Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018

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1 Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Market Intelligence Report Reference code: IS0706MR Published: October Timetric John Carpenter House 7 Carmelite Street London EC4Y 0BS United Kingdom Tel: +44 (0) Fax: +44 (0)

2 1 Key Facts and Events Key Facts Table 1: Indian Personal Accident and Heath Insurance Key Facts, 2013 Population (billion) Gross written premium (INR billion) Direct written premium (INR billion) Earned premium (INR billion) Paid claims (INR billion) Insurance penetration (%) Loss ratio (%) Combined ratio (%) Inflation rate (%) Source: Timetric analysis Timetric Key Events in the Indian Personal Accident and Health Insurance Segment The Insurance Regulatory and Development Authority (IRDA) Insurance Information Bureau (IIB) has created a database which contains a registry of healthcare providers in India; with each one allocated a unique identity. Through this databas e, the regulator plans to build its analytical ability to evaluate inflation on medical costs, fraud, and epidemic detection. In July 2014, the Cabinet Committee on Economic Affairs (CCEA) approved an increase in the foreign direct investment (FDI) limit in the Indian insurance industry from 26% to 49%. The increased is currently awaiting parliamentary approval. In 2014, information technology (IT) services, emerged as the largest segment in terms of spending in the Indian insurance industry, with a value of INR40.0 billion (US$603.1 million);it is projected to grow at a CAGR of 16% over the forecast period. The leading categories in the IT segment are business process outsourcing (BPO) and consulting, which contributed 25% and 21% respectively. In 2014, Star Health launched a diabetes insurance policy called Star Diabetes Safe in association with Allied Insurance Co Ltd. On April 19, 2014, Indian insurers launched various awareness initiatives for Insurance Awareness Day. April 19 was designated as Insurance day by the IRDA, as the sector s formal regulator was appointed on that day. The IRDA plans to collaborate with firms through the BimaBemisaal campaign to raise consumer awareness of the significance of insurance. The IRDA issued guidelines on standardization in the health insurance category in The regulations aim to harmonize requirements for health insurance, with standardized definitions, agreement formats, commonly used terms and formats. Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 2

3 2 Executive Summary The Indian personal accident and health insurance segment posted significant growth during the review period. The segment s gross written premium increased at a review-period ( ) compound annual growth rate (CAGR) of 21.1%, despite the global financial crisis. The robust growth was driven by increasing healthcare expenditure, favorable government initiatives for large-scale health insurance programs, and the liberalization of industry regulations. Despite the increase, penetration remains low due to a lack of consumer awareness of personal accident and health insurance especially in rural areas, a lack of cover for many diseases, and dependence on sales of products with attached tax benefits. Increase in FDI cap and upcoming regulations to build international base for insurers In July 2013, the IRDA proposed an increase in the FDI limit from 26% to 49% in order to improve, promote and develop the domestic insurance industry. The CCEA approved the increase in July 2014, which is now awaiting parliamentary approval. The increased FDI cap is expected to encourage global insurers to invest in the segment, intensifying competition over the forecast period. The regulator has also proposed solvency margin amendments to the government, and also appointed a committee to advise on risk-based capital (RBC) standards implementation equivalent to Solvency II, which are being implemented around the world. These upcoming changes in the industry are expected to increase insurers efficiency and give them global exposure. Rising pharmaceuticals industry and health reforms to promote health insurance The Indian pharmaceuticals industry is expanding at 8 9% per annum, and is expected to be among the world s 10 leading pharmaceutical industries by Consequently, public awareness of diseases has increased and the need for cover is being increasingly recognized. This is expected to cont ribute to the growth of the health insurance category over the forecast period ( ). Growing travel industry to drive demand for travel insurance The number of international travelers from India increased from 11.1 million in 2009 to 14.9 million in 2012, at a CAGR of 10.5%. This was largely responsible for the growth of travel insurance in India during the review period. Domestic travelers are also taking out travel insurance. The tourism sector is expected to grow at a forecast-period CAGR of 14.1%, leading to growth in the travel insurance category. Increasing awareness of road accidents contributing to accident insurance Accident rates in India have increased substantially, with poor road infrastructure and a rise in the number of drink-driving cases rises. According to statistics from the Ministry of Road Transport and Highways, the total number road accidents was 486,476 in 2013, and the number of people killed in road accidents stood at 137,572. According to the first ever Global Status report on road safety, published by World Health Organization (WHO) in the year 2009, India recorded the highest number of road accident deaths in the world. Along with numerous precautionary traffic control measures and awareness programs, the need for accident cover is also rising. Rapid urbanization a slow rate of infrastructure development are expected to contribute to the growth of the personal accident and health segment over the forecast period. Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 3

4 2.1 Key Findings 2.2 Reasons to Buy The personal accident and health segment accounted for 5.2% of the overall insurance industry s gross written premium in 2013 During the review period ( ) Indian personal accident and health insurance segment recorded a CAGR of 21.1%. Healthcare was one of the fastest-growing categories in India with a review-period CAGR of 22.0%, but a substantial proportion of the population is still unaware of health insurance, especially in rural areas. In July 2013, the IRDA proposed an increase in the FDI limit from 26% to 49% in order to improve, promote and develop the domestic insurance industry, which was approved by the CCEA in July The increased cap is anticipated to attract global insurers to invest in the segment, intensifying competition over the forecast period. Health insurers used numerous prominent platforms such as print media and television, as well as organizing free health camps, to raise awareness of health insurance during the review period. Make strategic business decisions using in depth historic and forecast market data related to Indian personal accident and health insurance segment and each category within it Understand the demand-side dynamics, key market trends and growth opportunities within Indian personal accident and health insurance segment Assess the competitive dynamics in the personal accident and health insurance segment, along with the reinsurance segment Identify the growth opportunities and market dynamics within key product categories Gain insights into key regulations governing Indian insurance seg ment and its impact on companies and the market's future Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 4

5 3 Indian Insurance Industry Attractiveness 3.1 Insurance Industry Size, Figure 1: Indian Insurance Industry Gross Written Premium by Segment (INR Billion), Source: IRDA, India and Timetric analysis Timetric Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 5

6 Table 2: Indian Insurance Industry Gross Written Premium by Segment (Percentage Share), Segment Life Non-life Personal accident and health Overall 100.0% 100.0% 100.0% Source: IRDA, India and Timetric analysis Timetric Figure 2: Indian Insurance Industry Gross Written Premium Dynamics by Segment, ( ) Source: IRDA, India and Timetric analysis Timetric Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 6

7 INR Billion 4 Personal Accident and Health Insurance Outlook 4.1 Personal Accident and Health Insurance Growth Prospects by Category Figure 1: Indian Personal Accident and Health Insurance Gross Written Premium by Category (INR Billion), Health Personal accident Travel Source: IRDA, India and Timetric analysis Timetric Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 7

8 Figure 2: Indian Personal Accident and Health Insurance Gross Written Premium by Category (% Share), 2013 and 2018 Health Personal accident Travel Source: IRDA, India and Timetric analysis Inner Circle 2013 Outer Circle 2018 Timetric Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 8

9 5 Methodology All Timetric insurance reports are created by following a comprehensive, four-stage methodology. This includes market study, research, analysis and quality control. 1) Market Study A. Standardization Definitions are specified using recognized industry classifications. The same definition is used for every country. Annual average currency exchange rates are used for the latest completed year. These are then applied across both the historical and forecast data to remove exchang e rate fluctuations. B. Internal audit Review of in-house databases to gather existing data: Historic market databases and reports Company database C. Trend monitoring Review of the latest insurance companies and industry trends 2) Research A. Source s Collection of the latest market-specific data from a wide variety of industry sources: Government statistics Industry associations Company filings International organizations Insurance regulatory agencies B. Expert opinion Collation of opinion taken from leading insurance industry experts Analysis of third-party opinion and forecasts: Broker reports Media Official government sources C. Data consolidation and verification Consolidation of data and opinion to create historical datasets Creation of models to benchmark data across sectors and regions 3) Analysis A. Market forecasts Feeding forecast data into market models: Macroeconomic indicators Industry-specific drivers Analysis of insurance industry database to identify trends: Latest insurance trends Key drivers of the insurance industry Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 9

10 B. Report writing Analysis of market data Discussion of company and industry trends and issues Review of financial deals and insurance trends 4) Quality Control Templates Detailed process manuals Standardized report templates and accompanying style guides Complex forecasting tools to ensure that forecast methodologies are consistently applied Quality-control checklists Quality-control proce ss Peer review Senior-level QC Random spot checks on data integrity Benchmark checks across databases Market data cross-checked for consistency with accumulated data from: Company filings Government sources 5.1 Related Reports Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Personal Accident and Health Insurance in Indonesia, Key Trends and Opportunities to 2018 Personal Accident and Health Insurance in Colombia, Key Trends and Opportunities to 2018 Personal Accident and Health Insurance in Russia, Key Trends and Opportunities to 2018 Personal Accident and Health Insurance in Mexico, Key Trends and Opportunities to 2018 Personal Accident and Health Insurance in Argentina, Key Trends and Opportunities to 2018 Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 10

11 TABLE OF CONTENTS 1 Key Facts and Events Executive Summary Introduction What is this Report About? Definitions Methodology Indian Insurance Industry Attractiveness Insurance Industry Size, Regional Benchmarking Overview Market trends Scale and penetration Total segment gross written premium Personal Accident and Health Insurance Segment Outlook Consumer Segmentation Key Drivers Key Trends Challenges Personal Accident and Health Insurance Growth Prospects by Category Personal accident insurance Travel insurance Health insurance Analysis by Distribution Channel Direct Marketing Bancassurance Agencies E-commerce Brokers Other Channels Governance, Risk and Compliance Legislation Overview and Historical Evolution Legislation Trends by Type of Insurance Life insurance regulatory trends Property insurance regulatory trends Motor insurance regulatory trends Marine, aviation and transit insurance regulatory trends Personal accident and health insurance regulatory trends Compulsory Insurance Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 11

12 7.3.1 Motor third-party liability insurance Workmen's compensation insurance/employers liability insurance Supervision and Control International Association of Insurance Supervisors Insurance Regulatory and Development Authority Non-Admitted Insurance Regulatory Trends Overview Intermediaries Market practices Fines and penalties Company Registration and Operations Types of insurance organization Establishing a local company Foreign ownership Types of license Capital requirements Solvency margins Reserve requirements Investment regulations Statutory return requirements Fee structure Taxation Insurance premium or policy taxation Corporate tax VAT Captives Legal System Introduction Access to court Alternative dispute resolution (ADR) Competitive Landscape and Strategic Insights Overview Leading Companies in Indian Personal Accident and Health Insurance Segment Comparison of the Top Five Insurers Gross written premium Net earned premium Paid claims Incurred loss Leading Personal accident and health Insurers New Product Launches Leading Personal accident and health Insurers Key Developments New India Assurance Co. Ltd Company Overview New India Assurance Co. Ltd key facts Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 12

13 8.6.2 New India Assurance Co. Ltd key financials United India Insurance Co. Ltd Company Overview United India Insurance Co. Ltd key facts United India Insurance Co. Ltd key financials National Insurance Co. Ltd Company Overview National Insurance Co. Ltd key facts National Insurance Co. Ltd key financials ICICI Lombard General Insurance Co. Ltd company overview ICICI Lombard General Insurance Co. Ltd key facts ICICI Lombard General Insurance Co. Ltd key financials Oriental Insurance Company Ltd Company Overview Oriental Insurance Company Ltd key facts Oriental Insurance Company Ltd key financials Star Health and Allied Insurance Co. Ltd Company Overview Star Health & Allied Insurance Co. Ltd key facts Star Health & Allied Insurance Co. Ltd key financials HDFC Ergo General Insurance Company Ltd Company Overview HDFC Ergo General Insurance Company Ltd key facts HDFC Ergo General Insurance Company Ltd key financials Bajaj Allianz General Insurance Co. Ltd Company Overview Bajaj Allianz General Insurance Co. Ltd key facts Bajaj Allianz General Insurance Co. Ltd key financials Apollo Munich Health Insurance Company Ltd Company Overview Apollo Munich Health Insurance Company Ltd key facts Apollo Munich Health Insurance Company Ltd key financials Reliance General Insurance Company Ltd Company Overview Reliance General Insurance Company Ltd key facts Reliance General Insurance Company Ltd key financials Appendix Market Capitalization Trend Bombay Stock Exchange, India GDP at Constant Prices (US$) GDP per Capita at Constant Prices (US$) GDP at Current Prices (US$) GDP per Capita at Current Prices (US$) Inflation Rate Unemployment Rate Household Consumption Expenditure (US$) Total Population Urban and Rural Populations Age Distribution of the Total Population Appendix Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 13

14 10.1 Methodology Contact Timetric About Timetric Timetric s Services Disclaimer Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 14

15 LIST OF FIGURES Figure 1: Indian Insurance Industry Gross Written Premium by Segment (INR Billion), Figure 2: Indian Insurance Industry Gross Written Premium Dynamics by Segment, ( ) Figure 3: Indian Insurance Industry Direct Written Premium by Segment (INR Billion), Figure 4: Indian Insurance Industry Direct Written Premium Dynamics by Segment ( ) Figure 5: BRICS Region A Snapshot of the Economies and Populations, Figure 6: BRICS Region Grow th Trends in the Insurance Industry Figure 7: BRICS Region GDP at Constant Prices (US$ Trillion) and Annual Per Capita Disposable Income (US$), 2007 and Figure 8: BRICS Region Health Expenditure Per Capita (US$), 2007 and Figure 9: BRICS Personal Accident and Health Insurance Gross Written Premiums (US$ Billion), Figure 10: Gross Written Premium and Health Expenditure Statistics, Figure 11: Distribution of Employment by Sector (%), Figure 12: Population Distribution by Gender and Age Group Figure 13: Rural and Urban Populations (%) and Outbound Tourism (Million), Figure 14: Indian Personal Accident and Health Insurance Gross Written Premium by Category (INR Billion), Figure 15: Indian Personal Accident and Health Insurance Gross Written Premium by Category (% Share), 2013 and Figure 16: Indian Personal Accident and Health Insurance Direct Written Premium by Category (INR Billion), Figure 17: Indian Personal Accident and Health Insurance Direct Written Premium by Category (% Share), 2013 and Figure 18: Indian Personal Accident and Health Insurance Earned Premium (INR Billion), Figure 19: Indian Personal Accident and Health Insurance Earned Premium (INR Billion), Figure 20: Indian Personal Accident and Health Insurance Paid Claims by Category (INR Billion), Figure 21: Indian Personal Accident and Health Insurance Incurred Loss by Category (INR Billion), Figure 22: Indian Personal Accident and Health Insurance Retentions by Category (INR Billion), Figure 23: Indian Personal Accident and Health Insurance Loss Ratio (%), Figure 24: Indian Personal Accident and Health Insurance Loss Ratio (%), Figure 25: Indian Personal Accident and Health Insurance Commission and Expenses (INR Billion), Figure 26: Indian Personal Accident and Health Insurance Commission and Expenses (INR Billion), Figure 27: Indian Personal Accident and Health Insurance Combined Ratio (%), Figure 28: Indian Personal Accident and Health Insurance Combined Ratio (%), Figure 29: Indian Personal Accident and Health Insurance Frauds and Crimes (INR Billion), Figure 30: Indian Personal Accident and Health Insurance Frauds and Crimes (INR Billion), Figure 31: Indian Personal Accident and Health Insurance Total Assets (INR Billion), Figure 32: Indian Personal Accident and Health Insurance Total Assets (INR Billion), Figure 33: Indian Personal Accident and Health Insurance Total Investment Income (INR Billion), Figure 34:Indian Personal Accident and Health Insurance Total Investment Income (INR Billion), Figure 35: Indian Personal Accident and Health Insurance Retentions (INR Billion), Figure 36: Indian Personal Accident and Health Insurance Retentions (INR Billion), Figure 37: Indian Personal Accident and Health Insurance Total Investment (INR Billion), Figure 38: Indian Personal Accident and Health Insurance Total Investment (% Share), 2009 and Figure 39: Indian Personal Accident and Health Insurance Penetration (%), Figure 40: Indian Personal Accident and Health Insurance Number of Policies Sold (Thousand), Figure 41: Indian Personal Accident and Health Insurance Number of Policies Sold (Thousand), Figure 42: Indian Personal Accident and Health Insurance Premium Per Capita (INR), Figure 43: Indian Personal Accident Insurance Number of Policies Sold (Thousand), Figure 44: Indian Personal Accident Insurance Number of Policies Sold (Thousand), Figure 45: Indian Personal Accident Insurance Gross Written Premium (INR Billion), Figure 46: Indian Personal Accident Insurance Gross Written Premium (INR Billion), Figure 47: Indian Personal Accident Insurance Loss Ratio (%), Figure 48: Indian Personal Accident Insurance Loss Ratio (%), Figure 49: Indian Travel Insurance Number of Policies Sold (Thousand), Figure 50: Indian Travel Insurance Number of Policies Sold (Thousand), Figure 51: Indian Travel Insurance Gross Written Premium (INR Billion), Figure 52: Indian Travel Insurance Gross Written Premium (INR Billion), Figure 53: Indian Travel Insurance Loss Ratio (%), Figure 54: Indian Travel Insurance Loss Ratio (%), Figure 55: Indian Health Insurance Number of Policies Sold (Thousand), Figure 56: Indian Health Insurance Number of Policies Sold (Thousand), Figure 57: Indian Health Insurance Gross Written Premium (INR Billion), Figure 58: Indian Health Insurance Gross Written Premium (INR Billion), Figure 59: Indian Health Insurance Direct Written Premium (INR Billion), Figure 60: Indian Health Insurance Direct Written Premium (INR Billion), Figure 61: Indian Non-Life Health Insurance Loss Ratio (%), Figure 62: Indian Non-Life Health Insurance Loss Ratio (%), Figure 63: Indian Non-Life Health Insurance Retentions (INR Billion), Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 15

16 Figure 64: Indian Non-Life Health Insurance Retentions (INR Billion), Figure 65: Indian Personal Accident and Health Insurance Written Premium by Distribution Channel (% Share), 2013 and Figure 66: Indian Personal Accident and Health Insurance Direct Marketing Commission Paid (INR Billion), Figure 67: Indian Personal Accident and Health Insurance Direct Marketing Commission Paid (INR Billion), Figure 68: Indian Personal Accident and Health Insurance New Business Gross Written Premium Through Direct Marketing (INR Billion), Figure 69: Indian Personal Accident and Health Insurance New Business Gross Written Premium Through Direct Marketing (INR Billion), Figure 70: Indian Personal Accident and Health Insurance Policies Sold Through Direct Marketing (Thousand), Figure 71: Indian Personal Accident and Health Insurance Policies Sold Through Direct Marketing (Thousand), Figure 72: Indian Personal Accident and Health Insurance Number of Direct Marketing Distributors, Figure 73: Indian Personal Accident and Health Insurance Number of Direct Marketing Distributors, Figure 74: Indian Personal Accident and Health Insurance Bancassurance Commission Paid (INR Billion), Figure 75: Indian Personal Accident and Health Insurance Bancassurance Commission Paid (INR Billion), Figure 76: Indian Personal Accident and Health Insurance New Business Gross Written Premium Through Bancassurance (INR Billion), Figure 77: Indian Personal Accident and Health Insurance New Business Gross Written Premium Through Bancassurance (INR Billion), Figure 78: Indian Personal Accident and Health Insurance Policies Sold Through Bancassurance (Thousand), Figure 79: Indian Personal Accident and Health Insurance Policies Sold Through Bancassurance (Thousand), Figure 80: Indian Personal Accident and Health Insurance Number of Bancassurance Distributors, Figure 81: Indian Personal Accident and Health Insurance Number of Bancassurance Distributors, Figure 82: Indian Personal Accident and Health Insurance Commission Paid to Agencies (INR Billion), Figure 83: Indian Personal Accident and Health Insurance Commission Paid to Agencies (INR Billion), Figure 84: Indian Personal Accident and Health Insurance New Business Gross Written Premium Through Agencies (INR Billion), Figure 85: Indian Personal Accident and Health Insurance New Business Gross Written Premium Through Agencies (INR Billion), Figure 86: Indian Personal Accident and Health Insurance Policies Sold Through Agencies (Thousand), Figure 87: Indian Personal Accident and Health Insurance Policies Sold Through Agencies (Thousand), Figure 88: Indian Personal Accident and Health Insurance Number of Agencies, Figure 89: Indian Personal Accident and Health Insurance Number of Agencies, Figure 90: Indian Personal Accident and Health Insurance E-Commerce Commission Paid (INR Billion), Figure 91: Indian Personal Accident and Health Insurance E-Commerce Commission Paid (INR Billion), Figure 92: Indian Personal Accident and Health Insurance New Business Gross Written Premium Through E-Commerce (INR Billion), Figure 93: Indian Personal Accident and Health Insurance New Business Gross Written Premium Through E-Commerce (INR Billion), Figure 94: Indian Personal Accident and Health Insurance Policies Sold Through E- Commerce (Thousand), Figure 95: Indian Personal Accident and Health Insurance Policies Sold Through E- Commerce (Thousand), Figure 96: Indian Personal Accident and Health Insurance Number of E-Commerce Distributors, Figure 97: Indian Personal Accident and Health Insurance Number of E-Commerce Distributors, Figure 98: Indian Personal Accident and Health Insurance Commission Paid to Brokers (INR Billion), Figure 99: Indian Personal Accident and Health Insurance Commission Paid to Brokers (INR Billion), Figure 100: Indian Personal Accident and Health Insurance New Business Gross Written Premium Through Brokers (INR Billion), Figure 101: Indian Personal Accident and Health Insurance New Business Gross Written Premium Through Brokers (INR Billion), Figure 102: Indian Personal Accident and Health Insurance Policies Sold Through Brokers (Thousand), Figure 103: Indian Personal Accident and Health Insurance Policies Sold Through Brokers (Thousand), Figure 104: Indian Personal Accident and Health Insurance Number of Brokers, Figure 105: Indian Personal Accident and Health Insurance Number of Brokers, Figure 106: Indian Personal Accident and Health Insurance Commission Paid to Other Channels (INR Billion), Figure 107: Indian Personal Accident and Health Insurance Commission Paid to Other Channels (INR Billion), Figure 108: Indian Personal Accident and Health Insurance New Business Gross Written Premium Through Other Channels (INR Billion), Figure 109: Indian Personal Accident and Health Insurance New Business Gross Written Premium Through Other Channels (INR Billion), Figure 110: Indian Personal Accident and Health Insurance Policies Sold Through Other Channels (Thousand), Figure 111: Indian Personal Accident and Health Insurance Policies Sold Through Other Channels (Thousand), Figure 112: Indian Personal Accident and Health Insurance Number of Distributors in Other Channels, Figure 113: Indian Personal Accident and Health Insurance Number of Distributors in Other Channels, Figure 114: India The Insurance Regulatory Framework Figure 115: India Insurance Supervision and Control at Various Levels Figure 116: India Insurance Regulatory Framew orks for Company Registration and Operation Figure 117: India Judiciary System Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 16

17 Figure 118: Shares of Key Insurers in Indian Personal Accident and Health Insurance Segment (%), Figure 119: Gross Written Premium Top Five Indian Personal Accident and Health Insurers, Figure 120: Net Earned Premium Top Five Indian Personal Accident and Health Insurers, Figure 121: Paid Claims Top Five Indian Personal Accident and Health Insurers, Figure 122: Incurred Loss Top Five Indian Personal Accident and Health Insurers, Figure 123: Indian, Bombay Stock Exchange Market Capitalization (US$ Billion), Figure 124: Indian GDP at Constant Prices (US$ Billion), Figure 125: Indian GDP Per Capita at Constant Prices (US$), Figure 126: Indian GDP at Current Prices (US$ Billion), Figure 127: Indian GDP Per Capita at Current Prices (US$), Figure 128: Indian Inflation Rate (%), Figure 129: Indian Unemployment Rate (%), Figure 130: Indian Household Consumption Expenditure(US$ Billion), Figure 131: Indian Total Population (Million), Figure 132: Indian Urban and Rural Populations (%), Figure 133: Indian Population Distribution by Age (%), Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 17

18 LIST OF TABLES Table 1: Indian Personal Accident and Heath Insurance Key Facts, Table 2: Insurance Industry Definitions Table 3: Indian Insurance Industry Gross Written Premium by Segment (% Shares), Table 4: Indian Insurance Industry Direct Written Premium by Segment (% Shares), Table 5: India Life Insurance Regulatory Framew ork Table 6: India Property Insurance Regulatory Framew ork Table 7: India Motor Insurance Regulatory Framew ork Table 8: India Premium Rates for Third-Party (TP) Liability Insurance Table 9: India Corporate Income Tax Rates for the Financial Year Table 10: India Other Corporate Tax Rates for the Financial Year Table 11: India Changes in Corporate Tax Rates on Implementation of DTC Table 12: Shares of Key Insurers in Indian Personal Accident and Health Insurance Segment (%), Table 13: New India Assurance Co. Ltd, Key Facts Table 14:New India Assurance Co. Ltd, Key Financials (INR Million), Table 15: United India Insurance Co. Ltd, Key Facts Table 16:United India Insurance Co. Ltd, Key Financials (INR Million), Table 17: National Insurance Co. Ltd, Key Facts Table 18:National Insurance Co. Ltd, Key Financials (INR Million), Table 19: ICICI Lombard General Insurance Co. Ltd, Key Facts Table 20:ICICI Lombard General Insurance Co. Ltd, Key Financials (INR Million), Table 21: Oriental Insurance Company Ltd, Key Facts Table 22:Oriental Insurance Company Ltd, Key Financials (INR Million), Table 23: Star Health & Allied Insurance Co. Ltd, Key Facts Table 24:Star Health & Allied Insurance Co. Ltd, Key Financials (INR Million), Table 25: HDFC Ergo General Insurance Company Ltd, Key Facts Table 26:HDFC Ergo General Insurance Company Ltd, Key Financials (INR Million), Table 27: Bajaj Allianz General Insurance Co. Ltd, Key Facts Table 28:Bajaj Allianz General Insurance Co. Ltd, Key Financials (INR Million), Table 29: Apollo Munich Health Insurance Company Ltd, Key Facts Table 30:Apollo Munich Health Insurance Company Ltd, Key Financials (INR Million), Table 31: Reliance General Insurance Company Ltd, Key Facts Table 32: Reliance General Insurance Company Ltd, Key Financials (INR Million), Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2018 Page 18