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Insurance
For updated information, please visit www.ibef.org
MARCH
2013
2
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: Tata AIG
Opportunities
Useful information
For updated information, please visit www.ibef.org
Insurance MARCH
2013
3
Insurance
For updated information, please visit www.ibef.org ADVANTAGE INDIA
Advantage India
Advantage India
• Growing interest towards insurance among people; innovative products and distribution channels aiding growth
• Increasing demand for insurance offshoring
• Life insurance in low-income urban areas
• Health insurance, pension segment
• Strong growth potential for microinsurance, especially from rural areas
• Growing participation of the private sector with market share of 30 per cent in FY11 as against 2 per cent in FY01
• The proposed increase in FDI limit to 49 per cent from 26 per cent will further fuel investments
• Tax incentives on insurance products • Passing of Insurance Bill gives IRDA
flexibility to frame regulations • Clarity on rules for insurance IPOs
which will infuse liquidity into the industry
• Repeated attempts to make the sector more lucrative for foreign participants
Market size: USD139 billion
FY15E
Market size: USD70 billion
FY11
Notes: 2015E - Expected value for 2015; estimate according to BMI, IRDA - Insurance Regulatory and Development Authority,
IPO - Initial Public Offering, FDI - Foreign Direct Investment
Strong demand Attractive opportunities
Increasing investments Policy support
MARCH
2013
4
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: Tata AIG
Opportunities
Useful information
For updated information, please visit www.ibef.org
Insurance MARCH
2013
5 For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS
Evolution of the Indian insurance sector
• The life insurance sector was made up of 154 domestic life insurers, 16 foreign life insurers and 75 provident funds
• All life insurance companies were nationalised to form LIC in 1956 to increase penetration and protect policy holders from mismanagement
• The non-life insurance business was nationalised to form GIC in 1972
• Malhotra Committee recommended opening up the insurance sector to private players
• IRDA, LIC and GIC Acts were passed in 1999, making IRDA the statutory regulatory body for insurance and ending the monopoly of LIC and GIC
• Post liberalisation, the insurance industry has recorded significant growth and the number of private players increased to 41 in 2011*
• Customers are more conscious of the benefits of insurance and its importance for a secure future
Notes: * figure as on September 30, 2011 LIC - Life Insurance Corporation of India
GIC - General Insurance Corporation of India IRDA - Insurance Regulatory and Development Authority
Before 1956
1956-1972
1993-99
2000 onwards
Insurance MARCH
2013
6 For updated information, please visit www.ibef.org
IRDA governs the Indian insurance sector
→ Insurance Regulatory and Development Authority (IRDA) → Established in 1999 under the IRDA Act → Responsible for regulating, promoting and ensuring orderly growth of the insurance and re-insurance
business in India
MARKET OVERVIEW AND TRENDS
Insurance
Insurance Regulatory and Development
Authority (IRDA)
Life Insurance (24
players)
Non-Life Insurance (27
players)
Public (1)
Private (23)
Public (6)
Private (21)
Ministry of Finance
(Government of India)
Source: IRDA, Aranca Research
Re-insurance (1 player)
Public (1)
MARCH
2013
7 For updated information, please visit www.ibef.org
India’s lucrative insurance market
→ India is one of the fastest growing insurance markets in the world
→ India is set to beat* other emerging markets in growth over 2010-12
Projected average real premium growth rate (2010-2012)
Source: Swiss Re Estimates, Aranca Research Note: * - estimates by Swiss Re
MARKET OVERVIEW AND TRENDS
Insurance
2.4%
3.2%
6.6%
7.8%
11.3%
3.1%
4.0%
5.2%
9.2%
10.8%
0.0% 5.0% 10.0% 15.0%
Industrialized Countries
World
Total Asia
Emerging Markets
India
Life Insurance Nonlife Insurance
MARCH
2013
8 For updated information, please visit www.ibef.org
→ The total insurance market has grown from USD13 billion in FY02 to USD70 billion in FY11
→ Over FY02-11, premiums have increased at a CAGR of 20.5 per cent
Gross premiums written in India (USD billion)
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance
3 3 3 4 4 5 6 7 7 9 10 12 14
17 22
33
42 46
55 61
0
10
20
30
40
50
60
70
80
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
Non-life Insurance Life insurance
MARCH
2013
Premiums have been growing at a brisk pace
9 For updated information, please visit www.ibef.org
High growth in life insurance premiums (USD billion)
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance
→ The life insurance market has grown from USD10 billion in FY02 to USD61 billion in FY11
→ Over FY02-11, life insurance premiums increased at a CAGR of 21.6 per cent
2 3 6 11 13 17 18
10 11 13
16 19
27
31 33
39
42
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
Private Public
MARCH
2013
Life insurance market appears particularly vibrant
10 For updated information, please visit www.ibef.org
Penetration of life insurance has also increased over the years
→ Penetration rate has increased to 4.4 per cent in FY11 from 2.2 per cent in FY02
→ This rate is above the global average of 4.0 per cent
Higher penetration rates (%) over years
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance
2.2
2.6
2.3
2.5
2.5
4.1
4.0 4.0
4.6
4.4
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
MARCH
2013
11 For updated information, please visit www.ibef.org
Increasing private sector activity in life insurance segment … (1/2)
→ LIC is the largest insurance company and accounted for the market share of 70 per cent in FY11
→ Share of private sector has been increasing over the years; it increased from around 2 per cent in FY03 to around 30 per cent in FY11
Greater private sector activity (% share) over the years
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance
2 5 9 14 18 26 29 30 30
98 95 91 86 82 74 71
70 70
0%
20%
40%
60%
80%
100%
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
Private sector Public sector
MARCH
2013
12 For updated information, please visit www.ibef.org
Increasing private sector activity in life insurance segment … (2/2)
→ LIC is still the market leader, with a share of 70 per cent
→ The share of private sector players has increased to 30 per cent from 2 per cent over FY03-11
Market share (FY11)
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance
70%
6%
4%
3% 3%
2% 2%
2% 7%
LIC
ICICI Prudential
SBI Life
Bajaj Allianz
HDFC Standard
Reliance
Max New York
Birla Sun Life
Others
MARCH
2013
13 For updated information, please visit www.ibef.org
Non life insurance market has also posted strong growth
→ The non-life insurance market has grown from USD2.6 billion in FY02 to USD12.1 billion in FY12*
→ Over FY02-12*, non-life insurance premiums have increased at a CAGR of 16.7 per cent
Healthy growth in non-life insurance premiums (USD billion)
Source: IRDA, Aranca Research Note: * - Data for FY12 is provisional
MARKET OVERVIEW AND TRENDS
Insurance
0.1 0.3 0.5 1 1 2 2 3 3
4 5 2 3 3 3
3 4
4 4
5
6
7
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12*
Private Public
MARCH
2013
14 For updated information, please visit www.ibef.org
With penetration rates low, there is strong potential for growth
→ Penetration rate has been in the 0.56-0.70 per cent range over FY02-12
→ Strong potential for growth apparent from comparison with the global average (3 per cent)
Penetration rates (%) over the years
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance
0.6
0.7
0.6
0.6
0.6
0.6 0.6 0.6
0.6
0.7
0.7
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12
MARCH
2013
15 For updated information, please visit www.ibef.org
→ Motor insurance forms the largest non-life segment with a share of 41 per cent in FY12
→ Health insurance is the fastest growing segment and made up 23 per cent of the total in FY12
Segment wise breakup (%, FY12*)
Source: IRDA, Aranca Research Note: * - Data for FY12 is provisional
MARKET OVERVIEW AND TRENDS
Insurance
9%
5%
41% 23%
22% Fire
Marine
Motor
Health
Others
MARCH
2013
Shares in non-life insurance market: Motor insurance leads the way
16 For updated information, please visit www.ibef.org
→ The top four players are public corporations and accounted for 52 per cent of the total market in FY12
→ Private players are not far behind and compete better in the non-life insurance segment
Market Share (FY12*)
Source: IRDA, Aranca Research Note - * Data for FY12 is provisional
MARKET OVERVIEW AND TRENDS
Insurance
15%
14%
13%
10% 9%
6%
3%
30%
New India
United
National
Oriental
ICICI Lombard
Bajaj Allianz
IFFCO Tokio
Others
MARCH
2013
Private sector participation is higher in the non-life segment
17 For updated information, please visit www.ibef.org
Notable trends in the insurance sector
MARKET OVERVIEW AND TRENDS
Insurance
Emergence of new distribution channels
• New distribution channels like bancassurance, online distribution and NBFCs have widened the reach and reduced costs
• Firms have tied up with local NGOs to target lucrative rural markets
Growing market share of private players
• In the life insurance segment, share of the private sector in total premiums increased to 30 per cent in FY11 from 2 per cent in FY03
• In the non-life insurance segment, share of the private sector increased to 41 per cent from 9.5 per cent cent over the same period
Launch of Innovative products
• The life insurance sector has witnessed the launch of innovative products such as Unit Linked Insurance Plans (ULIPs)
• Other traditional products have also been customised to meet specific needs of Indian consumers
Notes: EV - Embedded Value
Mounting focus on EV over profitability
• Large insurers are continuing to expand, focusing on cost rationalisation and aligning business models to realise reported embedded value (EV), and generate value from future business rather than focus on present profits
MARCH
2013
18
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: Tata AIG
Opportunities
Useful information
For updated information, please visit www.ibef.org
Insurance MARCH
2013
19 For updated information, please visit www.ibef.org GROWTH DRIVERS
Notes: Financial savings denote investment inequity and debt instruments
Insurance
→ Increasing savings drive insurance
→ India’s robust economy is expected to sustain the growth in insurance premiums written. Higher personal disposable incomes would result in higher household savings that will be channeled into different financial savings instruments like insurance and pension policies
Household and financial savings projections for 2015
Source: ICICI, Aranca Research
89
306
540
2000 2010 2015E
Household Savings (USD billion)
45
141
248
2000 2010 2015E
Financial Savings (USD billion)
MARCH
2013
Demand growth for insurance products is set to accelerate … (1/2)
20 For updated information, please visit www.ibef.org GROWTH DRIVERS
Insurance
→ Growing affluent middle class
→ The emergence of an affluent middle class is triggering demand for both life and non-life personal insurance lines
→ A rising number of young professionals are opting for health insurance, motor insurance and unit-linked insurance products (ULIPs)
Indian residents shifting from low- to high-income groups
Source: McKinsey Quarterly, Aranca Research
0
10
20
30
40
50
60
70
2005 2010 2015 2020 2025
Strivers Seekers Deprived Aspirers Globals
MARCH
2013
Demand growth for insurance products is set to accelerate … (2/2)
21 For updated information, please visit www.ibef.org GROWTH DRIVERS
Insurance
Tax incentives
• Insurance products are covered under the EEE (exempt, exempt, exempt) method of taxation. This translates to an effective tax benefit of approximately 30 per cent on select investments (including life insurance premiums) every financial year
Union Budget 2012-13
• The proposed Insurance (Amendment) Bill would empower IRDA to introduce forward - looking regulations to promote sustainable growth as it would give IRDA flexibility to frame regulations
• The government has also extended Rashtriya Swasthya Bima Yojana (RSBY) to cover unorganised sector workers in hazardous mining and associated industries like slate and slate pencil, dolomite, mica and asbestos etc. This would help in further growth of the insurance sector
Life insurance companies allowed to
go public
• IRDA recently allowed life insurance companies that have completed 10 years of operations to raise capital through initial public offerings (IPOs)
• Companies will be able to raise capital if they have embedded value of twice the paid up equity-capital
Approval of increase in FDI limit and revival
package by the government
• Increase in FDI limit will help companies raise capital and fund their expansion plans
• Revival package by government will help companies to get faster product clearances, tax incentives, and ease in investment norms
MARCH
2013
Favourable policy measures have aided the sector
22 For updated information, please visit www.ibef.org
→ The IRDA Act, 1999 allowed an FDI of up to 26 per cent in the insurance sector on automatic route subject to obtaining license from IRDA
→ Cabinet has approved increase of FDI limit to 49 per cent through the Insurance Laws Amendment Bill (2008)
GROWTH DRIVERS
Top Life Insurance Co Foreign partner Domestic partner Year
Prudential plc (26%) ICICI Bank Ltd (74%) 2000
Allianz AG (26%) Bajaj Finserv Ltd (74%) 2001
BNP Paribas Assurance (26%) SBI (74%) 2001
Standard Life (26%) HDFC Bank (72.4%) 2000
Sun Life Financial Inc (26%) Aditya Birla Group (74%) 2000
Nippon Life Insurance (26%) Reliance Capital (74%) 2011
New York Life International (26%) Max India (74%) 2000
Insurance MARCH
2013
Major foreign investment in insurance was done in 2000-01 … (1/2)
23 For updated information, please visit www.ibef.org
Source: Aranca Research
GROWTH DRIVERS
Insurance MARCH
2013
Top Life Insurance Co Foreign partner Domestic partner Year
Fairfax Financial Holdings Ltd (26%) ICICI Bank Ltd (74%) 2001
Allianz AG (26%) Bajaj Finserv Ltd (74%) 2001
Tokio Marine & Nichido Fire Insurance Group
(26%) IFFCO (74%) 2000
Major foreign investment in insurance was done in 2000-01 … (2/2)
24 For updated information, please visit www.ibef.org
→ Most of the existing players are tying up with banks to expand their distribution network
→ Few players like HDFC Life are planning to go public; others are selling stakes in order to generate the funds
GROWTH DRIVERS
IndiaFirst Life Insurance • USD28 million in 2010; plans to invest USD45 million in 2011
Aviva Life • USD26 million in 2010
Reliance Life • USD58 million in 2011
Canara HSBC Life • USD22 million in 2011
Bharti AXA Life • Plans to inject USD100 million in 2011
AEGON Religare Life • USD71 million in 2010; plans to invest USD445 million through 2016
ING Vysya Life • USD53 million in 2010
HDFC Life • Going public by FY14
Insurance
Investments from the private sector are increasing as they see a huge opportunity in the growing insurance sector of the country
Source: Towers Watson, Assorted news articles, Aranca Research
MARCH
2013
Private sector investment in insurance is rising
25
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: Tata AIG
Opportunities
Useful information
For updated information, please visit www.ibef.org
Insurance MARCH
2013
26 For updated information, please visit www.ibef.org
Success of SBI Life…
SUCCESS STORIES: TATA AIG
Insurance
Source: Company website, Aranca Analysis
1.2
1.5
2.1
2.7 2.7
1.0
1.4
1.8
2.2
2.6
FY08 FY09 FY10 FY11 FY12
7.1
37.5
57.5
76.3
115.8
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
FY08 FY09 FY10 FY11 FY12
Total premium collected in (USD billion) Net profit (USD million)
→ SBI Life Insurance is a joint venture between Indian banking giant State Bank of India (74 per cent) and France headquartered BNP Paribas Assurance (26 per cent). The company primarily deals in life insurance and pension plans. Currently, the company has 629 branches in India. In FY11, it issued around one million insurance policies
→ Between FY08 and FY12, SBI Life’s profits increased at a CAGR of 101 per cent; in FY12 alone annual profits increased 52 per cent to USD115.8 million. It was also the major private life insurer in new business premium during FY12
MARCH
2013
27 For updated information, please visit www.ibef.org SUCCESS STORIES: TATA AIG
Insurance
Objective for establishing microinsurance
• Fulfilment of corporate social responsibility
• Increase brand recognition to boost market entry - today’s micro
clients maybe tomorrow’s high-premium clients
• To target untapped markets and income groups of rural India
Key strategic decision
• The microinsurance business model must be separated from the
regular insurance business model
• Selling microinsurance would require new, alternate distribution
mechanisms
The microinsurance business model
Source: Company website, Aranca Analysis
• A special microinsurance team called the Rural & Social Team is formed
• Identify and partner with credible NGOs operating in the local community
• NGO suggests good agents for microinsurance policies (micro-agents)
• A group of micro-agents called a community rural insurance group (CRIG) is formed; it relies on direct marketing of microinsurance policies to local community members
• Local operations like collecting and aggregating the premiums, training micro-agents, and helping to distribute benefits looked after by the NGO; this saves administrative costs for Tata-AIG
MARCH
2013
New business unit Partnering with NGOs
Forming CRIGs Local operations managed by NGOs
Success of Tata-AIG microinsurance … (1/3)
28 For updated information, please visit www.ibef.org
Source: Company website, Aranca Analysis
Rural obligations specified by IRDA exceeded
Insurance
SUCCESS STORIES: TATA AIG
Key Takeaway
• Partnerships with NGOs have been instrumental in the success of
Tata-AIG microinsurance. They have helped select agents and
reduced the costs of front-end administrative services. Most
crucially, their local know - how and connections have helped
build trust for the insurance products in low-income rural areas
19%
21%
18%
14%
10%
11%
18%
16%
14%
12%
9%
7%
0 0.05 0.1 0.15 0.2 0.25
2007
2006
2005
2004
2003
2002
Required Achieved
MARCH
2013
Success of Tata-AIG microinsurance … (2/3)
29 For updated information, please visit www.ibef.org
Source: Company website, Aranca Analysis
Insurance
SUCCESS STORIES: TATA AIG
Source: Company website, Aranca Analysis
Robust growth of microinsurance expected
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
2008 2009 2010 2011 2012
Number of policies
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2008 2009 2010 2011 2012
Premium- First year (FYP) and Renewals (RYP)
FYP RYP
MARCH
2013
Success of Tata-AIG microinsurance … (3/3)
30
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: Tata AIG
Opportunities
Useful information
For updated information, please visit www.ibef.org
Insurance MARCH
2013
31 For updated information, please visit www.ibef.org OPPORTUNITIES
→ India’s life insurance market has grown phenomenally over the past few years; premium for life insurance has grown at about 10 per cent in FY11
→ Insurance density and penetration remain at very low
levels compared to developed countries; this points towards strong potential for growth in future
→ Rapid development in Tier II and Tier III cities and
growth in new bankable households have led to the emergence of a large insurable class with an appetite for sophisticated life insurance products
→ Business models would need to be customised accordingly, to maintain cost effectiveness as most low-income customers would be small-ticket accounts though huge in numbers Source: Asia Insurance Review, Aranca Research
Notes: E in the axis for the figures above refer to estimates
The low-income urban opportunity in India
Insurance
1,300
4,100
2007 2012(E)
Household insurance premiums (INR)
30%
40%
2007 2012(E)
Urban low-income insurance penetration
CAGR: 26%
MARCH
2013
Life insurers: Low-income urban and pension markets … (1/2)
32
Formal pension system penetration (2010)
13%
Workers covered
Workers not covered
For updated information, please visit www.ibef.org OPPORTUNITIES
→ Increasing life expectancy, favourable savings, and greater employment in the private sector will fuel demand for pension plans
→ The opening of the pension market with the passing of the PFRDA Bill 2011 will make the pension market more conducive for private life insurers
→ Proposed new pension bill by government will further provide new opportunities to insurers
→ There is scope to introduce new-generation pension
products such as Variable Annuity and Inflation Indexed Annuity
Source: McKinsey Quarterly, Aranca Research Notes: PFRDA - Pension Fund Regulatory and
Development Authority
Opportunity in the Indian pension and annuity market
Insurance
2
4
0
1
1
2
2
3
3
4
4
5
2010 2025(E)
CAGR: 7%
Indian retirement market (INR trillion)
MARCH
2013
Life insurers: Low-income urban and pension markets … (2/2)
33 For updated information, please visit www.ibef.org OPPORTUNITIES
→ In FY11, non-life insurance has showed growth of 17.5 per cent in terms of new policy issued
→ Despite posting strong growth, non-life insurance sector remains far from tapped, with penetration rates (premium to GDP ratios) remaining low at 0.7 per cent in 2011 as compared to average of 4.6 per cent in US and 3 per cent in Europe
→ Strong growth in the automotive industry over the next decade will be a key driver of motor insurance
→ Proposed IRDA draft envisages a 10-80 per cent rise in premium rates for the erstwhile loss making third-party motor insurance
Source: *ACMA Estimates, Aranca Research Notes: E in the axis for the figures above refer to estimates
Vehicle production in India* (million units)
Insurance
2.8 0.7
9 9.2
2.3
32
0
5
10
15
20
25
30
35
CarProduction
Commercial 2&3wheelers2010 2020E
Breakup of non-life insurance market in India (2012)
41.3%
22.8%
9.5%
4.9%
21.6% Motor insurance
Health insurance
Fire insurance
Marine insurance
other
MARCH
2013
Non-life insurers: Motor and health insurance markets … (1/2)
34 For updated information, please visit www.ibef.org OPPORTUNITIES
→ Only 1.5-2 per cent of total healthcare expenditure in India is currently covered by insurance providers
→ From just 2 per cent of the total non-life insurance market in 2007, health insurance now contributes 22.8 per cent
→ Health insurance continues to be one of the most
rapidly growing sectors in the Indian insurance industry and reported 18.7 per cent growth in gross premiums in FY12
→ Absence of government-funded health insurance makes the market attractive for private players
→ IRDA recommended the government to bring down capital requirements for standalone health insurance companies from USD21 million to USD10 million Source: McKinsey Quarterly, Annual report IRDA,
Aranca Research
Health insurance penetration
Insurance
14%
86%
Health insurance penetration (2010)
Population covered
Population not covered
110
220
2005 2015
Health insurance (million policies)
CAGR: 8%
MARCH
2013
Non-life insurers: Motor and health insurance markets … (2/2)
35 For updated information, please visit www.ibef.org OPPORTUNITIES
Source: IRDA, McKinsey, Aranca Research
Insurance
The business environment in India’s microinsurance sector supports healthy growth
Macro level
(The enabling environment)
Intermediate level
(Support infrastructure)
Micro level
(Policy holders)
• IRDA drafted microinsurance guidelines in 2010 which contain a number
of favourable measures such as
• Lower threshold limits for agents’ commissions
• Rural areas must account for 7 per cent of new life insurance
policies in 1st year of firm’s operation and rise to 20 per cent over
the next 10 years
• In order to reduce microinsurance distribution costs, IRDA proposed
microinsurance schemes to supplement existing government insurance
schemes
• The number of regional rural banks and NGOs operating in the rural
sector will aid distribution of microinsurance products
• The annual income growth rate in rural India is expected to increase to
3.6 per cent over 2010-30 from 2.8 per cent over 1990-2010
• About 5 million people currently have microinsurance while the entire
market is expected to be in the range of 140-300 million
MARCH
2013
Microinsurance: Tapping India’s rural wealth
36
0.7 0.4
2.3
9.3
0.0
2.0
4.0
6.0
8.0
10.0
FY08 FY09 FY10 FY11
398 208
1,093
3,174
0
500
1,000
1,500
2,000
2,500
3,000
3,500
FY08 FY09 FY10 FY11
For updated information, please visit www.ibef.org
Strong potential in crop insurance
Insurance
Source: World Bank, Aranca Research Note: Figures mentioned above are as per Indian agricultural year
Farmers covered under crop insurance (USD millions) Sum insured (USD million)
→ Crop insurance market in India is the largest in the world and covers around 9 million farmers
→ Between 2008 and 2011, crop insurance in the country increased at a CAGR of 139 per cent
MARCH
2013
OPPORTUNITIES
37
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: Tata AIG
Opportunities
Useful information
For updated information, please visit www.ibef.org
Insurance MARCH
2013
38 For updated information, please visit www.ibef.org USEFUL INFORMATION
Industry Associations
Insurance Regulatory and Development Authority (IRDA) 3rd Floor, Parisrama Bhavan, Basheer Bagh, Hyderabad - 500 004 Phone: 91-040-23381100 Fax: 91-040-66823334 E-mail: [email protected] Life Insurance Council 4th Floor, Jeevan Seva Annexe Bldg. S. V. Road, Santacruz (W), Mumbai - 400054 Phone: 91-22-26103303, 26103306 E-mail: [email protected] General Insurance Council 5th Floor, Royal Insurance Building, 14, Jamshedji TATA Road, Churchgate , Mumbai - 400020 Phone: 91-22-22817511, 22817512 Fax: 91-22-22817515 E-mail: [email protected]
Insurance MARCH
2013
39 For updated information, please visit www.ibef.org
Glossary
→ ACMA: Automotive Component Manufacturers Association of India
→ EV: Embedded Value
→ FDI: Foreign Direct Investment
→ FY: Indian financial year (April to March) → So FY12 implies April 2011 to March 2012
→ GOI: Government of India
→ INR: Indian Rupee
→ OEM: Original Equipment Manufacturers
→ NATRiP: National Automotive Testing and R&D Infrastructure Project
→ SEZ: Special Economic Zone
→ USD: US Dollar
→ Conversion rate used: USD1= INR 48
→ Wherever applicable, numbers have been rounded off to the nearest whole number
USEFUL INFORMATION
Insurance MARCH
2013
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India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation with IBEF. All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval of IBEF. This presentation is for information purposes only. While due care has been taken during the compilation of this
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Insurance MARCH
2013
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