A 14.9% annual average growth in non life insurance over the last five years

According to the statistics bureau Trimetric, the Indian non life insurance recorded an annual average growth of 14.9% between 2010 and 2014. This growth is due to several factors: the strengthening of the middle classes and purchasing power, the recognition of the need for insurance by population and the State expenditures in various industries including construction.

In 2014, the motor insurance accounted for 54% of gross written premiums. Analysts believe that this industry will continue to grow at a rate of 20.2% between 2014 and 2018 against 15.4% for fire insurance. Trimetric also confirms that the market remained highly concentrated in 2014 with 77.5% of non life written premiums shared by ten insurers. The four largest insurance companies, all state owned, control 49.4% of the activity in this class of business.

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