Warren Buffett is entering the non-life insurance sector in India. At this point, public sector continues to dominate the industry. Interesting report, see http://ow.ly/4spa6
Market Share of Non-Life Insurance premium income in India in 2010
Motor Insurance - 43%
Health Insurance - 21%
Market Share of companies in Non-Life Insurance premium income
New India Assurance - 17%
United India Insurance - 15%
Oriental Insurance Company - 13%
Life Insurance companies are focusing on expenses to improve margins. There is heavy reliance on investment income to support losses. Life insurance market has grown significantly than the non-life sector. The claims settlement system and mis-selling continues to be an issue.
Life Insurance Premium Market Share in 2010
LIC - 70%
ICICI - 6%
Bajaj Allianz - 4%
In private sector space (life insurance), ICIC, Bajaj Allianz, and SBI Life Insurance hold the top 3 spots.
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