2020年印度的保險業：行業概述及市場規模 - 印度品牌價值基金會（英文版）（35頁）.pdf

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1、For updated information, please visit www.ibef.org August 2020 INSURANCE Table of Contents Executive Summary.3 Advantage India.4 Market Overview .6 Trends and Strategies.23 Growth Drivers.21 Opportunities.26 Useful Information.31 For updated information, please visit www.ibef.orgInsurance 3 EXECUTIV

2、E SUMMARY The insurance industry in India is expected to reach US$ 280 billion by 2020. Life insurance industry in the country is expected to grow 12-15 per cent annually over the next three to five years. Rapidly growing insurance segments The market share of private sector companies in the non-lif

3、e insurance market rose from 15 per cent in FY04 to almost 56 per cent in FY21 (till April 2020). In life insurance segment, private players had a market share of 31.3 per cent in new businesses in FY20. Increasing private sector contribution Crop insurance segment contributed 20 per cent to gross d

4、irect premiums of non-life insurance companies in FY20. Customers can now pay their health insurance premium in instalments. Earlier, health insurance companies used to collect the insurance premiums from customers on annual basis. Enrolments under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) rea

5、ched 154.7 million till December 2019 since the launch of this scheme. Strong growth in the automotive industry over the next decade will be a key driver of motor insurance. Crop, health and motor insurance to drive growth Source: Swiss-Re, IRDAI, General Insurance Council, Life Insurance Council, E

6、conomic Survey 2017-18 Insurance ADVANTAGE INDIA For updated information, please visit www.ibef.orgInsurance 5 ADVANTAGE INDIA Growing interest in insurance among people, innovative products and distribution channels are aiding growth. Growinguseofinternethaspushed the demand. Insurancereachisstilll

7、owinIndia.Overall insurance penetration (premiums as % of GDP) in India was 3.69 per cent in 2017, providing a huge underserved market. IRADI set up a plan to develop a standard structure fortitleinsuranceforhomebuyers,whichis mandatory for RERA projects. ReductioninNetOwnedFund requirement from Rs

8、5,000 crore (US$ 720 million) to Rs 1,000 crore (US$ 140 million) proposedtofacilitateon-shoringof international transactions. As per Union Budget 2019-20, 100 per cent foreign direct investment (FDI) was permitted for insurance intermediaries. Tax incentives on insurance products. InsuranceBillgive

9、stheInsurance Regulatory and Development Authority (IRDAI)fullflexibilitytoframe regulations for the sector. Clarity on rules for insurance IPOs would infuse liquidity in the industry. Repeated attempts to make the sector more lucrative for foreign participants. ADVANTAGE INDIA Source: , IRDAI - Ins

10、urance Regulatory and Development Authority, Motilal Oswal Research Note: Updated data for insurance penetration is expected after July 2019 Life insurance in low-income urban areas. Stronggrowthpotentialformicro insurance, especially from rural areas. Insurance MARKET OVERVIEW For updated informati

11、on, please visit www.ibef.orgInsurance 7 EVOLUTION OF THE INDIAN INSURANCE SECTOR Source: IRDAI Notes: LIC - Life Insurance Corporation of India, GIC - General Insurance Corporation of India, IRDAI - Insurance Regulatory and Development Authority All life insurance companies were nationalised to for

12、m LIC in 1956 to increase penetration and protect policy holders from mismanagement. The non-life insurance business was nationalised to form GIC in 1972. Post liberalisation, the insurance industry recorded significant growth; the number of private players increased to 46 in 2017. In December 2014,

13、 Government approved the ordinance increasing FDI limit in Insurance sector from 26 per cent to 49 per cent. This would likely to attract investment of US$ 7-8 billion National Health Protection Scheme will be launched under Ayushman Bharat, as per Union Budget 2018-19. Insurance companies raised mo

14、re than US$ 6 billion from public issues in 2017. Malhotra Committee recommended opening up the insurance sector to private players. IRDAI, LIC and GIC Acts were passed in 1999, making IRDAI the statutory regulatory body for insurance and ending the monopoly of LIC and GIC. In 2015, Government intro

15、duced Pradhan Mantri Suraksha Bima Yojna and Pradhan Mantri Jeevan Jyoti Bima Yojana. Government introduced Atal Pension Yojana and Health insurance in 2015. 1956-721993-9920152000-14 2017 onwards For updated information, please visit www.ibef.orgInsurance 8 IRDAI GOVERNS THE INDIAN INSURANCE SECTOR

16、 Insurance Regulatory and Development Authority (IRDAI) Established in 1999 under the IRDAI Act Responsible for regulating, promoting and ensuring orderly growth of the insurance and re-insurance business in India Ministry of Finance Government of India Insurance Regulatory and Development Authority

17、 (IRDAI) Source: IRDAI Private (23)Private (17) Life insurance (24 players) General insurance (21 players) Specialised Insurers (2 players) Standalone Health Insurance (7 player) Public (1)Public (4)Public (2)Private (7) Re-insurance (2 players) Public (1) Private (1) Foreign reinsurers branches (7

18、players) Private (7) For updated information, please visit www.ibef.orgInsurance 9 INCREASING PENETRATION AND DENSITY OF INSURANCE OVER THE YEARS Source: Swiss Re Institute 2.6 2.72.7 2.8 0.7 0.7 0.8 0.9 0 0.5 1 1.5 2 2.5 3 3.5 4 2014201520162017 LifeNon-Life Insurance Penetration (Premiums as % of

19、GDP)Insurance Density (Premiums Per Capita) (US$) At 3.69 per cent, India ranked 41 in 2017 in terms of insurance penetration, with life insurance penetration at 2.76 per cent and non-life insurance penetration at 0.93 per cent. In terms of insurance density, India ranked 73 in 2017 with an overall

20、density at US$ 73. 44 43.2 46.5 551111.5 13.2 18 0 10 20 30 40 50 60 70 80 2014201520162017 LifeNon-Life 3.3 3.4 3.5 3.7 55 54.7 59.7 73 For updated information, please visit www.ibef.orgInsurance 10 VIBRANT LIFE INSURANCE MARKET 21.5 27.2 30.1 30.7 37.0 4.1 35.3 37.7 41.0 42.0 44.3 0.0 0.0 5.0 10.0

21、 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 FY16FY17FY18FY19FY20FY21* New Business PremiumRenewal Premium Source: Insurance Regulatory and Development Authority, Deloitte Redefining Insurance Life Insurance Premiums (US$ billion) Life insurance in India has a huge growth potential. By 2020, it is expec

22、ted to account for 35 per cent of Indias total savings. 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 FY12FY20, premium from new business of life insurance companies in In

23、dia increased at a 15 per cent CAGR to reach Rs 2.13 trillion (US$ 37 billion). 71.8 84.7 94.5 82.8 108.4 9.7 0.0 20.0 40.0 60.0 80.0 100.0 120.0 FY16FY17FY18FY19FY20FY21* Gross Premiums Written in India (US$ billion) Note*- Till June 2020 For updated information, please visit www.ibef.orgInsurance

24、11 INCREASING PRIVATE SECTOR ACTIVITY IN LIFE INSURANCE SEGMENT Source: IRDAI, Life Insurance Council Note: Figures are as per latest data available, share based on new business premium collection Over the years, share of private sector in life insurance segment grew from around 2 per cent in FY03 t

25、o over 31.3 per cent in FY20. 98.00% 2.00% Public sector Private sector Share of public and private sector in life insurance segment (%) FY03 Share of public and private sector in life insurance segment (%) FY20 68.7% 31.3% Public sector Private sector For updated information, please visit www.ibef.

26、orgInsurance 12 LIC CONTINUES TO DOMINATE LIFE INSURANCE SEGMENT Source: Life Insurance Council, IRDAI Visakhapatnam port traffic (million tonnes) Premiums Market Share in First Year Life Insurance (FY20) As of FY20, life insurance sector had 24 private players in comparison to only four in FY02. Wi

27、th nearly 53 per cent of the new business market share in FY20, Life Insurance Corporation of India, the only public sector life insurer in the country, continued to be the market leader Among private sector lenders, HDFC Standard Life Insurance was leading in new business premium with a market shar

28、e of over 14 per cent, followed by SBI Life Insurance ( 9 per cent) and ICICI Prudential Life Insurance ( 6 per cent) in FY20. 52.78% 14.25% 9.15% 6.35% 17.48% LIC HDFC Standard Life SBI Life Insurance ICICI Prudential Life Insurance Others For updated information, please visit www.ibef.orgInsurance

29、 13 STRONG GROWTH IN NON-LIFE INSURANCE MARKET Source: IRDAI, General Insurance Council Gross direct premiums of non-life insurers in India reached US$ 27.09 billion in FY20 from US$ 14.95 in FY16. The number of policies issued increased from 65.55 million in FY09 to 182.8 million in FY19. 126.1 126

30、.5 161.2 182.8 0 20 40 60 80 100 120 140 160 180 200 FY16FY17FY18FY19 Gross Direct Premiums of Non-Life Insurers (US$ billion) Number of Non-Life Insurance Policies (million) CAGR 131% Note: CAGR is up to FY20, *- till June 2020 15.0 19.9 23.4 24.3 27.1 5.6 0.00 5.00 10.00 15.00 20.00 25.00 30.00 FY

31、16FY17FY18FY19FY20FY21* CAGR 16.0% For updated information, please visit www.ibef.orgInsurance 14 SHARES IN NON-LIFE INSURANCE MARKET: MOTOR INSURANCE LEADS Source: General Insurance Council, IRDAI Non-Life Insurance Gross Direct Premiums (FY20) Non-life insurers include general insurers, standalone

32、 health insurers and specialised insurers. Motor insurance accounted for 36.6 per cent of non-life insurance premiums earned followed by 27.3 per cent share by health insurance in FY20. The market share of private sector companies in the non-life insurance market rose from 13.12 per cent in FY03 to

33、55.8 per cent in FY21 (till April 2020). Major private players are ICICI Lombard, Bajaj Allianz, IFFCO Tokio, HDFC Ergo, Tata-AIG, Reliance, Cholamandalam, Royal Sundaram along-with regional insurers 36.6% 27.3% 2.7% 8.4% 1.9% Motor Total Health Personal Accidents Fire Marine Total For updated infor

34、mation, please visit www.ibef.orgInsurance 15 HIGHER PRIVATE SECTOR PARTICIPATION IN NON- LIFE SEGMENT Source: General Insurance Council, IRDAI The market share of private sector companies in the non-life insurance market rose from 15 per cent in FY04 to almost 56 per cent in FY21 (till April 2020).

35、 2.02 0.12 0.2 2.24 0.02 0.25 1.90 0.08 0.26 0 0.5 1 1.5 2 2.5 3 3.5 General InsuranceSpecialised InsurersStandalone Health Insurance FY18 FY19 FY20 Growing share of private sectorMovement in Gross Direct Premium Underwritten (US$ billion) 44.2% 55.8% FY21 (till April 2020) 75% 15% FY04 Public secto

36、rPrivate sector For updated information, please visit www.ibef.orgInsurance 16 KEY PLAYERS IN THE NON-LIFE INSURANCE SEGMENT Source: General Insurance Council Visakhapatnam port traffic (million tonnes) Market share of major companies in terms of Gross Direct Premium collected (FY20) There were 33 n

37、on-life insurers in India in FY20. Public sector insurers lead the non-life insurance market in India with New India Assurance, United India Insurance and National Insurance having market share of 14.6 per cent, 8.8 per cent and 7.8 per cent, respectively, in FY20. In the private sector, ICICI Lomba

38、rd was the leader in FY20 with a market share of 7.1 per cent, followed by Oriental at 7.1 per cent. The public sector companies accounted for a cumulative share of about 45.30 per cent of the total gross direct premium in the non-life insurance segment in FY20. On July 09, 2020, Union Cabinet appro

39、ved capital infusion of Rs 12,450 crore (US$ 1.77 billion), including Rs 2,500 crore (US$ 354.66 million) infused in FY20, in three Public Sector General Insurance Companies-OrientalInsuranceCompanyLimited,National Insurance Company Limited (NICL), and United India Insurance Company Limited. Total s

40、ize: US$ 20.33 billion 14.6% 7.1% 8.8% 7.1% 7.8% 7.1% 47.5% New India ICICI Lombard United India Oriental National Bajaj Allianz Others For updated information, please visit www.ibef.orgInsurance 17 SHIFT TOWARDS NON-LINKED INSURANCE PLANS 13% 13% 14% 15% 87% 87% 86% 85% 0% 10% 20% 30% 40% 50% 60% 7

41、0% 80% 90% 100% FY16FY17FY18FY19 Linked PremiumNon linked Premium Source: IRDAI Annual Report, Life Insurance Council Notes: *Growth rate in INR terms , Data will be available in Handbook 2019-20 Visakhapatnam port traffic (million tonnes)Share of linked and non-linked insurance premium The industry

42、 is witnessing a shift towards the traditional non-linked insurance plans. The share of non-linked insurance increased from 59 per cent in FY09 to 85 per cent in FY19. Insurance NOTABLE TRENDS AND STRATEGIES For updated information, please visit www.ibef.orgInsurance 19 NOTABLE TRENDS New distributi

43、on channels like bancassurance, online distribution and NBFCs have widened the reach and reduced costs. Firms have tied up with local NGOs to target lucrative rural markets. Amazon India is also expected to enter the insurance market as an agent. In June 2020, HDFC Ergo tied up with tech firm Tropog

44、o to offer commercial drone owners and operators third- party liability cover for property damages and physical injuries from flying machines. Emergence of new distribution channels Source: IRDAI, General Insurance Council, Life Insurance Council. News sources In life insurance segment, private play

45、ers had a market share of 31.3 per cent in new business in FY20. The market share of private sector companies in the non-life insurance market rose from 15 per cent in FY04 to almost 56 per cent in FY21 (till April 2020). Growing market share of private players The life insurance sector has witnesse

46、d the launch of innovative products such as Unit Linked Insurance Plans (ULIPs). Other traditional products have also been customised to meet specific needs of Indian consumers. Launch of innovative products Large insurers continue to expand, focusing on cost rationalisation and aligning business mo

47、dels to realise reported Embedded Value (EV) and generate value from future business rather than focus on present profits. Mounting focus on EV over profitability For updated information, please visit www.ibef.orgInsurance 20 STRATEGIES ADOPTED Source: TechSci Research Players in the industry are in

48、vesting in Information Technology to automate various processes and cut costs without affecting service delivery. It is estimated that digitisation will reduce 15-20 per cent of the total cost for life insurance companies and 20-30 per cent for non-life insurance companies. Starting October 2016, IR

49、DAI has mandated having an E-insurance (electronic insurance) account to purchase insurance policies. Cost optimisation Companies are trying to differentiate themselves by providing wide range of products with unique features. For example, New India Assurance launched Farmers Package Insurance to covering farmers house, assets, cattle etc. United India launched Workmen Medicare Policy to cover hospitalisation expenses arising out of accidents during and in the course of employment. Differentiation Focus on providing