(1888PressRelease)
January 08, 2008 - Report Buyer, the online destination for business intelligence for major industry sectors, has added a new report which finds that the life insurance market in India will grow at a compound annual growth rate (CAGR) of over 200% from 2006-2009, leaving the non-life insurance market behind.
“Indian Insurance Industry Forecast (2007-2009)” which is available at http://www.reportbuyer.com/banking_finance/insurance/indian_insurance_industry_forecast_2007_2009.html finds that the Indian insurance sector is dominated by the life insurance market. This in turn, is driven by factors like occurrences of natural calamities, shifting consumer behaviour, rising insurance contribution to GDP and changing socio-economic demography.
The report says the growth of life insurance products has been further boosted by the entry of private players following the deregulation of the industry in 2000. It finds that these private players have contributed a lot to the industry by introducing new distribution channels and strategies.
Authors of the report add that the rising demand for retirement provision in the ageing population along with efforts from the government to move from public to private pension schemes has also fuelled rapid growth.
The study says the non-life insurance market has also shown steady growth with changing growth trends since 2006. Pension business, and female insurance products like female car insurance will experience significant growth during the period 2007-2010. This market is forecast to grow at a CAGR of 27% during 2006 to 2009.
Analysts say that the introduction of new products in the Indian insurance market, entry of new foreign players, deregulation of the insurance industry, huge prospects for insurance penetration and the shifting from traditional individual agents towards new distribution channels have created opportunity areas for the insurance industry.
The study also identifies bottlenecks in the growth of the Indian insurance industry, like low insurance penetration in contrast to the global standards, lack of sufficient distribution channels for insurance products, unpredictable weather conditions and high regulatory control. It also addresses issues and marketing strategies of key players and evaluates prospective areas of investments in the insurance industry.
“Indian Insurance Industry Forecast (2007-2009)”is available from Report Buyer. For more information go to:
http://www.reportbuyer.com/go/RCS00165
Report Buyer product ID: RCS00165
About Report Buyer
Report Buyer is a UK-based independent online store supplying business information on major industry sectors. These include the Automotive Industry, Banking & Finance, Energy & Utilities, Food & Drink, Telecoms and Pharma & Healthcare. The website now carries over 40,000 business information products, including market reports, studies and books. Report Buyer is the intelligent way to buy market research making it an essential resource for executives and information buyers worldwide. Subscribers receive a free monthly newsletter and email alerts on new titles in their areas of interest. A regularly updated blog (http://www.reportbuyer.com/blog/index.php) provides information on the latest market trends.
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