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Health Insurance Markets INSURANCE January 2021 For updated information, please visit www.ibef.org Table of Contents Executive Summary 3 Advantage India 4 Market Overview 6 Recent Trends and Strategies 18 Growth Drivers 21 Opportunities 26 Key Industry Contacts 31 Appendix 33 2 Executive summary Rapidly growing Crop, health and insurance segments motor insurance to • The insurance industry in India is expected to reach US$ 280 billion by the end of 2020. drive growth Life insurance industry in the country is • Crop insurance segment expected to grow 12-15% annually over the contributed 20% to gross direct next three to five years. premiums of non-life insurance companies in FY20. • Customers can now pay their health insurance premium in instalments. Earlier, health insurance companies used to Increasing private collect the insurance premiums from customers on annual basis. sector • Enrolments under the Pradhan Mantri Suraksha Bima Yojana contribution (PMSBY) reached 154.7 million • The market share of private sector util December 2019 since the companies in the non-life insurance launch of this scheme. market rose from 15% in FY04 to • Strong growth in the automotive almost 56% in FY21 (unitl April 2020). industry over the next decade will • eIn lif insurance segment, private be a key driver of motor players had a market share of 31.3% in insurance. new businesses in FY20. 3 Advantage India 4 Advantage India 4 Policy support 1 Increasing Investments ► COVID-19 insurance policy’ to attract foreign tourists. ► Reduction in Net Owned Fund requirement from Rs 5,000 crore ► Insurance Bill gives the Insurance (US$ 720 million) to Rs 1,000 crore Regulatory and Development (US$ 140 million) proposed to Authority (IRDAI) full flexibility to facilitate on-shoring of international frame regulations for the sector. transactions. ► Ayushman Bharat PM-JAY SEHAT ► As per Union Budget 2019-20, extended coverage to all residents 100% foreign direct investment of Jammu & Kashmir. (FDI) was permitted for insurance 1 4 intermediaries. 3 Attractive Opportunities ADVANTAGE INDIA ► Insurance reach is still low in India. Overall insurance penetration 2 3 (premiums as % of GDP) in India 2 Robust Demand was 3.71% in FY19, providing a huge underserved market. ► Growing interest in insurance ► IRADI set up a plan to develop a among people, innovative products standard structure for title and distribution channels are aiding insurance for home buyers, which growth. is mandatory for RERA projects. ► High penetration rate for digital ► Life insurance in low-income urban platforms, with an average of 90% areas. using digital platforms at least once ► Strong growth potential for micro a week. insurance, especially from rural areas. Source: DPIIT, ICE 360 Survey 2016, Blue Star Investor Presentation August 2018, *BARC India Universe Update July 2018, Bombay Stock Exchange 5 Market Overview MARKET OVERVIEW 6 Evolution of the Indian insurance sector 2017 1956-72 1993-99 2000-14 2015 onwards . All life insurance . Malhotra Committee . Post liberalisation, the . In 2015, Government . National Health Protection companies were recommended opening up insurance industry recorded introduced Pradhan Scheme will be launched nationalised to form LIC the insurance sector to significant growth; the Mantri Suraksha Bima under Ayushman Bharat, in 1956 to increase private players. number of private players Yojna and Pradhan as per the Union Budget penetration and protect . IRDAI, LIC and GIC Acts increased to 46 in 2017. Mantri Jeevan Jyoti 2018-19. policy holders from were passed in 1999, . In December 2014, Bima Yojana. Insurance companies mismanagement. making IRDAI the Government approved the . Government raised more than US$ 6 . The non-life insurance statutory regulatory body ordinance increasing FDI introduced Atal billion from public issues business was for insurance and ending limit in Insurance sector from Pension Yojana and in 2017 nationalised to form GIC the monopoly of LIC and 26% to 49%. This would Health insurance in in 1972. GIC. likely to attract investment of 2015. US$ 7-8 billion Notes: LIC - Life Insurance Corporation of India, GIC - General Insurance Corporation of India, IRDAI - Insurance Regulatory and Development Authority Source: IRDAI 7 IRDAI governs the Indian insurance sector . Insurance Regulatory and Development Authority (IRDAI) • Established in 1999 under the IRDAI Act • Responsible for regulating, promoting and ensuring orderly growth of the insurance and re-insurance business in India Ministry of Finance Government of India Insurance Regulatory and Development Authority (IRDAI) Specialised Standalone Health Re-insurance (including Foreign Life insurance (24 General insurance Insurers Insurance Reinsurers Branches/Lloyd's India) players) (27 players) (2 players) (7 player) (12 players) Public (1) Public (6) Public (2) Private (7) Public (1) Private Private (23) Private (21) (11) Source: IRDAI 8 Increasing penetration and density of insurance over the years Insurance Penetration (Premiums as % of GDP)) Insurance Density (Premiums Per Capita) (US$) 4 3.7 80 74 3.7 73 3.4 3.5 3.3 3.5 0.9 1.0 70 18 19 0.7 0.8 59.7 3 0.7 60 55 54.7 13.2 2.5 2.7 2.7 2.8 2.7 50 11 11.5 55 55 2.6 46.5 2 40 44 43.2 1.5 30 1 20 0.5 10 0 0 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 Life Non-Life Life Non-Life . The overall market size of the insurance sector is expected to reach US$ 280 billion by the end of 2020. India’s insurance penetration was pegged at 3.71% in FY19, with life insurance penetration at 2.74% and non-life insurance penetration at 0.97%. In terms of insurance density, India’s overall density stood at US$ 74 in FY19. With the launch of standard term insurance policy, Saral Jeevan Bima, effective from January 01, 2021, the term life insurance business in India is expected to boost and expand the insurance penetration rate in a new and larger customer segment. Source: Invest India, Swiss Re Institute 9 Vibrant life insurance market Life Insurance Premiums (US$ billion) Gross Premiums Written in India (US$ billion) 50.0 120.0 45.0 40.0 100.0 108.4 43.9 42.0 35.0 41.0 94.5 37.7 36.7 80.0 26.1 84.7 30.0 35.3 82.8 25.0 30.7 30.1 71.8 60.0 20.0 27.2 15.0 21.5 40.0 10.0 5.0 20.0 8.4 9.7 0.0 FY16 FY17 FY18 FY19 FY20 FY21* 0.0 FY16 FY17 FY18 FY19 FY20 FY21* New Business Premium Renewal Premium . Life insurance in India has a huge growth potential. By 2020, it is expected to account for 35% of India’s total savings. Gross premium collected by life insurance companies in India increased from Rs 2.56 trillion (US$ 39.7 billion) in FY12 to Rs 7.31 trillion (US$ 94.7 billion) in FY20. In FY21*, premium from new business of life insurance companies in India stood at US$ 26.1 billion. In November 2020, Bharti AXA Life Insurance reported a 10% renewal premium increase of Rs. 594 crore (US$ 80.80 million) in the first-half of FY21. Note*- New Business Premium Value is until December 2020, Renewable Premium Value and Gross Premiums Written in India Value is until June 2020 Source: Insurance Regulatory and Development Authority, Deloitte - Redefining Insurance 10 Increasing private sector activity in life insurance segment Share of public and private sector in life insurance segment (%) Share of public and private sector in life insurance segment (%) FY03 FY20 2.00% 31.3% Public sector Public sector Private sector Private sector 68.7% 98.00% . Over the years, share of private sector in life insurance segment grew from around 2% in FY03 to over 31.3% in FY20. In November 2020, Reliance Nippon Life Insurance (RNLI) leased a 40,000 sq. ft. space on a five-year lease to house its corporate headquarters at an Adani Realty project in BKC. Note: Figures are as per latest data available, share based on new business premium collection Source: IRDAI, Life Insurance Council 11 LIC continues to dominate life insurance segment . AsY of F 20, life insurance sector had 24 private players in Premiums Market Share in First Year Life Insurance (FY20) comparison to only four in FY02. With nearly 53% of the new business market share in FY20, Life Insurance Corporation of India, the only public sector life insurer in the country, continued to be the market leader . Among private sector lenders, HDFC Standard Life Insurance was leading in new business premium with a market share of over 14%, LIC followed by SBI Life Insurance (~ 9%) and ICICI Prudential Life 17.48% Insurance (~ 6%) in FY20. HDFC Standard Life . Life insurers reported 14% YoY growth in individual annualised 6.35% SBI Life Insurance premium equivalent (APE) in October 2020, compared with 4% YoY 52.78% in September 2020 9.15% ICICI Prudential Life Insurance Others 14.25% Source: Life Insurance Council, IRDAI 12 Strong growth in non-life insurance market Gross premiums underwritten of non-life insurers (US$ billion) Number of Non-Life Insurance Policies (million) 200 20.00 CAGR 131% 180 19.90 19.9 160 19.80 182.8 140 19.70 161.2 120 19.60 126.5 100 126.1 19.50 80 19.40 19.4 60 19.30 40 19.20 20 19.10 0 FY20 FY21* FY16 FY17 FY18 FY19 . Gross premiums underwritten of non-life insurers in India reached US$ 19.9 billion in FY21 (between April and December) from US$ 19.4 billion in FY20 (between April and December). In October 2020, health insurance witnessed an increase in premiums at Rs.
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