Thanks for visiting this blog. Hope you like our effort in bringing out the information to you.
We are a group of management executives and we like finance and marketing side of a business. Slicing, dicing of information is our favorite past time.
Blogging always intrigued us and we had registered this domain name quite a while back. As things turned out, the procrastination monkey in our brain was saying to delay the launch of this blog. Finally the panic monster in our brain; scared the procrastination monkey and with lot of laziness we managed to kick-start this blog.
Why blog about insurance sector?
It’s the time of the year where we start filling our investment declarations form and submitting the same to our accounts. And filling that is extremely easy as you just have to write few lines, that’s it. But following that is the most difficult part LOL. We run helter-skelter during FEB-March, to fill our IT declaration to reduce taxes. And what we realized is that the major part our regular investments are taken by insurance.
This website is an effort to help buyers to make smart decisions regarding their policies.
“We like stats and numbers and we would dump it on you from time to time :P” Below are few stats and also the reason why we chose this as a topic for us to blog on
Indian Insurance sector
In India, a total of 52 companies are in the game.
- 24 in life insurance
- 28 in non-life insurance
Life insurance market
India has the biggest market for Life, totaling about 360 million policies at a CAGR of 12%-15%. The past financial year a total of Rs. 1,072 crore worth of premium was collected.
Non-life insurance market
Well, it’s logical that motor insurance dominates the market. With the growing Automobile industry in India, and motor insurance being a compulsion has made it a dominant sub segment.
Insurance penetration in India
Insurance market biggest in world…..The buck stops there.
The real criteria for measuring this sector is penetration rate.
India stands at 3.1% in terms of life insurance penetration versus a global average of 3.5%, it lags far behind in non-life where the penetration is a mere 0.8% compared to the world average of 2.8%.
India’s penetration rate is far below the world average of 6.3%, largely due to limited financial awareness and literacy among the masses.
“This blog hence was create to educate people about the pros of insurance and on a hope that it will help atleast one person to buy the right one and spread awareness”