CARE Research has released report on Insurance Industry – “Growth prospects to improve amidst favorable demographics”
Key highlights of the report include
CARE Research projects CY14e/CY15e to be comparatively better years for global premium income as compared to the period CY11-12 on account of 1) improving mortgage market in USA, 2) fiscal and monetary stimulus in China, 3) huge penetration gap in emerging market, and 4) bottoming out of crisis and gradual recovery in Euro zone.
CARE Research is of the opinion that adoption of new regulation, expectation of economic growth and rebound in capital market in India/China will accelerate the premium growth of the Asian region market. This would be increasingly supported by Southeast Asia’s robust premium growth coming from 1) rising income levels and 2) increasing risk awareness.
CARE Research projects Indian insurance industry premium income to grow during the period FY14-18e at a much faster pace as compared to FY09-13p. This is attributable to 1) improving structural and demographic drivers, and 2) stable and supportive regulatory developments. Also, growth in non-life insurance industry premium is expected to outpace the growth of life insurance industry primarily due to huge under penetration.
CARE Research is of the opinion that established industry players will have to focus on raising the productivity of costs incurred towards employee’s training and development, establishing efficient/effective distribution channels, initial set-up and marketing activities undertaken for improving awareness/education level.
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