Press Release Summary = RNCOS Research:( http://www.marketsmonitor.com/category/FM004.html) With 49% increase in the foreign direct investment, the Indian insurance industry is sure to take a jumbo leap by the year 2010.
Press Release Body = RNCOS Research: (http://www.marketsmonitor.com/category/FM004.html) An exponential growth of 500% is projected in the insurance industry in India within the next four years. With rural and semi urban consumers contributing for about $36 billion, out of which $24 billion will come through life insurance while the rest will be derived from non-life insurance sector, the industry will observe an exceptional spurt in the next four years. The shoot in the industry will make the insurance industry in India a $60 billion business by the year 2010.
Indian economy, predominantly an agrarian economy, offers enormous growth opportunities for the insurance sector. As per experts, rural sector can become a prominent contributor in the overall growth of the insurance industry in India, provided the needs & occupational structure of people living in villages is understood. For instance, various crops that are comparatively expensive need to be covered under crop insurance schemes. Also, there are various other requirements of the farmers that need to be looked after by the insurance companies.
Although, realization of the needs of the Indian consumer will enable the insurance companies to formulate better plans for the growth of the industry. However, foreign investment also needs to be encouraged for the further growth of insurance industry in India. Thus, the government has decided to increase the FDI or foreign direct investment up to 48%. This increase will help boost up the insurance industry in India.
In its recently published market research report titled, "Indian Insurance Industry Forecast (2007-2009)" RNCOS has provided a complete overview of the insurance sector in India. The report discusses the insurance sector in India in a global perspective. "The life insurance premium in India, taken as a percentage of the GDP, is 1.8% whereas it is 5.2% in the US", as per the report.
As per experts at RNCOS, "With the estimated increase in the foreign direct investment, tremendous growth in the insurance industry is foreseen."
Covering every aspect of the insurance industry in India, the report provides an analysis of the current scenario and the future prospects of the industry. Government policies and reforms that affect the industry are also discussed in it. Also, the profiles of the key players in this sector are listed in it. The report is a valuable document for both the investors as well as the businesses.
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