Insurance mkt to reach Rs 2 trillion level by 2010: Assocham
Driven by aggressive marketing policies and better product offerings, the Indian insurance sector is poised to grow four-fold attaining a size of Rs 200,000 crore by 2010, according to an Assocham study.
By PTI |
NEW DELHI: Driven by aggressive marketing policies and better product offerings, the Indian insurance sector is poised to grow four-fold attaining a size of Rs 200,000 crore by 2010, according to an Assocham study.
"In the last couple of years, the insurance sector has grown by a compounded annual growth rate (CAGR) of around 175 per cent and the trend will emerge still better because of potential factor," the study said.
Currently, the insurance sector is estimated at around Rs 50,000 crore.
The Assocham study said the sector will see private insurance players achieving a growth rate of 140 per cent due to aggressive marketing technique being adopted by them against 35-40 per cent growth rate of state-owned insurance companies.
The share of state-owned LIC and general insurance companies has come down from 97 per cent in the last 4-5 years to 70 per cent, said Assocham president Venugopal N Dhoot.
Also, he added, the state-owned players have limited products to offer to their subscribers while private insurance companies have a wide range of schemes along with a competitive premium and comfortable maturity periods. The operational flexibility provides an edge to private sector companies over the state-owned players, he added.
"In the last couple of years, the insurance sector has grown by a compounded annual growth rate (CAGR) of around 175 per cent and the trend will emerge still better because of potential factor," the study said.
Currently, the insurance sector is estimated at around Rs 50,000 crore.
The Assocham study said the sector will see private insurance players achieving a growth rate of 140 per cent due to aggressive marketing technique being adopted by them against 35-40 per cent growth rate of state-owned insurance companies.
The share of state-owned LIC and general insurance companies has come down from 97 per cent in the last 4-5 years to 70 per cent, said Assocham president Venugopal N Dhoot.
Also, he added, the state-owned players have limited products to offer to their subscribers while private insurance companies have a wide range of schemes along with a competitive premium and comfortable maturity periods. The operational flexibility provides an edge to private sector companies over the state-owned players, he added.
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