Amazon enters the Indian insurance market
Amazon will soon distribute life, health and damage to property insurance products in India where the insurance market is booming. The global e-commerce giant has filed an application for a licence with the Indian supervisory authorities.
Amazon will enter into competition with Paytm, a subsidiary of China's online distribution giant Alibaba. In addition, Amazon and Paytm will face Flipkart, India's largest e-commerce site.
The presence of large groups, coupled with rising incomes and flexible regulatory framework, has contributed to the improvement of insurance penetration rate in India. This rate, which was 2.71% in 2001, reached 3.7% in 2017.
It should be noted that at the end of 2017, 48% of the Indian non-life market and 29% of the life market were controlled by private insurers.
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