Edison, NJ -- (SBWIRE) -- 01/28/2021 -- Non-life Insurance Market in India 2019 is latest research study released by HTF MI evaluating the market, highlighting opportunities, risk side analysis, and leveraged with strategic and tactical decision-making support. The study provides information on market trends and development, drivers, capacities, technologies, and on the changing investment structure of the Non-life Insurance Market. Some of the key players profiled in the study are ICICI Lombard General Insurance Company Limited, The New India Assurance Company Limited, Agriculture Insurance Company of India Limited, Bajaj Allianz General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited, Star Health and Allied Insurance Company Limited, Tata AIG General Insurance Company Limited, IIFCO Tokio General Insurance.

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Amidst the ongoing economic slowdown across India, the insurance sector is expected to witness an expansion mainly due to the proposed increase in foreign investment limit on insurance intermediaries from 49% to 100%. The non-life insurance market is expected to reach INR 3,662.94 Bn by FY 2024, expanding at a compound annual growth rate (CAGR) of ~14.79% during the FY 2020-FY 2024 period. Major players currently operating in the Indian non-life insurance market include The New India Assurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited, Tata AIG General Insurance Company Limited and Agriculture Insurance Company of India Limited. Out of them, the four public sector insurers – New India Assurance Company, United India Insurance Company, National Insurance Company and Oriental Insurance Company – held a combined market share of ~40%, in terms of gross direct premium, in FY 2019.

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Market segment insights
In FY 2019, the motor insurance segment (own damage and third party) held the largest market share (~37.91%), followed by the health insurance segment (~26.76%). With an increasing number of people falling victim to lifestyle diseases, awareness regarding health has risen. As a result, the demand for health insurance policies has picked up. Further, the government has made it mandatory for all vehicles plying on the road to be covered under an insurance policy, on account of which the demand for motor insurance has increased across the country.

Out of the major segments of the Indian non-life insurance market, the personal accident insurance segment experienced the fastest year-on-year growth of ~24.95% during the FY 2015-FY 2019 period. Tata AIG, Chola MS General Insurance, Bajaj Allianz and ICICI Lombard are some of the major companies offering personal accident coverage.

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Key Answers Captured in Study are
Which geography would have better demand for product/services?
What strategies of big players help them acquire share in regional market?
Countries that may see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
How feasible is market for long term investment?
What opportunity the country would offer for existing and new players in the Non-life Insurance market?
Risk side analysis involved with suppliers in specific geography?
What influencing factors driving the demand of Non-life Insurance near future?
What is the impact analysis of various factors in the Non-life Insurance market growth?
What are the recent trends in the regional market and how successful they are?

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Some extract from Table of Contents
- Overview of Non-life Insurance Market
- Non-life Insurance Size (Sales Volume) Comparison by Type (2019-2025)
- Non-life Insurance Size (Consumption) and Market Share Comparison by Application (2019-2025)
- Non-life Insurance Size (Value) Comparison by Region (2019-2025)
- Non-life Insurance Sales, Revenue and Growth Rate (2019-2025)
- Non-life Insurance Competitive Situation and Trends
- Players/Suppliers High Performance Pigments Manufacturing Base Distribution, Sales Area, Product Type
- Analyze competitors, including all important parameters of Non-life Insurance
- Non-life Insurance Manufacturing Cost Analysis
- Marketing Strategy Analysis, Research Conclusions

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