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ICICI Lombard-Leading pvt general insurer in India, ICICI Lombard started as a joint venture (JV) between ICICI Bank and Fairfax Financial Holdings in 2001. Ovr yrs, it hs grwn rpidly along wd India’s insurance indstry. GDPI of company stood at Rs. 133.13 bn (US$ 1.89 bn) in FY20
SBI Life-Estbd in 2000 as a JV btwn SBI and BNP Paribas Cardiff & hs become leading life insurers. The company has range of life insurance and pension products. Gross Written Premium of SBI Life hs incrsd @ 23% y-o-y to reach Rs. 406.3 billion (US$ 5.76 billion) in FY20.
HDFC Life-Estbd in 2000 as a JV btwn HDFC & Standard Life Aberdeen. It was the first pvt company to get a license from IRDAI in 2001. As of March 2019, the company wss providing 38 individual and 11 group insurance products. (1/3)
Company completed its IPO in 2017. HDFC Life continues to benefit from its presence across the country with 414 branches and additional distribution touchpoints through several partnerships.
The partnerships comprises NBFCs (Non-Banking Financial Companies), MFIs (Micro Finance Institutions), SFBs (Small Finance Banks), etc. and 39 partnerships within non-traditional ecosystems. Currently, the company has the largest share in new business among private life insurers.
FDI worth Rs 26,000 cr received in insurance sector since further opening in 2015: FM
Read more at: https://economictimes.indiatimes.com/news/economy/indicators/fdi-worth-rs-26000-cr-received-in-insurance-sector-since-further-opening-in-2015-fm/articleshow/81573014.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Read more at: https://economictimes.indiatimes.com/news/economy/indicators/fdi-worth-rs-26000-cr-received-in-insurance-sector-since-further-opening-in-2015-fm/articleshow/81573014.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
PhonePe sees rising demand for Coronavirus insurance with increasing COVID-19 cases
Read more At: https://www.aninews.in/news/business/business/phonepe-sees-rising-demand-for-coronavirus-insurance-with-increasing-covid-19-cases20210408144133/
Read more At: https://www.aninews.in/news/business/business/phonepe-sees-rising-demand-for-coronavirus-insurance-with-increasing-covid-19-cases20210408144133/
Post-liberalisation, India’s insurance industry has recorded a significant growth. Gross premium collected by life insurance companies in India increased from Rs. 2.56 trillion (US$ 39.7 billion) in FY12 to Rs. 7.31 trillion (US$ 94.7 billion) in FY20.
During FY12-FY20, premium from new business of life insurance companies in India increased at a 15% CAGR to reach Rs. 2.13 trillion (US$ 37 billion) in FY20.
There are 24 life insurance and 33 non-life insurance companies in the Indian market who compete on price and services to attract customers, whereas, there are 2 reinsurance companies. The industry has been spurred by product innovation & vibrant distribution channels.
The Government has approved an ordinance to increase Foreign Direct Investment (FDI) limit in the Insurance sector from 26% to 49%, which would further help attract investment in the sector. As per Union Budget 2019-20, 100% FDI was permitted for insurance intermediaries.
53.8million+ farmers benefitted Pradhan Mantri Fasal Bima Yojana(PMFBY) during FY20. National Health Protection Scheme ws announcd undr Union Bdget 2018-19. Scheme provided insurance cover Rs. 5 Lakh (US$ 7,723) to more dn 100 million vulnerable families in India.
PMJAY-world’s largst social health scheme, is expected to provide coverage around 50 crore people. Fund of Rs. 6,400 crore (US$ 887 million) has been allocated for FY21, whch is thrice dt of lst year. Enrolments under the PMSBY reached 154.7 million till Dec 2019 since its launch
Going forward, increasing life expectancy, favourable savings and greater employment in the private sector is expected to fuel demand for pension plans. Likewise, strong growth in the automotive industry over the next decade would be a key driver for the motor insurance market.
Life insurers reportd 14%YoY growth in individual annualized premum equivalnt (APE) in Oct 2020, compared with 4% YoY in Sep 2020. IoT in Indian insurance market continues to go beyond telematics and risk assessment. Currently, there r 110+InsurTech start-ups operating in India.
In Jul 2020, Union Cabinet approved capital infusion of Rs. 12,450 crore (US$ 1.77 billion), including Rs.2,500 crore (US$ 354.66 million) infused in FY20, in 3 PSU insurance companies - Oriental Insurance, National Insurance & United India Insurance.
