Released on = July 11, 2007, 3:23 am

Press Release Author = Shushmul Maheshwari

Industry = Financial

Press Release Summary = As per Assocham, India’s premier apex chamber of
industries, the country’s domestic insurance market would touch US$ 60 Billion
by the year 2010.

Press Release Body = The domestic insurance industry in India would touch around US$
60.5 Billion by the year 2010 from existing size of about US$ 10.2 Billion, said, VN
Dhoot, President, Assocham in a statement published by The Financial Express on June
22, 2007.

Rural as well as semi urban India would add US$ 35 Billion to the insurance industry
in India by the year 2010. US$ 20 Billion would bein terms of Life insurance
whereas, US$ 15 Billion would be in terms of Non-life insurance plans. The insurance
in the urban sector is expected to touch US$ 25 Billion, out of which US$ 15 Billion
would be from Life insurance and the rest from Non-life insurance.

Rising public demand for bigger insurance coverage as well as emerging rural and
semi-urban market is driving the industry. The insistent marketing strategies
implemented by the private players witness a strong growth in the insurance
industry. Smart marketing, Innovative products as well as aggressive distribution
have facilitated fledgling private insurance businesses to sign up customers in
India sooner than anybody estimated.

The Assocham has recommended that the insurance corporations should concentrate on
manufacturing area since it offer enormous opportunities for growth. The insurers
should go into tie-ups or understanding with government organizations to make sure
the accomplishment of the insurance schemes.

A recent report by RNCOS on “Indian Insurance Industry Forecast
(2007-2009)”, also estimated an increase in the country’s insurance
market in future. As per the report, the Indian life insurance market is expected to
reach the value of around Rs 1683 Billion in the year 2009 and the Non-life business
is estimated to reach around Rs 388 Billion by the same period.

Report also specified some qualitative factors such as the rate of deregulation of
insurance market and the rate of technology implementation, which, if perform
according to industry expectations, then the rate of growth of the life insurance
market could go higher.

The research report further addresses some other interesting issues and facts that
are critical for the success in Indian insurance industry such as the marketing
strategies of the players in the insurance industry, opportunities and challenges
for the players in this industry, the prospective areas of investments as well as
factors that would lead to the growth of Life and Non-life insurance in India.

About RNCOS E-Services Pvt Ltd.:

RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of
industry experts who analyze data collected from credible sources. They provide
industry insights and analysis that helps corporations to take timely and accurate
business decision in today\'s globally competitive environment.

For more information visit: http://www.rncos.com/Report/FM004.htm
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Contact Details = RNCOS E-Services Pvt Ltd.
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