PROPERTY & CASUALTY INSURANCE MARKET IN INDIA - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Property and Casualty Insurance Market in India can be segmented by Product Type (Fire, Marine, Aviation, Engineering, Motor, Liability, and Others) and Distribution Channel (Direct Business, Agents, Bank, Brokers, Micro-Insurance Agents, and Other Distribution Channel).

Market Snapshot

property and casualty Insurance Market in India
Study Period: 2018-2027
Base Year: 2021
CAGR: 6 %

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Market Overview

Property and Casualty Insurance in India is expected to register a growth rate of 6% for the forecasted period.

COVID-19 had led the Property and Casualty Insurer to post modest growth despite the challenging year due to the pandemic. During the pandemic, fire insurance showed remarkable growth in the premium, but the Marine, Motor, and Other Insurance category showed a marginal decrease in premium for the financial year 2020-21.

The insurance density and penetration in India have been rising over the years. Total Insurance penetration increased from 3.2% to 4.2% of GDP in 2020, while non-life insurance penetration increased from 0.94% to 1% of GDP in FY 2020. The insurance density remained stable at the level of USD 78 for the year 2020. Property and Casualty insurance is expected to be one of the key beneficiaries of the opening up of the economies, especially with improved trade activities increasing the demand for motor and vehicle insurance. Strong growth in the automotive industry over the next decade is expected to boost the motor insurance market. The rise in the expensive electronic vehicle is expected to increase India's average premium for motor insurance. Similarly, the rise in digital issuance and online property and casualty insurance channels is expected to witness continued growth. The share of web aggregators within digital insurance has constantly been increasing, and web aggregators and digital channels will originate the majority of digital insurance in the future.

Scope of the Report

Property and Casualty Insurance is the type of coverage that protects the policy holder's things and property such as home, car, and other belongings. It also includes liability coverage which protects you if you're found legally responsible for an accident that causes injuries to another person or damages to their property. This report aims to provide a detailed analysis of India's Property and Casualty insurance market. It focuses on the market dynamics, emerging trends in the segments, the future of markets, and insights into various product types. Also, it analyses the key players and the competitive landscape in the Property and Casualty insurance market in India. India's Property and Casualty Insurance Market can be segmented by Product Type (Fire, Marine, Aviation, Engineering, Motor, Liability, and Others). By Distribution Channel (Direct Business, Agents, Bank, Brokers, Micro-Insurance Agents, and Other Distribution Channel)

By Product Type
Fire Insurance
Marine Insurance
Aviation Insurance
Engineering Insurance
Motor Insurance
Liability Insurance
Others
By Distribution Channel
Direct Business
Agents
Banks
Brokers
Micro-Insurance Agents
Other Distribution Channel

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Key Market Trends

Fire Insurance Showed Remarkable Growth Despite the Pandemic

The Fire Insurance sector showed the highest growth rate among the property and casualty insurance segments. This segment has been showing a consistent growth rate over the years. The Gross premium written for the fire insurance was INR 7362.63 crore in FY 2013-14, while it reached INR 20,112.89 crore for 2020-21. It showed a growth of more than 27% for the year. Other insurance segments such as Marine Insurance’s gross written premium contracted by 1.25%, though the motor insurance segment contributes the largest share of the property and casualty insurance in India, motor insurance gross written premium declined by 1.68% to INR 67,792.19 Crore for the year 2020-21.

property insurance market

Claim Ratio for Major P&C Insurance Decreased Except for Marine Insurance for year 2021

Incurred Claim ratio refers to the total claim amount paid by the insurance company in ratio to the total premium amount collected in a financial year. It indicates how financially able the insurance company is to pay an insurance claim. The claim ratio above 100 denotes that the insurer is paying more for the claim than the premium received. The claim ratio for Motor insurance, Fire insurance decreased drastically for the year, denoting higher profitability for insurers in those segments, while the claim ratio for marine insurance increased for the year 2020-21.

India P&C insurance industry

Competitive Landscape

Property and Casualty Insurance in India is highly competitive. A large number of public and private sector insurers are operating in the market. There are 34 public and private sectors with foreign partnership insurers in the general insurance market of India. All four public sector insurances are large players in the market, while private players such as ICICI Lombard General Insurance, Bajaj Allianz General Insurance, Reliance General Insurance, and HDFC Ergo hold a significant market share based on Gross Written Premium.

Recent Developments

· In June 2021, HDFC ERGO General Insurance, India’s leading private sector general insurance company, announced its partnership with Visa, the leader in digital payments. The partnership will provide curated insurance covers for Visa’s business cardholders. The partnership will offer two insurance products - Business Suraksha Classik and my: Credit Personal Accident Insurance group policy.

· In July 2021, Bajaj Allianz General Insurance and Bank of India, one of the largest Public Sector Banks in the country, entered a corporate agency agreement for the distribution of Bajaj Allianz General Insurance’s products through the bank’s vast network of 5084 branches, 80 Retail Business Centers and 60 SME City Centers across the country.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Driver

    3. 4.3 Market Restraints

    4. 4.4 Insight on Technologial Adoption in the Market

    5. 4.5 Porter's Five Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insight on Various Government Regulations in the Market

    7. 4.7 Impact of COVID-19 on market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Fire Insurance

      2. 5.1.2 Marine Insurance

      3. 5.1.3 Aviation Insurance

      4. 5.1.4 Engineering Insurance

      5. 5.1.5 Motor Insurance

      6. 5.1.6 Liability Insurance

      7. 5.1.7 Others

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct Business

      2. 5.2.2 Agents

      3. 5.2.3 Banks

      4. 5.2.4 Brokers

      5. 5.2.5 Micro-Insurance Agents

      6. 5.2.6 Other Distribution Channel

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 The New India Assurance Co Ltd

      2. 6.1.2 United India Insurance Company Ltd

      3. 6.1.3 HDFC Ergo General Insurance

      4. 6.1.4 National Insurance Company Ltd

      5. 6.1.5 ICICI Lombard General Insurance

      6. 6.1.6 Bajaj Allianz General Insurance

      7. 6.1.7 The Oriental Insurance Co. Ltd.

      8. 6.1.8 Cholamandalam MS General Insurance Co. Ltd.

      9. 6.1.9 IFFCO Tokio General Insurance Co. Ltd.

      10. 6.1.10 Reliance General Insurance Co. Ltd.

      11. 6.1.11 SBI General Insurance Co. Ltd.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

**Subject to Availability

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Frequently Asked Questions

The Property and Casualty Insurance Market in India market is studied from 2018 - 2027.

The Property and Casualty Insurance Market in India is growing at a CAGR of 6% over the next 5 years.

The New India Assurance Co Ltd, United India Insurance Company Ltd, HDFC General Insurance, National Insurance Company Ltd, ICICI Lombard General Insurance, Bajaj Allianz General Insurance are the major companies operating in Property and Casualty Insurance Market in India.

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