Press Release Summary = Indian insurance industry is anticipated to witness a 500% growth and reach to US$ 60 Billion in the coming four years, thanks to swelling demand in semi-urban and rural areas, reported industry chamber Assocham.
Press Release Body = Assocham stated that semi-urban areas would have a share of US$ 35 Billion and urban areas would account for US$ 25 Billion in the US$ 60 Billion industry.
Life insurance market in semi-urban and rural territories is expected to rise to US$ 20 Billion mark in the upcoming four years from the existing value of less than US$ five Billion. This is because more semi-urban and rural populace would opt insurance cover for a secure future, said Assocham. On the other hand, life insurance market in urban zones is expected to surge to US$ 15 Billion.
As per the paper, non-life insurance business in semi-urban and rural regions would reach to US$ 15 Billion by 2010 while the corresponding value for the urban area is US$ ten Billion.
Anil K Agarwal, President, Assocham, reported that a large segment of rural India is still untouched because of long distances, poor distribution and high return costs. The paper disclosed that the life insurance premium in India is just 1.8% of the GDP as against 5.2% in US and 8% in South Korea.
A Research Analyst at RNCOS, who has recently researched a report called “Indian Insurance Industry Forecast (2007-2009)”, says that the progress in the semi-urban and rural areas would largely fuel the growth in insurance sector. The other factors that would boost the growth in this sector are improving economic scenario, increasing disposable incomes, and rising product demands.
The market research report also focuses on facts and issues critical for today’s business environment:
- Global insurance industry scenario - Indian insurance industry in global perspective - Segment-wise information on public and private players of the industry - Growth sectors and factors driving change - Competitive environment and market leaders - Key Challenges and Strategies
The report gives an in-depth analysis on the present and future scenario of the Indian Insurance Industry. It gives a detailed account of the Indian insurance market, with focus on the key players.
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