India's insurance market is more likely to witness significant improvement by next fiscal, in life as well as non-life categories, triggered by health, micro-insurance and innovative products, global reinsurance major Swiss Re said today.
"The non-life segment is predicted to grow by 7.9 percent in 2012 and 8.5 % in 2013, while in the life segment is anticipated to increase by 7.5 % in 2012 by 11 percent in 2013. The main drivers with this growth will probably be health, micro-insurance and innovative product offerings," Swiss Re Vice-President Amit Kalra told reporters here after launching Asia economic and insurance market outlook.
However, this growth trend in non-life is leaner compared to 2010, since the motor and trade-related lines are likely to visit a slight slowdown, he was quoted saying.
This segment will mainly be driven by premia from your health sector, he said, adding you'll find huge untapped opportunities in retail personal lines, liability, micro- insurance and agriculture.
Foreign direct investment in retail would have boosted premium to the non-life industry as international companies take insurance for his or her establishments, Kalra said.
Globally, inside the life segment, premia growth will recover, led by India and China, he explained. "We expect strong requirement for term life insurance, protection and group insurance."
Growth will likely be based on recovery in unit-linked products, he was quoted saying, adding another highlight is problem risks in the event the capital markets remain suppressed.
Meanwhile, global outlook, he was quoted saying, remains uncertain due to the world financial crisis, however it would still perform superior to banks, he said.