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Indian Life Insurance Industry |
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From the report “Indian Insurance Industry Forecast (2007-2009)” recently published by RNCOS it can be concluded that the market of life insurance in India is likely to reach Rs.1684 billion by the next year. The major factors that determine the status of life insurance industry are:
- changing consumer behavior
- growth rate of GDP
- changing socio economy demography
- natural calamity
In April 2007, general insurance players were able to manage an increase of16% whereas new businesses made a remarkable progress with an expansion by 49%.
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A survey conducted by Insurance Regulatory & Development Authority reveals the name of the major organizations and role played by them in shaping the present status of Indian life insurance industry. The major profit making industries in this regard are:
- SBI Life
- ICICI Prudential
- LIC
However, agencies like Bajaj Allianz, ING Vysya and Reliance Life were unable to contribute much to the profit making. Reports published by Bussiness Standard on 14th June 2007 showed that LIC is at the top of the pyramid by selling almost 15,89,684 of its policies. There has been a rise of 57% in LIC's new premium with a value of Rs.2134 crore.
A research of present status of Indian Life Insurance Industry reveals that the future of life insurance industry of India is vested on the private sector companies rather than the public sector ones. According to the reports of Business Standard private organizations like Bajaj Allianz, ICICI Lombard and Reliance General have offered tough competition to established public sector companies like United India, National Insurance, Oriental Insurance and New Life Insurance.
A careful analysis of the RNCOS report – Indian Insurance Industry Forecast (2007-2009) – will prove that within the span of 2001-2005, life insurance industries have performed remarkably well than non life segment. In order to perform well and live up to the expectations of industries, attention should be given to certain factors like:
deregulation rate of insurance market
implementation rate of technologies
Visit lifeinsurancexl.com for further information on scope, prospects and future of the life insurance industry of India.
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