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New Delhi: India's insurance industry is expected to touch the USD 400 billion mark by 2020, with scope for further penetration, but the sector players need to adopt a customer centric operating model
a study has said. At present, the insurance industry comprising 23 life and 24 non-life companies, is valued at over USD 66 billion. "The insurance industry will be USD 350?400 billion (about Rs 18 lakh crore) in premium income by 2020, making India a top 3 life insurance market and a top 15 non-life insurance market by 2020," according to a study jointly done by Ficci and the Boston Consulting Group. Besides, there has been a massive increase in the number of people cov
a top 15 non-life insurance market by 2020," according to a study jointly done by Ficci and the Boston Consulting Group. Besides, there has been a massive increase in the number of people covered. In life insurance, the number of policies in force has increased from about 20 million in 2001 to about 230 million in 2010, a nearly 12-fold increase, the study said. The other big increase in coverage is in the health insurance space. The number of lives covered through health insurance has increased from just 2 million in 2001 to nearly 55 million in 2010, a nearly 25?fold increase, it added. "This progress has been aided by the dramatic shift in the availability of products including better term, ULIPs, whole life, maximum NAV (net asset value) guarantee, auto assista
to about 230 million in 2010, a nearly 12-fold increase, the study said. The other big increase in coverage is in the health insurance space. The number of lives covered through health insurance has increased from just 2 million in 2001 to nearly 55 million in 2010, a nearly 25?fold increase, it added. "This progress has been aided by the dramatic shift in the availability of products including better term, ULIPs, whole life, maximum NAV (net asset value) guarantee, auto assistance and disease management," the study said. BCG India Partner and Director Alpesh Shah, however, said the industry has come a long way over the past decade, but the big challenge with the industry is profitability. "Private life insurers have accumulated losses of over Rs 16,000 crore till March 2010. Similarly, the non-life industry has cumulative underwriting losses of nearly Rs 30,000 crore," he said.
e, it added. "This progress has been aided by the dramatic shift in the availability of products including better term, ULIPs, whole life, maximum NAV (net asset value) guarantee, auto assistance and disease management," the study said. BCG India Partner and Director Alpesh Shah, however, said the industry has come a long way over the past decade, but the big challenge with the industry is profitability. "Private life insurers have accumulated losses of over Rs 16,000 crore till March 2010. Similarly, the non-life industry has cumulative underwriting losses of nearly Rs 30,000 crore," he said.
ever, said the industry has come a long way over the past decade, but the big challenge with the industry is profitability. "Private life insurers have accumulated losses of over Rs 16,000 crore till March 2010. Similarly, the non-life industry has cumulative underwriting losses of nearly Rs 30,000 crore," he said.
a study has said. At present, the insurance industry comprising 23 life and 24 non-life companies, is valued at over USD 66 billion. "The insurance industry will be USD 350?400 billion (about Rs 18 lakh crore) in premium income by 2020, making India a top 3 life insurance market and a top 15 non-life insurance market by 2020," according to a study jointly done by Ficci and the Boston Consulting Group. Besides, there has been a massive increase in the number of people cov
a top 15 non-life insurance market by 2020," according to a study jointly done by Ficci and the Boston Consulting Group. Besides, there has been a massive increase in the number of people covered. In life insurance, the number of policies in force has increased from about 20 million in 2001 to about 230 million in 2010, a nearly 12-fold increase, the study said. The other big increase in coverage is in the health insurance space. The number of lives covered through health insurance has increased from just 2 million in 2001 to nearly 55 million in 2010, a nearly 25?fold increase, it added. "This progress has been aided by the dramatic shift in the availability of products including better term, ULIPs, whole life, maximum NAV (net asset value) guarantee, auto assista
to about 230 million in 2010, a nearly 12-fold increase, the study said. The other big increase in coverage is in the health insurance space. The number of lives covered through health insurance has increased from just 2 million in 2001 to nearly 55 million in 2010, a nearly 25?fold increase, it added. "This progress has been aided by the dramatic shift in the availability of products including better term, ULIPs, whole life, maximum NAV (net asset value) guarantee, auto assistance and disease management," the study said. BCG India Partner and Director Alpesh Shah, however, said the industry has come a long way over the past decade, but the big challenge with the industry is profitability. "Private life insurers have accumulated losses of over Rs 16,000 crore till March 2010. Similarly, the non-life industry has cumulative underwriting losses of nearly Rs 30,000 crore," he said.
e, it added. "This progress has been aided by the dramatic shift in the availability of products including better term, ULIPs, whole life, maximum NAV (net asset value) guarantee, auto assistance and disease management," the study said. BCG India Partner and Director Alpesh Shah, however, said the industry has come a long way over the past decade, but the big challenge with the industry is profitability. "Private life insurers have accumulated losses of over Rs 16,000 crore till March 2010. Similarly, the non-life industry has cumulative underwriting losses of nearly Rs 30,000 crore," he said.
ever, said the industry has come a long way over the past decade, but the big challenge with the industry is profitability. "Private life insurers have accumulated losses of over Rs 16,000 crore till March 2010. Similarly, the non-life industry has cumulative underwriting losses of nearly Rs 30,000 crore," he said.
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