Malaysia stands as the fourth largest economy in Southeast Asia, characterized by robust economic growth, which reached an impressive 8.7% in 2022. The nation’s population is approaching 32.7 million people, and it boasts a GDP per capita of $12,400. As an upper middle-income country, Malaysia’s economic landscape is heavily influenced by consumption and international trade, constituting the most crucial components of its GDP. In 2022, Malaysia’s total exports and imports reached a remarkable RM2.85 trillion, equivalent to about $627 billion, marking a substantial 27.8% year-on-year increase. This achievement marked the second consecutive year in which Malaysia surpassed the 2 trillion-ringgit threshold.

During the period from 2011 to 2021, Malaysia’s total and foreign currency insurance premiums exhibited steady growth, with a Compound Annual Growth Rate (CAGR) of 3.2%. Much of this growth can be attributed to the life and takaful segment, which achieved a robust CAGR of 4.5%, resulting in an increase in penetration from 3.1% in 2011 to 3.9% in 2021. Conversely, the general (non-life) insurance and takaful markets experienced more moderate growth, with a CAGR expansion of only 0.4% over the last decade.

The automobile insurance sector significantly dominates the insurance landscape in Malaysia, representing 46% of the general insurance market and nearly two-thirds of the general takaful market. Following closely are fire insurance and health/personal accident insurance. Meanwhile, the takaful market is primarily characterized by personal lines, with automobile and health insurance collectively accounting for about 20% of the total market. These two segments hold a substantial 75% share of the takaful market, compared to 57% in the general insurance segment.

Between 2017 and 2021, Malaysia’s annual premium income exhibited a fluctuating trend, experiencing a minimal CAGR of 0.03%, according to CRI’s analysis. However, as the Malaysian economy gradually rebounds beyond 2022, the growth rate of premium income within the Malaysian insurance industry is expected to rise.

CRI anticipates the Malaysian insurance market will experience growth in the future. This growth will likely be driven by heightened public awareness of insurance, the increase in disposable income among the population, and the influence of insurtech, which is making insurance services more tailored and accessible. The projection suggests that Malaysia’s insurance premium income will reach $5.03 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 3.6% from 2023 to 2032.

Topics covered:

• Overview of the Malaysian Insurance Industry
• Economic and Policy Environment of the Malaysian Insurance Industry
• What is the impact of COVID-19 on the Malaysian insurance industry?
• Malaysia Insurance Industry Market Size, 2023-2032
• Analysis of major Malaysian insurance industry players
• Key Drivers and Market Opportunities in the Malaysian Insurance Industry
• What are the key drivers, challenges and opportunities for the insurance industry in Malaysia during the forecast period 2023-2032?
• Which are the key players in the Malaysia insurance industry market and what are their competitive advantages?
• What is the expected revenue of Malaysia insurance industry market during the forecast period of 2023-2032?
• What strategies have been adopted by the key players in the market to increase their market share in the industry?
• Which segment of the Malaysia insurance industry market is expected to dominate the market by 2032?
• What are the major unfavorable factors facing the insurance industry in Malaysia?

Related reports:

• Vietnam Insurance Industry Research Report 2023-2032
• Indonesia Insurance Industry Research Report 2023-2032
• Research Report on Southeast Asia Insurance Industry 2023-2032

Table of Contents

1 Malaysia at a Glance

1.1 Geographical Situation

1.2 Malaysia’s Demographic Structure

1.3 Malaysia’s Economic Situation

1.4 Minimum Wage in Malaysia, 2013-2022

1.5 Impact of COVID-19 on the Malaysian Insurance Industry

2 Overview of the Malaysian Insurance Industry

2.1 History of Insurance Development in Malaysia

2.2 FDI in the Malaysian Insurance Industry

2.3 Policy Environment of the Malaysian Insurance Industry

3 Number of Participants in the Malaysia Insurance Market

3.1 Overview

3.2 Breakdown by Type of Insurance

4 Total Premiums Written in the Malaysia Insurance Market

4.1 Overview of Premium Income

4.2 Breakdown by Type of Insurance

4.3 Breakdown by Insurer

5 Insurance Rates in the Malaysia Insurance Market

5.1 Overview

5.2 Premium Rates for Life Insurance

5.3 Property Insurance Premium Rates

6 Insurance Claims in the Malaysia Insurance Market

6.1 Summary of Amounts Claimed

6.2 Number of Life Insurance Policies in Force

7 Competition in the Malaysian Insurance Industry Market

7.1 Barriers to Entry in the Malaysia Insurance Industry

7.1.1 Brand Barriers

7.1.2 Quality Barriers

7.1.3 Capital Barriers

7.2 Competitive Structure of the Malaysian Insurance Industry

7.2.1 Bargaining Power of Insurance Suppliers

7.2.2 Consumer Bargaining Power

7.2.3 Competition in the Malaysian Insurance Industry

7.2.4 Potential Entrants in the Insurance Industry

8 Analysis of Major Insurance Companies in Malaysia

8.1 ALLIANZ

8.1.1 ALLIANZ Company Profile

8.1.2 ALLIANZ Insurance Operations

8.2 TAKAFUL

8.2.1 TAKAFUL Company Profile

8.2.2 TAKAFUL Insurance Business Operations

8.3 MANULFE

8.3.1 MANULFE Company Profile

8.3.2 MANULFE’s Insurance Operations

8.4 MAA

8.4.1 MAA Enterprise Profile

8.4.2 MAA Insurance Business Operations

8.5 MNRB

8.5.1 MNRB Corporate Profile

8.5.2 MNRB Insurance Operations

8.6 TUNEPRO

8.6.1 TUNEPRO Company Profile

8.6.2 Status of TUNEPRO’s Insurance Operations

8.7 MPHBCAP

8.7.1 MPHBCAP Corporate Profile

8.7.2 MPHBCAP Insurance Business Operations

8.8 LPI

8.8.1 LPI Business Overview

8.8.2 LPI Insurance Business Operations

9 Malaysia Insurance Industry Outlook 2023-2032

9.1 Analysis of Factors in the Development of the Malaysian Insurance Industry

9.1.1 Driving Forces and Development Opportunities in the Malaysian Insurance Industry

9.1.2 Threats and Challenges Facing the Malaysian Insurance Industry

9.2 Forecasts of the Number of Insured Persons in the Malaysian Insurance Industry

9.3 Forecast on Premium Income of the Malaysian Insurance Industry

List of Charts

Chart Total Population of Malaysia, 2008-2022

Chart GDP per Capita in Malaysia, 2013-2022

Chart Policies Related to the Insurance Industry Issued by the Malaysian Government 2018-2022

Chart Number of Insured Persons in Malaysia, 2018-2022

Chart Breakdown of Participants by Type of Insurance in Malaysia, 2018-2022

Chart Underwritten Premiums in Malaysia 2018-2022

Chart 2022 Malaysian Underwriting Costs Breakdown by Insurance Type

Chart 2022 Malaysia Underwriting Costs Breakdown by Insurer

Chart Insurance Rates in Malaysia in 2022

Chart Life Insurance Premium Rates in Malaysia, 2022

Chart 2022 Property Insurance Premium Rates in Malaysia

Chart Insurance Claims in Malaysia 2018-2022

Chart 2023-2032 Forecast of Number of Insured Persons in Malaysia

Chart 2023-2032 Forecast of Insurance Premium Rates in Malaysia

Chart 2023-2032 Malaysia Underwriting Costs

The post Malaysia Insurance Industry Research Report 2023-2032 first appeared on CRI Report.

On January 1, 2023, a revised version of Vietnam’s insurance industry law came into effect. This new law provides many opportunities for foreign companies operating in the insurance sector. Most importantly, this amendment to the law will allow foreign companies to enter the Vietnamese market to provide insurance services on a wholly-owned basis, meaning that local partners will no longer be required, which will further open up the market for foreign insurers wishing to do business in Vietnam.

In 2021, there are 76 service providers in Vietnam’s insurance market, including 33 single-member limited liability companies and 11 limited liability companies with more than one person. In addition, the operation of 18 representative offices of foreign insurance companies in Vietnam’s market has played a positive role in improving the investment environment and increasing the confidence of foreign investors in conducting insurance business operations in Vietnam.

In 2021, the insurance sector has been growing steadily with the growth rate of GDP compared to GDP. The industry’s revenue (including investment income) reached VND255,876 million (about $11 million), of which, insurance premiums amounted to VND218,357 million (about $9,389,000), and investment income amounted to VND37,519 million (about $1,613,300).

In 2021, total underwritten premiums for life insurance in Vietnam amounted to VND59,135 billion (about US$2,543 million), a year-on-year increase of 4.34%. Compared to 2020, most of the key businesses achieved high growth rates, such as aviation insurance (38.77%), agricultural insurance (32.67%), cargo insurance (21.58%), liability insurance (21.58%), fire and explosion insurance (17.66%), hull and P&I (13.26%), property insurance (6.63%), business interruption insurance (5.73%), health insurance insurance (5.73%), and health insurance (4.34% year-on-year). ), and health insurance coverage (3.77%).

Meanwhile, other business remained at a low level, such as credit and financial risks (down 11.2%), motor insurance (down 6.25%), and surety insurance (down 6.05%).

Overall, Vietnam’s insurance market remains highly concentrated among the “big five” non-life insurers. They are Bao Viet (15.13%), PVI Insurance (14.02%), PTI (9.87%), Bao Minh (7.60%) and Mic (6.65%). 27 other non-life insurers and branches of foreign non-life insurers in Vietnam contributed 46.72% of premium income.

According to CRI’s research, in 2022, Vietnam’s insurance industry will have a total premium income of about VND246 trillion (about US$10.5 billion), an increase of about 15% from 2021. Of this, non-life insurance premium revenue is about VND67.6 trillion (about $2.88 billion) and life insurance sector revenue is about VND178.3 trillion ($7.62 billion).

As Vietnam’s economy grows, so does the insurance awareness of its residents.CRI expects Vietnam’s insurance premium income to reach US$37.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 13.3% from 2023 to 2032.

For investors, there are plenty of investment opportunities in Vietnam’s insurance sector.

Topics covered:

• Overview of the insurance industry in Vietnam
• Economic and policy environment of the insurance industry in Vietnam
• What is the impact of COVID-19 on the insurance industry in Vietnam?
• Vietnam Insurance Industry Market Size, 2023-2032
• Analysis of major Vietnamese insurance industry producers
• Key Drivers and Market Opportunities in Vietnam’s Insurance Industry
• What are the key drivers, challenges and opportunities for the insurance industry in Vietnam during the forecast period 2023-2032?
• Which are the key players in the Vietnam insurance industry market and what are their competitive advantages?
• What is the expected revenue of Vietnam insurance industry market during the forecast period of 2023-2032?
• What strategies have been adopted by the key players in the market to increase their market share in the industry?
• Which segment of the Vietnam insurance industry market is expected to dominate the market by 2032?
• What are the main unfavorable factors facing the insurance industry in Vietnam?

Related reports:

• Malaysia Insurance Industry Research Report 2023-2032
• Indonesia Insurance Industry Research Report 2023-2032
• Research Report on Southeast Asia Insurance Industry 2023-2032

Table of Contents

1. Overview of Vietnam

1.1 Geographical Situation

1.2 Demographic Structure of Vietnam

1.3 Economic Situation in Vietnam

1.4 Minimum Wage in Vietnam, 2013-2022

1.5 Impact of COVID-19 on Vietnam’s Insurance Industry

2. Overview of the Insurance Industry in Vietnam

2.1 History of Insurance Development in Vietnam

2.2 FDI in Vietnam’s Insurance Sector

2.3 Policy Environment of the Insurance Industry in Vietnam

3. Number of Participants in the Vietnamese Insurance Market

3.1 Overview

3.2 Breakdown by Type of Insurance

4. Total Premiums Written in the Vietnamese Insurance Market

4.1 Overview

4.2 Breakdown by Type of Insurance

4.3 Breakdown by Insurer

5. Insurance Rates in Vietnam’s Insurance Market

5.1 Overview

5.2 Premium Rates for Life Insurance

5.3 Property Insurance Premium Rates

6. Insurance Claims in the Vietnamese Insurance Market

6.1 Summary of Amounts Claimed

6.2 Number of Life Insurance Policies in Force

7. Competition in the Vietnamese Insurance Industry Market

7.1 Barriers to Entry in Vietnam’s Insurance Industry

7.1.1 Brand Barriers

7.1.2 Quality Barriers

7.1.3 Capital Barriers

7.2 Competitive Structure of the Vietnamese Insurance Industry

7.2.1 Bargaining Power of Insurance Suppliers

7.2.2 Consumer Bargaining Power

7.2.3 Competition in the Vietnamese Insurance Industry

7.2.4 Potential Entrants in the Insurance Industry

8. Analysis of Major Insurance Companies in Vietnam

8.1 Bao Viet Insurance Corporation (Bao Viet)

8.1.1 Corporate Profile of Bao Viet Insurance Corporation (Bao Viet)

8.1.2 Insurance Operations of Bao Viet Insurance Corporation (Bao Viet)

8.2 Bao Minh Insurance Corporation (Bao Minh)

8.2.1 Bao Minh Insurance Corporation (Bao Minh) Corporate Profile

8.2.2 Bao Minh Insurance Corporation (Bao Minh) Insurance Operations

8.3 Petrolimex Insurance Corporation (Pjico)

8.3.1 Petrolimex Insurance Corporation (Pjico) Corporate Profile

8.3.2 Petrolimex Insurance Corporation (Pjico) Insurance Operations

… (Continuing for other companies)

9. Vietnam Insurance Industry Outlook 2023-2032

9.1 Analysis of Factors for the Development of the Insurance Industry in Vietnam

9.1.1 Driving Forces and Development Opportunities for the Insurance Industry in Vietnam

9.1.2 Threats and Challenges to Vietnam’s Insurance Industry

9.2 Forecast of the Number of Insured Persons in the Vietnamese Insurance Industry

9.3 Forecast of Insurance Premium Rates in the Vietnamese Insurance Market

9.4 Forecast of Underwriting Costs in the Vietnamese Insurance Industry

The post Vietnam Insurance Industry Research Report 2023-2032 first appeared on CRI Report.

Insurance is a major form of risk management and can be divided into two categories, property insurance and personal insurance, depending on the object of the insurance. The booming economy of Southeast Asia has driven the expansion of its insurance industry. Although the overall development of insurance in Southeast Asia has also been rapid in recent years, there are great differences in the speed and stage of development among countries.

Singapore has a developed economy, a mature and large insurance market, and a regulatory system that is well aligned with international standards. While Myanmar, Cambodia and Laos, which are economically backward countries, have very low insurance coverage, and the depth and density of insurance are at a low level. The insurance industry in the rest of the countries is at a certain stage of development.

Southeast Asia in this report includes 10 countries: Singapore, Thailand, Philippines, Malaysia, Indonesia, Vietnam, Myanmar, Brunei, Laos and Cambodia. With a total population of over 600 million by the end of 2021, Southeast Asia has an overall economic growth rate higher than the global average and is one of the key drivers of future global economic growth.

According to CRI’s analysis, the economic levels of the 10 Southeast Asian countries vary greatly, with Singapore being the only developed country with a per capita GDP of about US$73,000 in 2021. While Myanmar and Cambodia will have a GDP per capita of less than US$2,000 in 2021. The population and minimum wage levels of each country also vary greatly. Brunei, which has the smallest population, will have a total population of less than 500,000 people in 2021, while Indonesia, which has the largest population, will have a population of about 275 million people in 2021.

With the huge potential for economic growth, gradual increase in disposable income, expansion of the middle class and rising insurance awareness, the Southeast Asian insurance market faces a promising future. CRI expects the insurance industry in Southeast Asia to maintain growth from 2023-2032.

Topics covered:

• 1. What is the current status of the insurance industry in Southeast Asia from 2018-2022 and what has been the impact of COVID-19 on it?

  The insurance industry in Southeast Asia has been experiencing steady growth in recent years, driven by various factors such as increasing income levels, growing awareness of the importance of insurance, and adoption of digital technologies. However, the outbreak of COVID-19 has resulted in significant challenges for insurers, including increased claims and disruptions in operations. Nevertheless, the pandemic has also highlighted the need for insurance to mitigate unforeseen risks and events.

  2. Who are the major players in the Southeast Asia insurance industry and what are their competitive benchmarks?

  Major players in the Southeast Asia insurance industry include AIA, Prudential, Allianz, and Great Eastern, among others. These companies compete based on several factors such as pricing, product range, customer service, and distribution channels.

  3. What are the key drivers and market opportunities for the insurance industry in Southeast Asia?

  Key drivers of growth in the Southeast Asia insurance industry include the growing middle class, increasing demand for insurance products, adoption of digital technologies, and focus on sustainability and ESG factors. Market opportunities include demand for health and protection insurance products, potential partnerships with fintech companies, and expansion into underserved markets.

  4. What are the key drivers, challenges, and opportunities facing the Southeast Asia insurance industry from 2023-2032?

  The Southeast Asia insurance industry is expected to experience growth from 2023-2032 driven by factors such as increasing demand in emerging markets, digital technologies, and focus on ESG factors. Challenges include addressing the protection gap and adapting to changing consumer preferences. Opportunities include increased demand for health and protection insurance products, partnerships with tech companies, and expansion into underserved markets.

  5. What is the expected revenue of the Southeast Asia insurance industry from 2023-2032?

  It will depend on various factors such as regulatory changes, technological advancements, and economic growth.

  6. What strategies are key players using to increase their market share in the industry?

  Key players in the industry are expanding product range, investing in digital technologies, forming partnerships with fintech companies, and expanding into underserved markets.

  7. What are the competitive advantages of major players in the Southeast Asia insurance industry?

  Major players have competitive advantages such as strong brand recognition, ability to offer a wide range of products and services, and investment in digital technologies to improve customer experience and operational efficiency.

  8. Which segment of the Southeast Asia insurance industry is expected to dominate the market in 2032?

  Given that the market is still evolving, and there are many different segments and sub-segments within the industry.

  9. What are the major adverse factors facing the Southeast Asia insurance industry?

  Major adverse factors facing the Southeast Asia insurance industry include rising competition from new entrants, increasing regulatory requirements, potential for increased claims due to natural disasters, changing consumer preferences, and behaviors.

Related reports:

• Malaysia Insurance Industry Research Report 2023-2032
• Vietnam Insurance Industry Research Report 2023-2032
• Indonesia Insurance Industry Research Report 2023-2032

Table of Contents

1 Analysis of the Insurance Industry in Singapore

1.1 Singapore Insurance Industry Development Environment

1.1.1 Geography

1.1.2 Population

1.1.3 Economy

1.1.4 Minimum Wage in Singapore

1.2 Insurance Industry Operation in Singapore 2023-2032

1.2.1 Personal Insurance

1.2.2 Property Insurance

1.3 Analysis of Major Insurance Companies in Singapore

2 Analysis of Thailand’s Insurance Industry

2.1 Development Environment of Thailand Insurance Industry

2.1.1 Geography

2.1.2 Population

2.1.3 Economy

2.1.4 Thailand Minimum Wage

2.2 Thailand Insurance Industry Operation 2023-2032

2.2.1 Personal Insurance

2.2.2 Property Insurance

2.3 Analysis of Major Insurance Companies in Thailand

3 Analysis of the Insurance Industry in the Philippines

3.1 Development Environment of the Insurance Industry in the Philippines

3.1.1 Geography

3.1.2 Population

3.1.3 Economy

3.1.4 Minimum Wage in the Philippines

3.2 Philippine Insurance Industry Operation 2023-2032

3.2.1 Personal Insurance

3.2.2 Property Insurance

3.3 Analysis of Major Insurance Companies in the Philippines

4 Analysis of the Malaysian Insurance Industry 

4.1 Malaysia Insurance Industry Development Environment

4.1.1 Geography

4.1.2 Population

4.1.3 Economy

4.1.4 Minimum Wage in Malaysia

4.2 Malaysian Insurance Industry Operation 2023-2032

4.2.1 Personal Insurance

4.2.2 Property Insurance

4.3 Analysis of Major Insurance Companies in Malaysia

5 Indonesia Insurance Industry Analysis 

5.1 Indonesia Insurance Industry Development Environment

5.1.1 Geography

5.1.2 Population

5.1.3 Economy

5.1.4 Minimum Wage in Indonesia

5.2 Indonesia Insurance Industry Operation 2023-2032

5.2.1 Personal Insurance

5.2.2 Property Insurance

5.3 Analysis of Major Insurance Companies in Indonesia

6 Vietnam Insurance Industry Analysis 

6.1 Development Environment of Vietnam Insurance Industry

6.1.1 Geography

6.1.2 Population

6.1.3 Economy

6.1.4 Minimum Wage in Vietnam

6.2 Vietnam Insurance Industry Operation 2023-2032

6.2.1 Personal Insurance

6.2.2 Property Insurance

6.3 Analysis of Major Insurance Companies in Vietnam

7 Analysis of Myanmar Insurance Industry

7.1 Development Environment of Myanmar Insurance Industry

7.1.1 Geography

7.1.2 Population

7.1.3 Economy

7.1.4 Myanmar Minimum Wage

7.2 Myanmar Insurance Industry Operation 2023-2032

7.2.1 Personal Insurance

7.2.2 Property Insurance

7.3 Analysis of Major Insurance Companies in Myanmar

8 Analysis of Brunei’s Insurance Industry

8.1 Brunei Insurance Industry Development Environment

8.1.1 Geography

8.1.2 Population

8.1.3 Economy

8.1.4 Brunei Minimum Wage

8.2 Brunei Insurance Industry Operation 2023-2032

8.2.1 Personal Insurance

8.2.2 Property Insurance

8.3 Analysis of Major Insurance Companies in Brunei

9 Analysis of the Insurance Industry in Laos

9.1 Development Environment of the Insurance Industry in Laos

9.1.1 Geography

9.1.2 Population

9.1.3 Economy

9.1.4 Minimum Wage in Laos

9.2 Laos Insurance Industry Operation 2023-2032

9.2.1 Personal Insurance

9.2.2 Property Insurance

9.3 Analysis of Major Insurance Companies in Laos

10 Analysis of Cambodia’s Insurance Industry

10.1 Development Environment of Cambodia’s Insurance Industry

10.1.1 Geography

10.1.2 Population

10.1.3 Economy

10.1.4 Minimum Wage in Cambodia

10.2 Cambodia Insurance Industry Operation 2023-2032

10.2.1 Personal Insurance

10.2.2 Property Insurance

10.3 Analysis of Major Insurance Companies in Cambodia

11 Southeast Asia Insurance Industry Outlook 2023-2032

11.1 Analysis of Factors Affecting the Development of Insurance Industry in Southeast Asia

11.1.1 Favorable Factors

11.1.2 Unfavorable Factors

11.2 Southeast Asia Insurance Industry Size Forecast 2023-2032

11.3 Impact of COVID -19 Epidemic on Insurance Industry

The post Research Report on Southeast Asia Insurance Industry 2023-2032 first appeared on CRI Report.

EU5 Blockchain Technology Market (2018-2023)

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

The post Reinsurance Market in India 2020 first appeared on CRI Report.

Insurance brokers are representatives of clients’ interests in insurance contracts (not insurers), and act as an intermediary between insurers and the insured.
A significant number of brokers have entered the Indian insurance broking industry, since 2003, when the Insurance Regulatory and Development Authority (IRDAI) allowed brokers to act as intermediaries. As of July 2020, 468 insurance brokers have been licensed by the IRDAI. Brokers are the preferred channel of business in India as they account for more than 70% of commercial lines (marine, aviation, construction, engineering, risk, and liability insurance). Further, the dynamic and conducive regulatory landscape in the country is expected to propel industry growth in the coming years. As the Indian insurance market continues to grow organically with increasing population and insurance requirements, there remains a massive opportunity for disruption through technology.
The total premium collected through brokers grew from INR 170 Bn in FY 2014 to INR 372.68 Bn in FY 2019, expanding at a CAGR of 17.00% during the 2014-2019 period

Segment insights:

Non-life insurance accounts for a majority share of the broking business, whereas, life-insurance forms a mere 1% of the total distribution mix. The Indian insurance industry witnessed a growing contribution from the non-life insurance channel between FY 2014 and FY 2019 due to the increased penetration of motor and healthcare businesses in the country.
The large-sized and medium-sized corporates account for ~40%–50% of the customers; SME customers account for ~10%–20% and retail customers’ account for ~30%–40% of the broking business in India.

Impact of COVID-19 and the way forward:

The outbreak of deadly COVID-19 has increased awareness regarding insurance products (mostly health insurance products) among Indians. However, insurance renewals are getting delayed, owing to the lack of funds in the hands of policyholders. Property and casualty business, and fresh savings business have gravely hampered the market of insurance brokers in the country.
Furthermore, with a substantial drop in interest rates, credit spread is rising. Hence, the credit discount rate used for calculating mathematical reserves is expected to decline, putting pressure on premiums. Therefore, the opportunity to reinvest the maturing assets will be challenging for insurance brokers in India.
However, to keep policies in force, regulators can frame automatic renewal with a grace period for the payment of premium. Also, the Indian government can promote policies to ensure steady cash flow and accelerated payments of premium.

Companies covered:

• Aditya Birla Insurance Brokers Limited
• Edelweiss Gallagher Insurance Brokers Limited
• Global Insurance Brokers Private Limited
• Manappuram Insurance Brokers Limited
• Muthoot Risk Insurance and Broking Services Private Limited
• Narnolia Financial Advisors Limited
• Reliance Retail Insurance Broking Limited
• Share India Insurance Brokers Private Limited
• Tata Motors Insurance Broking and Advisory Services Limited
• Marsh India Insurance Brokers Private Limited

The post Insurance Broking Market in India 2020 first appeared on CRI Report.

The post Non-life Insurance Market in India 2019 first appeared on CRI Report.

Most major mobile operators, insurance specialists, device OEMs, retailers and even banks now offer insurance plans that cover theft, loss, malfunctions and damage of mobile phones. Many policies now also integrate enhanced technical support and additional protection features such as data backup facilities, allowing users to securely backup their phone data online.

SNS Research estimates that the global mobile phone insurance market is expected to account for $20.5 Billion in revenue by the end of 2017. The market is further expected to grow at a CAGR of approximately 10% over the next three years, eventually accounting for more than $27 Billion in revenue by the end of 2020.

The “Mobile Phone Insurance Ecosystem: 2017 – 2030 – Opportunities, Challenges, Strategies & Forecasts” report presents an in-depth assessment of the mobile phone insurance ecosystem including market drivers, challenges, opportunities, value chain, future roadmap, case studies, ecosystem player profiles and strategies. The report also presents market size forecasts from 2017 through to 2030. The forecasts are segmented for 3 sales channels, 5 regions and 25 countries.

The report comes with an associated Excel datasheet suite covering quantitative data from all numeric forecasts presented in the report.

Topics Covered
The report covers the following topics:
– Mobile phone insurance ecosystem
– Market drivers and barriers
– Insurance policy structure, distribution channels and key trends
– Case studies of mobile phone insurance initiatives
– Industry roadmap and value chain
– Profiles and strategies of over 80 leading ecosystem players
– Strategic recommendations for ecosystem players
– Market analysis and forecasts from 2017 till 2030

Forecast Segmentation
Market forecasts are provided for each of the following submarkets and their categories:
Sales Channel Segmentation
– Mobile Operators
– Device OEMs
– Retailers & Others
Regional Segmentation
– Asia Pacific
– Europe
– Latin & Central America
– Middle East & Africa
– North America
Country Level Segmentation
– Argentina, Australia, Brazil, Canada, China, Colombia, France, Germany, Hong Kong, India, Israel, Italy, Japan, Mexico, Netherlands, Poland, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Taiwan, UK & USA

Key Questions Answered
The report provides answers to the following key questions:
– How big is the mobile phone insurance opportunity?
– What trends, challenges and barriers are influencing its growth?
– How is the ecosystem evolving by region?
– What will the market size be in 2020 and at what rate will it grow?
– Which countries will see the highest percentage of growth?
– Who are the key market players and what are their strategies?
– What risks are typically covered in mobile phone insurance offerings?
– How can insurance plans help mobile operators in reducing churn?
– What strategies should mobile operators, device OEMs and insurance providers adopt to remain competitive?

Key Findings
The report has the following key findings:
– SNS Research estimates that the global mobile phone insurance market is expected to account for $20.5 Billion in revenue by the end of 2017. The market is further expected to grow at a CAGR of approximately 10% over the next three years, eventually accounting for more than $27 Billion in revenue by the end of 2020.
– In an effort to boost the uptake of their mobile phone insurance plans, mobile operators and insurance providers have extensively enhanced their offerings with a number of differentiating features such as multi-device coverage, integrated device security apps, prioritized technical support, door-to-door repair services and secure data storage for photos and videos.
– To accelerate the adoption of mobile phone insurance in developing markets, mobile operators are experimenting with an array of strategies ranging from complimentary insurance schemes to bundling insurance with inexpensively priced mobile security offerings.
– Many smartphone OEMs – including Apple, Samsung, HTC, Acer, Motorola Mobility and Xiaomi – already offer their own branded protection plans across multiple countries, and others are expected to follow suit. By the end of 2020, OEM branded plans will account for a market worth nearly $4.5 Billion.

The post The Mobile Phone Insurance Ecosystem: 2017 – 2030 first appeared on CRI Report.