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RNCOS Research: Non-Life Insurance Premium Shoots 17 Percent
RNCOS Research: (http://www.marketsmonitor.com/category/FM004.html) Stirred by the unusual growth in the health insurance and automobile sector, the non-life insurance sector in India has demonstrated an exceptional growth during the FY 2005-06.
At the end of the fiscal year 2005-06, the total premium countersigned stood at $4.4bn as compared to $3.8bn in FY05. With regard to the premium underwritten, there was a growth of 17% in the domestic non-life insurance sector in India. Around 74% of the spurt was carried out by public players whereas the contribution made by the private sector remained 26% last year.
By contributing more than 74%, to this growth, public sector dominated the entire market during FY 2005-06. Contribution from the private sector was calculated to be around 26%, which is significantly lesser as compared to the public sector.
The non life insurance industry in India has grown above 80% within the last five years. With 81% contribution, public sector companies accounted for almost the entire market share. However, the private sector companies had to content with a meager 19% of market share.
As per a recent market research report named, �Indian Insurance Industry Forecast (2007-2009)� published by RNCOS, �The present growth in the non life insurance sector is anticipated to continue in the years to come. Growing at the Compound Annual Growth Rate of 13%, the insurance market in India shall touch the mark of $9 billion by 2009�.
�In spite of the entry of new companies and nationalized banks in the insurance sector in India, the Public Sector Life Insurance Corporation still holds a substantial share of 72%�, as per experts at RNCOS.
Key facts and issues analyzed in this report:
· Profiles of key players, including Bajaj Allianz, ICICI Prudential, Birla Sunlife, TATA AIG and ICICI Lombard, in this sector.
· Detailed discussion of the current market scenario as well as future prospects of the insurance industry in India.
· Overview of the influence of various government policies on the overall growth of this sector.
The report covers each and every aspect of the Indian as well as global insurance industry. Hence, it�s a valuable document for the foreign investors and corporates who intend to get into the Indian insurance industry.
About RNCOS:
RNCOS, incorporated in 2002, provides Market Research Reports via MarketsMonitor for your business needs and aims to put an end to your information pursuit. Our expertise in gathering global business information for industry research, corporate training, growth consulting, and business consulting, brings reputed companies and firms to us for business enhancement solutions. We can be your one-stop-shop for Industry research information and niche market analysis.
To purchase your copy: http://www.marketsmonitor.com/category/FM004.html
For more information about the report please visit www.marketsmonitor.com
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