and Scope Xerostomia therapeutics refer to treatments and medications used to manage dry mouth,…
Overview and Scope Dips and spreads are condiments that are produced by combining a range…
Overview and Scope Workstation software is an application designed to enhance productivity and efficiency in…
Overview and Scope Workflow management software refers to a digital tool designed to streamline and…