India Leadership Conclave 2017 bring to you top six personalities who are spearheading the campaign to lead the insurance sector. Here are the nominees for the coveted & prestigious “India’s Most Promising Leader in Indian Insurance Industry 2017” at the 8th Annual India Leadership Conclave & Indian Affairs Business Leadership Awards 2017 to be held at Mumbai at Hotel Sahara Star.
India’s Most Promising Leader in Indian Insurance Industry 2017
1.Mr. Neelesh Garg, MD & CEO,Tata AIG General Insurance Co Ltd.
2.Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance.
3.Mr. Sanjeev Srinivasan,CEO & MD, Bharti AXA General Insurance Company Ltd.
4.Dr. S.Prakash,Senior Executive Director & CMO, Star Health and Allied Insurance Co Ltd.
5.Mr. Sandeep Bakhsh,Managing Director and CEO,ICICI Prudential Life Insurance Company Ltd.
6.Mr. Ashish Mehrotra,CEO & MD, Max Bupa Health Insurance Company Limited.
Insurance industry plays a vital role in the Indian market. There are altogether 53 insurance companies that are serving both life insurance and general insurance products to the customers countrywide.After knowing that the number of insurers available in India is very large. The life insurance sector recorded a new premium income of Rs. 1.38 trillion in a year, i.e. April 2015 to March 2016. This indicated a dramatic growth rate of 22.5% in the premium income, whereas the general insurance sector centered on two-wheeler insurance policy (particularly) recorded a 12% of growth by receiving a premium income of Rs. 105.25 billion during the year, i.e. April 2016 to March 2017. The life insurance sector offers about 360 million policies, which count to be the largest in the world. Still, it is expected to cross compound annual growth rate of 12 to 15% in the next 5 years. It is expected that the Indian insurance market will quadruple in size over the next 10 years and the life insurance sector is expected to collect more than US $160 billion. There are a lot of opportunities in the Indian insurance market. Currently, the general insurance business in the Indian market accounts for more than Rs. 70,000 Crore premiums yearly, and it is growing at a positive rate of 17% every year.Despite being the second highly populous country in the world, Indian insurance market accounts for less than 1.5% of the world’s total insurance premium.
The insurance industry of India consists of 53 insurance companies of which 24 are in life insurance business and 29 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. Apart from that, among the non-life insurers there are six public sector insurers. In addition to these, there is sole national re-insurer, namely, General Insurance Corporation of India (GIC Re). Other stakeholders in Indian Insurance market include agents (individual and corporate), brokers, surveyors and third party administrators servicing health insurance claims.Out of 29 non-life insurance companies, five private sector insurers are registered to underwrite policies exclusively in health, personal accident and travel insurance segments. They are Star Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance Company Ltd, Max Bupa Health Insurance Company Ltd, Religare Health Insurance Company Ltd and Cigna TTK Health Insurance Company Ltd. There are two more specialised insurers belonging to public sector, namely, Export Credit Guarantee Corporation of India for Credit Insurance and Agriculture Insurance Company Ltd for crop insurance. During April 2015 to March 2016 period, the life insurance industry recorded a new premium income of Rs 1.38 trillion (US$ 20.54 billion), indicating a growth rate of 22.5 per cent.
The general insurance industry recorded a 12 per cent growth in Gross Direct Premium underwritten in April 2016 at Rs 105.25 billion (US$ 1.55 billion). The life insurance industry reported 9 per cent increase in overall annual premium equivalent in April-November 2016. In the period, overall annual premium equivalent (APE)- a measure to normalise policy premium into the equivalent of regular annual premium- including individual and group business for private players was up 16 per cent to Rs 1,25,563 crore (US$ 18.76 billion) and Life Insurance Corporation up 4 per cent to Rs 1,50,456 crore (US$ 22.48).India’s life insurance sector is the biggest in the world with about 360 million policies which are expected to increase at a Compound Annual Growth Rate (CAGR) of 12-15 per cent over the next five years. The insurance industry plans to hike penetration levels to five per cent by 2020. The country’s insurance market is expected to quadruple in size over the next 10 years from its current size of US$ 60 billion. During this period, the life insurance market is slated to cross US$ 160 billion.