印度保险行业市场前景及投资研究报告-培训课件外文版2024.6友邦人保

INDUSTRIES

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MARKETSInsuranceindustryinIndiaCHAPTER

01OverviewLifeandnon-lifeinsurancepenetrationinselectedcountriesandterritoriesworldwidefrom2020to2022Lifeandnon-lifeinsurancepenetrationinselectedregionsglobally2020-2022Insurancepenetration20228%2021202010%0%2%4%6%12%14%16%18%20%6.7%6.9%7.2%GlobalaverageUnitedStatesTaiwanSouthAfricaSouthKoreaUnitedKingdomSweden11.6%11.7%12%11.4%14.8%17.4%11.3%12.2%13.7%11.1%10.9%11.6%11.1%10.5%11.1%9.3%7.6%7.7%8.7%8.6%FranceJapanItalyCanada9.5%8.2%8.4%8.1%8%8%9.1%8.6%8.1%8.7%5.9%Germany6.5%683Description:In2022,insurancepenetrationwashighestintheUnitedStateswherethevalueofinsurancepremiumsaccountedforalmost12percentofGDP.Insurancepenetrationisusedasanindicatorofinsurancesectordevelopmentwithinacountryandiscalculatedastheratiooftotalinsurancepremiumstogrossdomesticproductinagivenyear.Meanwhile,theinsurancepenetrationinTaiwanequaled11.4in2022.Thus,thevalueofinsurancepremiumswritteninTaiwaninthatyearequaled[...]

ReadmoreNote(s):Worldwide;2020to2022Source(s):SwissRePenetrationoflifeandnon-lifeinsuranceacrossIndiafromfinancialyear2002to2023Penetrationoflifeandnon-lifeinsuranceinIndiaFY2002-2023LifeNon-lifeIndustry6.0%5.0%4.0%3.0%2.0%1.0%0.0%FYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFY2002

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20234Description:Inthefinancialyear2023,India`sinsurancepenetrationstoodat4percent,withthemajoritycomingfromthelifeinsurancesector.ThegrowthinpenetrationoverthelastfiveyearsisapositivesignfortheoveralldevelopmentandmaturityoftheinsurancemarketinIndia.ReadmoreNote(s):India;FY2002toFY2023Source(s):IRDA(India);Varioussources(SwissRe,Sigma,VariousIssues)Densityoflifeandnon-lifeinsuranceacrossIndiafromfinancialyear2002to2023(premiumpercapitainU.Sdollars)Densityoflifeandnon-lifeinsuranceinIndiaFY2002-2023LifeNon-lifeIndustry1009080706050403020100FYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFY2002

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20235Description:Infinancialyear2023,thelifeinsurancedensityinIndiaamountedtoabout70U.S.dollars,whilethenon-lifeinsurancedensitywasat22U.S.dollars.Insurancedensityismeasuredasinsurancepremium(inU.S.dollars)tototalpopulation.ReadmoreNote(s):India;FY2002toFY2023Source(s):IRDA(India);Varioussources(SwissRe,Sigma,VariousIssues)TotalassetsofinsurancecompaniesinIndiafrom2002to2022(inbillionU.S.dollars)AssetsofinsurancecompaniesinIndia2002-2022700600500400300200660.7

657.7571.9517.4465413.7361.7323.8282251.2226203.4172131.1110.688100071.262.65236.7

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20226Description:ThetotalassetsofinsurancecompaniesinIndiaincreasedyear-on-yearatanacceleratingratefrom2002to2022.In2022,theassetsofinsurancecompaniesinIndiaamountedtoover657billionU.S.dollars-adecreaseofaroundthreebillionU.S.dollarsfromthepreviousyear.Overall,thevalueofassetsofinsurancecompaniesinIndiahasgrownbyapproximately620billionU.S.dollarssince2002.

ReadmoreNote(s):India;2002to2022Source(s):FinancialStabilityBoardNumberofregisteredinsurersacrossIndiaasoffinancialyear2023,basedontypeandsectorNumberofregisteredinsurersinIndiaFY2023,bytypeandsectorPublicPrivate302520151050LifeGeneralReinsurance*StandalonehealthSpecialized7Description:Attheendoffinancialyear2022,therewere67insurersoperatinginIndia.Outofthese,24werelifeinsurers,26weregeneralinsurersandfivewerestandalonehealthinsurers.Additionally,thecountryalsohad12re-insurersincludingforeignreinsurerbranches.ReadmoreNote(s):India;FY2023;*Dataincludesforeignreinsurers'branchesandLloyd'sIndia.India'sfinancialyearbeginsinAprilandendsinMarch.Forexample,FY2020startedinApril2019andendedinMarch2020.ReadmoreSource(s):IRDA(India)CHAPTER

02LifeinsuranceMarketshareoflifeinsuranceindustryinIndiafromfinancialyear2017to2023,bytypeofinsurerMarketshareoflifeinsuranceindustryIndiaFY2017-2023,bytypeofinsurerLifeInsuranceCorporationofIndia(LIC)Privateplayers120%100%80%60%40%20%0%28.19%30.64%33.58%33.78%35.86%36.75%37.42%71.81%FY201769.36%FY201866.42%FY201966.22%FY202064.14%FY202163.25%FY202262.58%FY20239Description:Themarketshareofstate-ownedLifeInsuranceCorporationofIndiaexperiencedadeclinefrom71percentinthefinancialyear2017to62.58percentin2023.However,privateplayersgainedtractionandreportedanincreasefromaround28percentinfinancialyear2017to37percentin2022.ReadmoreNote(s):India;FY2017

toFY2023Source(s):LifeInsuranceCorporationofIndiaValueoftotallifeinsurancepremiumswrittenbyIndianinsurersfromfinancialyear2002to2023(intrillionIndianrupees)ValueoftotallifeinsurancepremiumsinIndiaFY2002-2023987657.836.936.285.735.084.584.183.67432103.283.142.922.87

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202310Description:IndianLifeInsuranceIndustryhadwrittenoverseventrillionIndianrupeesworthoflifeinsurancepremiumsinthefinancialyear2023.Thiswasasignificantgrowthinpremiumsfromthepreviousfinancialyear.Thelinearriseinpremiumwasrecordedovertheyearsfromthefinancialyear2002exceptfortheslightfallinthefinancialyear2012inthecountry.ReadmoreNote(s):India;FY2002toFY2023Source(s):IRDA(India)ValueoftotallifeinsurancepremiumswrittenbyIndianprivateinsurersfromfinancialyear2003to2023(intrillionIndianrupees)ValueoftotalpremiumswrittenbyprivatelifeinsurersIndiaFY2003-20233.53.02.52.01.51.00.50.0FYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFY2003

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202311Description:Inthefiscalyear2023,privateinsurersinIndiahadwrittenoverthreetrillionIndianrupeesworthoflifeinsurancepremiums.Since2009,privateinsurershavecrossedthethreetrillionmarkforthefirsttime.ReadmoreNote(s):India;FY2003toFY2023Source(s):IRDA(India)NumberofnewlifeinsurancepoliciesinIndiafromfinancialyear2017to2023,basedonsector(inmillions)NewindividuallifeinsurancepoliciesinIndiaFY2017-2023,bysectorPrivateLIC2521.921.7221.3421.420.9820.4220.1320151058.047.397.247.156.866.956.320FY2017FY2018FY2019FY2020FY2021FY2022FY202312Description:Inthefinancialyear2023,theLifeInsuranceCorporation(LIC)ofIndiaissuedover20.4millionnewindividualpolicies.Incomparison,privateinsurersissuedaroundeightmillionpolicies.Overall,therewereover28millionnewindividualpoliciesissuedacrossthecountrythatyear.ReadmoreNote(s):India;FY2017toFY2023Source(s):IRDA(India)ValueofinvestmentsinIndianlifeinsurancefromfinancialyear2017to2023,bysector(intrillionIndianrupees)LifeinsuranceinvestmentsIndiaFY2017-2023,bysectorPrivatePublic7060504030201004336.7933.9830.7127.6125.2722.7517.0412.7310.827.728.196.625.79FY2017FY2018FY2019FY2020FY2021FY2022FY202313Description:Inthefinancialyear2023,theinvestmentsmadebythepublicsectorinIndia'slifeinsuranceindustrystoodataround43trillionIndianrupees.Thetotalinvestmentsmadeintothelifeinsuranceindustryinthecountrythatyearamountedto60trillionrupees,markingagrowthcomparedtothepreviousyear's50trillionrupees.ReadmoreNote(s):India;FY2017toFY2023Source(s):IRDA(India)CHAPTER

03Non-lifeinsuranceGeneralinsurancepenetrationacrossIndiafromfinancialyear2014to2022GeneralinsurancepenetrationinIndiaFY2014-20221.1%1.0%1.0%0.9%0.9%1%1%0.97%0.94%0.93%0.8%0.8%0.77%0.8%0.72%0.7%0.7%0.7%FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY202215Description:TheinsurancepenetrationacrossIndiaattheendofthefinancialyear2022stoodatonepercent.Thiswasaslightincreasecomparedto0.94percentinthepreviousyear.Comparedtotheglobalaverageoffourpercent,India'sinsurancepenetrationissignificantlylow.Insurancepenetrationistheratioofinsurancepremiumstothegrossdomesticproductofthecountry.ReadmoreNote(s):India;FY2014toFY2022Source(s):IRDA(India)MarketshareofgeneralandhealthinsurersinIndiainfinancialyear2023,bytypeofinsurerMarketshareofgeneralandhealthinsurersIndiaFY2023,bytypeofinsurerStandalonehealthinsurers10.21%Specializedinsurers6.17%Generalinsurers83.62%16Description:Inthefinancialyear2023,generalinsurersheldamarketshareof83.64percent,Indiangeneralandhealthinsurancesegment.Generalinsurersincludebothpublicsectorplayersandprivatesectorplayers.Standalonehealthinsurershadamarketshareofover10percent.ReadmoreNote(s):India;FY2023Source(s):GeneralInsuranceCouncilValueofnon-lifepremiumswritteninIndiainfinancialyear2023,bysegment(inbillionIndianrupees)Non-lifepremiumswritteninIndiaFY2023,bysegmentValueinbillionIndianrupees500

60001002003004007008009001,0001,100HealthMotorOthersFireMarine17Description:Inthefinancialyear2023,thewrittenpremiumsforIndianhealthinsurershadthehighestvaluationatover976billionIndianrupees,followedbymotorinsurancepremiumsataround812billionrupees.Writtenpremiumsaretheamountofpremiumchargedforapolicythatisalreadyineffect.ReadmoreNote(s):India;FY2023Source(s):IRDA(India)Valueofgrossdirectpremiumfornon-lifeinsurersinIndiafromfinancialyear2017to2023,bytypeofinsurer(inbillionIndianrupees)Non-lifeinsurersgrossdirectpremiumsincomeinIndiaFY2017-2023FY2017FY2018FY2019FY2020FY2021FY2022FY20237,0006,0005,0004,0003,0002,0001,0000StandalonehealthinsurerSpecializedinsurerPrivatesectorinsurerPublicsectorinsurer18Description:Infinancialyear2023,thegrossdirectpremiumincomeforstandalonehealthinsurersinIndiaamountedtoover262billionIndianrupees.However,privatesectorinsurersinthegeneralandhealthinsurersegmentearnedthemostinpremiumsthatyearatover1,319billionrupeesshowinganincreasecomparedtothepreviousyear.ReadmoreNote(s):India;FY2017toFY2023Source(s):IRDA(India)Valueofinvestmentsinnon-lifeinsuranceinIndiafromfinancialyear2017to2023,bysector(intrillionIndianrupees)Non-lifeinsuranceinvestmentsinIndiaFY2017-2023,bysectorPrivatePublic6.05.04.03.02.01.00.02.562.452.281.951.791.631.392.842.392.051.681.351.060.83FY2017FY2018FY2019FY2020FY2021FY2022FY202319/statistics/657127/value-of-non-life-insurance-investments-by-sector-indiaInfinancialyear2023,India'snon-lifeinsuranceindustryregisteredinvestmentsworthover5.4trillionIndianrupees.Outofthis,over2.56trillionrupeeswereinvestedbythepublicsector,whereas2.84trillionrupeeswereinvestedbytheprivatesector.ReadmoreNote(s):India;FY2017toFY2023Source(s):IRDA(India)CHAPTER

04PublicsectorLargestlifeinsurancecompaniesworldwideasofDecember2023,bymarketcapitalization(inbillionU.S.dollars)LargestlifeinsurancecompaniesgloballyDecember2023,bymarketcapitalizationMarketcapitalizationinbillionU.S.dollars020406080100120Allianz(Germany)AIA(HongKong)ChinaLifeInsurance(China)PingAnInsuranceGroup(China)Chubb(Switzerland)102.6993.0992.3390.9190.7AXA(France)72.7LifeInsuranceCorporationofIndia(LIC)(India)Metlife(U.S.)58.6347.0945.83AmericanInternationalGroup(U.S)ManulifeFinancial(Canada)PrudentialFinancial(U.S.)Prudential(UK)36.2336.0630.9329.85SunLifeFinancial(Canada)ThePeople'sInsuranceCompany(PICC)Sampo(Finland)27.0922.1621Description:AllianzwasthelargestlifeinsurancecompanyworldwidebymarketcapitalizationasofDecember2023.AIAwasthesecondlargestlifeinsurerglobally,withmarketcapitalizationamountingto93.1billionU.S.dollars.ReadmoreNote(s):Worldwide;December8,2023Source(s):CompaniesMarketCValueofgrossdirectpremiumsofleadingpublicgeneralinsurersacrossIndiainfinancialyear2023(inbillionIndianrupees)ValueofgrossdirectpremiumsofpublicgeneralinsurersIndiaFY2023400374.8235030025020015010050176.44159.92152.060NewIndiaUnitedIndiaOrientalNational22Description:AmongtheleadingpublicgeneralinsurersinIndia,NewIndiaInsuranceearnedagrossdirectpremiumworthnearly374billionIndianrupeesattheendoffiscalyear2023.ThiswasfollowedbyUnitedIndiaInsurance,withagrossdirectpremiumincomeworth176billionrupees.Intotal,publicgeneralinsurersinthecountryearnedover863billionrupeesingrosspremiumsthatyear.ReadmoreNote(s):India;FY2023Source(s):IRDA(India)BrandvalueofLifeInsuranceCorporationofIndiafrom2016to2023(inbillionU.S.dollars)LIC'sbrandvalue2016-2023121011.19.88.658.1187.326.815.9664.994202016201720182019202020212022202323Description:In2023,LifeInsuranceCorporation,India'sleadinginsurancecompany,hadabrandvalueworth9.8billionU.S.dollars,puttingthecompanyonthethirdspotofthetop100mostvaluableIndianbrands.ReadmoreNote(s):India;2016to2023Source(s):BrandFinanceMarketshareamongpublicnon-lifeinsurersinIndiafromfinancialyear2017to2023,bycompanyPublicnon-lifeinsurers'marketshareIndiaFY2017-2023bycompanyFY2017FY2018FY2019FY2020FY2021FY2022FY202316%14%12%10%8%15.08%14.92%14.75%14.37%14.111%4.19%13.42%12.54%11.57%11.11%10.75%9.69%9.27%8.93%8.08%7.12%8.43%7.6%8.41%7.79%7.24%7.12%6.87%6.27%6.21%6.07%5.95%5.9%6%4%2%0%OrientalNationalUnitedNewIndia24Description:Infinancialyear2023,NewIndiaAssurancehadamarketshareof13.42percentamongthenon-lifeinsurersofIndia.Amongthefourpublicgeneralinsurers,NewIndiahadbeentheonlyonethatwasabletoincreaseormaintainitssharecomparedtothepreviousyear.ThecompaniesNationalInsurance,OrientalInsurance,andUnitedIndiaInsuranceslightlylostontheirmarketsharein2023ReadmoreNote(s):India;FY2017toFY2023Source(s):GeneralInsuranceCouncilValueofgrossinsurancepremiumswrittenbyTheNewIndiaAssuranceCompanyLimitedfromfinancialyear2013to2022(inbillionIndianrupees)TheNewIndiaAssurance'sgrossnon-lifeinsurancepremiumsFY2013-2022350300250200150100500FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY202225Description:Inthefinancialyear2022,theNewIndiaAssuranceCompanyLimitedwrotegrossnon-lifeinsurancepremiumsvaluedatnearly325billionIndianrupees.Anexponentialriseinthevalueofpremiumswasseenoverthepastdecade.ThepublicsectorgeneralinsurancecompanywasfoundedbySirDorabjiTatain1919.ReadmoreNote(s):India;FY2013toFY2022Source(s):NewIndiaAssuranceValueofgrossinsurancepremiumswrittenbyUnitedIndiaInsuranceCompanyLimitedfromfinancialyear2002to2023(inbillionIndianrupees)UnitedIndiaInsurance'sgrossnon-lifepremiumsFY2002-2023200177.21174.3175.1518016014012010080167.05164.2160.63157.22122.5106.9297.0992.6681.7963.776052.3942.78FY37.4FY34.99FY4030.63FY31.55FY29.7FY29.44FY27.81FY200FYFYFYFYFYFYFYFYFYFYFYFYFYFY2002

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2023*26Description:Duringthefinancialyear2023,UnitedIndiaInsuranceCompanyLimitedwrotegrossnon-lifeinsurancepremiumsvaluedatover177billionIndianrupees.Thiswasanincreaseinthevalueofpremiumsfromthepreviousfinancialyear.ThecompanyisownedbytheGovernmentofIndiaandisheadquarteredinChennai.ReadmoreNote(s):India;FY2002toFY2023;figuresforwithinandoutsideIndia.;*Includesadvancereceipts.India'sfinancialyearbeginsinAprilandendsinMarch.Forexample,FY2020startedinApril2019andendedinMarch2020.OneIndianrupeeis[...]

ReadmoreSource(s):UnitedIndiaInsuranceCompanyCHAPTER

05PrivateplayersLeadingprivateinsurersacrossIndiainfinancialyear2023,bygrossdirectpremium(inbillionIndianrupees)LeadingprivateinsurersinIndiaFY2023,bygrossdirectpremiumGrossdirectpremiuminbillionIndianrupees050100150200250ICICILombardGeneralInsuranceCo.Ltd.HDFCERGOGeneralInsuranceCo.Ltd.BajajAllianzGeneralInsuranceCo.Ltd.TataAIGGeneralInsuranceCo.Ltd.SBIGeneralInsuranceCo.Ltd.210.25166.36153.37131.76108.28103.3998.71RelianceGeneralInsuranceCo.Ltd.IFFCOTokioGeneralInsuranceCo.Ltd.GoDigitGeneralInsuranceCo.Ltd.61.6CholamandalamMSGeneralInsuranceCo.Ltd.FutureGeneraliIndiaInsuranceCo.Ltd.61.5645.4628Description:Infinancialyear2023,ICICILombardhadthehighestgrossdirectpremiumearningsamongstleadingprivategeneralinsurersinIndiawithavalueof210billionIndianrupees.HDFCERGOfollowedat166billionrupees.ReadmoreNote(s):India;FY2023Source(s):IRDA(India)ValueofgrossdirectpremiumincomewrittenbyICICILombardGeneralInsuranceCompanyLimitedfromfinancialyear2018to2023(inbillionIndianrupees)ICICILombard'sgrossdirectinsurancepremiumincomeFY2018-2023250200150100500FY2018FY2019FY2020FY2021FY2022FY202329Description:ICICILombardGeneralInsuranceCompanyLimitedreportedalmost210billionIndianrupeesworthofgrossnon-lifeinsurancepremiumsduringthefinancialyear2023.Thiswasasignificantincreaseinpremiumsfromthepreviousfinancialyear.ThecompanyisasubsidiaryofICICIBankandisheadquarteredinMumbai.ReadmoreNote(s):India;FY2018toFY2023;figuresforwithinandoutsideIndia.Source(s):ICICILombardValueofgrossinsurancepremiumswrittenbyHDFCERGOGeneralInsuranceCompanyLimitedfromfinancialyear2003to2023(inbillionIndianrupees)HDFCERGOgrossnon-lifeinsurancepremiumsFY2003-2023180160140120100806040200FYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFY2003

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202330Description:HDFCERGOGeneralInsuranceCompanyLimitedwrotegrossnon-lifeinsurancepremiumsvaluedatover166billionIndianrupeesinthefinancialyear2023.