Reinsurance Market in India 2020

     

 This research report presents a comprehensive overview on the India Reinsurance market, further presents an analysis on its products and services in the market and the leading companies operating in the Reinsurance industry. You will also find many facts & figures and statistics related to the India Reinsurance market.

Along with a detailed overview, this report also has SWOT analysis and PEST analysis which provide a deeper insightful look into the Indian Reinsurance market. There’s also regional analysis which furthermore increases the credibility of the data provided in this report. The data has been presented in such a way that is easy to understand. You will find pie charts, graphs, and other visual representations that will provide better sense of the information.

The research report widely covers the business profiles of all the key players that operate in the India Reinsurance market. These companies have been thoroughly profiled and the report contains information on their growth projections, development prospects, their business strategies, sales data, and their current business revenue, to the expected revenue. Based on the report, you can understand what the leading players are planning to do in the next 5 years, and this data will help you to make important business decisions. General Insurance Corporation of India (GIC), Axa France Vie - India Reinsurance Branch, General Reinsurance AG - India Branch, Hannover Re - India Branch, Lloyd’s India and more - all the top companies operating in the India Reinsurance market and their business strategies have been profiled in this research report.

India is the fastest-growing reinsurance market in the world. The industry is expected to witness notable growth due to the recent regulatory changes imposed by the Insurance Regulatory and Development Authority of India (IRDAI), which encourages offshore companies to set up operations in the country. Further, low insurance penetration, frequent occurrence of severe catastrophes, recent regulatory reforms pertaining to crop insurance, and the entry of numerous foreign players are expected to propel industry growth during the forecast period.

The total premium generated from the reinsurance market was valued at ~INR 460.59 Bn in FY 2019 and is expected to reach ~INR 989.75 Bn by FY 2025, expanding at a CAGR of ~14.03 % during the FY 2020-FY 2025 period.

Segment insights:

The General Insurance Corporation (GIC) has a monopoly in the market with more than 80% stake in the Indian reinsurance business. Foreign players like AXA France Ve, Munich Re and Swiss Re have been underwriting risks for Indian insurers. They have also been gradually increasing their share in the industry since 2017.
Further, in terms of operations, non-life insurance business accounted for more than 95% of the total premium ceded in FY 2019. Fire and motor insurance businesses add the highest share of the premium to the Indian reinsurance industry.

Market trends:

Adoption of new technologies, capital market structuring techniques, and bundling of value-added services are expected to drive the reinsurance industry in the coming years. The industry is witnessing a change in the service offerings to optimize operations and the overall business model. Further, innovative solutions such as InsurTech are expected to transform the industry value chain during the forecast period.

Impact of COVID-19:
Reinsurers and insurers have been severely affected by the economic repercussions in the wake of the pandemic. 
New insurance businesses have been postponed, existing renewals have been delayed, and industry players are scouting for new products, channels, pricing discounts, and even new regulatory compliance requirements. The impact is most significant across the casualty, property, marine, liability, and contingency classes of business. 
However, technology is expected to be the most noteworthy remedial measure to assess and manage the impact of the pandemic on the industry.

Companies covered:

General Insurance Corporation of India (GIC)
Axa France Vie - India Reinsurance Branch
General Reinsurance AG - India Branch
Hannover Re - India Branch
Lloyd’s India 
Munich Re India Services Private Limited
RGA Life Reinsurance Company of Canada – India Branch
Scor Se – India Branch
Swiss Re Services India Private Limited
XL Insurance Company SE – India Reinsurance Branch

With this research report, you can get an insightful view of the India Reinsurance market. So, if you are looking to make smart investments, you will be at an advantage with all the relevant data at your fingertips. This report also contains market analysis, growth analysis, and competitive landscape report, so if you are looking to start your own business in the India Reinsurance market, you can use this report to assess business opportunities and make business strategies. 

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