印度的保險仲介市場:各類型，各保險類型，模式別，各終端用戶，各地區，機會，預測，2018年～2032年

印度保險經紀市場規模預計將從 2024 年的 274.1 億美元增長到 2032 年的 591 億美元，2024-2032 年預測期間複合年增長率為 10.08%。市場呈指數級增長的關鍵驅動力是收入成長的提高，這促使個人和商業組織購買保險產品以應對不確定事件。透過各種政府活動和教育大眾的宣傳活動，提高了保險意識。

數位化以及線上平台、行動應用程式和聊天機器人的引入使保險業的保單持有人更容易購買保險，並使經紀人能夠更好地接觸客戶。即使是保險業，特別是人壽保險和退休金計劃，也受益於政府以 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 和 Atal Pension Yojana (APY) 形式採取的舉措。

FDI政策的放寬為保險業提供了急需的便利，刺激了保險業的發展。這促使電子商務的成長，從而需要保險服務的成長，主要是在網路保險和物流保險等領域。從自然災害到網路犯罪，不斷變化的風險情況凸顯了全面保險的重要性。此外，有利的政府法規和乾預措施正在支持保險業的成長。目前，這些因素的結合促使了印度保險經紀人市場的動態和強勁成長。

本報告提供印度的保險仲介市場相關調查，提供市場概要，以及各類型，各保險類型，模式別，各終端用戶，各地區趨勢，及加入此市場的主要企業簡介等資訊。

目錄

第1章 計劃的範圍和定義

第2章 調查手法

第3章 摘要整理

第4章 客戶的迴響

第5章 印度的保險仲介市場預測，2018年～2032年

• 市場規模的分析與預測
• 市場佔有率分析與預測
• 市場地圖分析，2024年
  • 各類型
  • 各保險類型
  • 模式別
  • 各終端用戶
  • 各地區

第6章 需求供給分析

第7章 價值鏈分析

第8章 波特的五力分析

第9章 大環境分析

第10章 價格分析

第11章 市場動態

第12章 市場趨勢與發展

第13章 案例研究

第14章 競爭情形

• 市場領導前五名的競爭矩陣
• 參與企業前五名的SWOT分析
• 市場參與企業前10名的形勢
  • Marsh & McLennan Global Services Private Limited
  • J.B. Boda Insurance and Reinsurance Brokers Pvt. Ltd.
  • Howden Insurance Brokers India Pvt. Ltd.
  • Aon India Insurance Brokers Pvt Ltd.
  • Prudent Insurance Brokers Pvt. Ltd.
  • Mahindra Insurance Brokers Ltd.
  • Globe Secure Insurance Brokers Pvt. Ltd.
  • Policybazaar Insurance Brokers Pvt. Ltd.
  • Advance Life Insurance Brokers Pvt. Ltd.
  • 3 Dimensional Insurance Brokers India Pvt. Ltd.

第15章 策略性建議

第16章 諮詢方式和免責聲明

India insurance brokerage market is projected to witness a CAGR of 10.08% during the forecast period 2024-FY2032, growing from USD 27.41 billion in FY2024 to USD 59.10 billion in FY2032. The market has grown dramatically due to key driving forces, such as improved income growth, which has enabled individuals and business organizations to purchase insurance products to secure uncertainties. Increased awareness about insurance is spurred through different government campaigns and awareness initiatives to educate citizens.

Digitalization and embracing online platforms, mobile applications, and chatbots have made the insurance industry easier for policyholders to buy policies and let a broker reach client much better. Even the insurance sector, particularly life insurance and pension plans, has benefited from initiatives undertaken by the government in the form of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY).

With relieved policies regarding FDIs, capitalizing on the much-needed provision in the industry spurs the growth of the insurance sector. This has led to growth in e-commerce, which has necessitated growth in insurance services, mainly in verticals such as cyber insurance and logistics insurance. In the wake of the constantly changing risk landscape, from natural disasters to cybercrime, the importance of holistic insurance coverage has emerged. Moreover, a certain smattering of favorable government regulations and interventions has helped foster growth for the insurance sector. At present, these factors together contribute to dynamic and robust growth in India insurance brokerage market.

For instance, in December 2022, according to the Insurance Regulatory and Development Authority of India (IRDAI), India is projected to become the world's sixth-largest insurance market within the next decade, surpassing countries such as Germany, Canada, Italy, and South Korea. In addition to favorable economic conditions, the regulator plans to implement proactive measures aimed at accelerating the sector's growth.

Awareness of Adequate Insurance Coverage and Evolving Risk Factors to Drive Market Growth

Campaigns by the Indian government and massive digital drives to raise awareness of the need for insurance have increased the penetration of insurance in the country. Due to the perceived value of insurance, the demand for the market is on the rise. High-risk factors such as natural disasters and cyber threats add to the demand for more comprehensive insurance solutions. Growth in disposable incomes, especially from the expanding middle class in India, further boosts the insurance sector, where more people can invest in security policies. Such a rise in demand is immediately reaping benefits for India insurance brokerage market as brokers guide consumers and assist them in choosing the most suitable policies. Growing risk factors are a major growth driver in India insurance brokerage market. The high rise in natural disasters, such as floods, cyclones, and earthquakes, throughout the nation has put forward a rising demand for property and casualty insurance. Apart from this, the spread of different cyber risks, such as data breaches, ransomware attacks, and identity theft, has created a need for cyber insurance. The mere fact that digital transformation is currently being witnessed in various industries means firms and individuals are looking for cover to cap any losses likely to occur in case of cyber risks, making cyber insurance one of the fastest-growing market segments.

Besides, increasing uncertainties in a more unstable political scenario, the health pandemic situation, and geopolitics are compelling people to demand comprehensive coverage. The increasing complexity of risk requires insurance to adapt to these emerging conditions. It has, thereby, energized the brokerage market for insurance services, as brokers help clients with changing their demands for insurance services.

For instance, in September 2024, Tata AIA Life Insurance Co Ltd (Tata AIA) launched a US dollar-denominated life insurance product tailor-made for non-resident Indians through a joint venture between Tata Sons Pvt Ltd (Tata Sons) and AIA Group Ltd (AIA). The first set of products that the company will offer from its GIFT City branch includes the Life Protect Supreme term insurance plan with a return guaranteed in USD. Most of the plans cover any kind of death, accident, disability, and critical illness, and most benefits are paid up until age 100.

Government Initiatives and FDI to Act as a Catalyst

The Pradhan Mantri Jeevan Jyoti Bima Yojana, Atal Pension Yojana, and Ayushman Bharat schemes are the government initiatives that have added significant growth to India insurance brokerage market. These schemes have increased the penetration of below-poverty groups, unorganized sector workers, and others. With an increased number of insured populations through these schemes, the demand for insurance brokerage services to help these individuals has gained the required coverage, hence causing an increase in the demand for the products offered by the industry of insurance brokerage.

Increased FDI in the insurance sector has played a focal role. Raising the permissible FDI limit from 49% to 74% has allowed foreign investments to inject capital into the sector with increased competition and innovation between the players in the insurance companies. The entry of foreign players increased their appeal and variety of products while improving the service offerings. Improving market participation and, at the same time, financial stability leads to a dynamic and competitive atmosphere that enhances the interest of consumers and intermediary agents or insurance brokers.

For instance, in February 2024, under Pradhan Mantri Fasal Bima Yojana (PMFBY), it has insured 56.96 crore applications, of which the claims of USD 1.84 trillion (INR 1.54 lakh crore) have been paid, according to the Press Information Bureau of Government of India. The scheme is meant to provide an easy, inexpensive, and comprehensive crop insurance solution to Indian farmers. It encompasses all kinds of non-preventable risks of natural causes pre-sowing to harvest time, providing critically essential financial support when crop failure is caused by natural calamities, pests, or diseases.

Technological Advancements to Fuel Market Growth

Technological advancements fuel the growth of India insurance brokerage market as it enhances efficiency and ease for customers. Artificial Intelligence streamlines underwriting, claims, and customer service by reducing human efforts and errors. The Internet of Things presents data in real time and increases the effectiveness of risk assessment while personalizing the insurance solution offered. Blockchain further helps improve the process by removing fraud and generating trust since the transactions involved are secured, transparent, and tamper-proof. Beyond this, data analysis helps the broker better understand customer behavior, predict potential risks, and come up with customized insurance products, thereby propelling the industry's growth.

Brokers are focusing on proactively communicating with customers during the information phase through personalizing interactions using diverse channels, which creates a blend of personal contact and digital tools to elevate support and claims. They provide consumers with personalized services across various channels such as email, phone, SMS, WhatsApp, and more. Staying at the top of the mind of the customer and reaching out to them helps build a strong customer relationship.

For instance, in March 2022, Mahindra Insurance Brokers Ltd. (MIBL) embarked on a major digitization drive in three business modules, motor, health, and commercial lines, to enhance growth. On its part, MIBL announced a tie-up with its healthcare arm, Tata 1 Mg, to offer customized health solutions for corporate employees and their families.

Life Insurance Type to Dominate Market Share

In India, insurance brokers primarily focus on life insurance due to its lucrative nature and high demand. In terms of overall market value, the life insurance and pension segment showcases a highly valued stream. This is primarily due to the increasing consciousness of financial security, which is most pronounced at the middle-class level. The government of India has introduced schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) to further enhance life insurance penetration. As the economy grows and disposable incomes rise, people are investing in life insurance products that have high returns for longer terms, providing huge commissions for brokers. Brokers can extend their focus on this segment due to different life insurance products, such as term insurance, whole life, and ULIPs (Unit Linked Insurance Plans), providing an opportunity for brokers to cater to various customer needs.

For instance, in June 2024, India's life insurance sector experienced a notable 14.8% year-on-year (YoY) increase in premiums, reaching USD 5.11 billion (INR 42,434 crore). This growth reflects a robust demand for insurance protection from individual and corporate consumers, underscoring the sector's resilience and expanding reach.

Northern India Dominates the Insurance Brokerage Market Share

North region, especially the National Capital Region (NCR), dominates the share of India insurance brokerage market. NCR has one of the country's largest economies, whose gross areas shelter hundreds of multinational corporations, financial institutions, and offices of governments. Due to this, the demand for insurance services is high for people and companies. With such a high population density in the region, the customer base in terms of insurance requirements is wide and diversified, which consequently raises the demand for specialized brokerage services. In the same respect, NCR has developed infrastructure with well-to-date communication and transportation networks that support effective business operations and service delivery. A favorable regulatory environment plays an important role as part of government policy in increasing financial inclusion and penetration of insurance services. Consequently, major insurance companies and brokerage firms in NCR would ensure that the marketplace stays competitive so that improvement, innovation, and better service offerings are kept at bay.

For instance, in November 2023, there was a 50 percent surge in inquiries regarding health insurance, with the air quality index (AQI) crossing 500 in NCR, according to PolicyBazaar's data. In cases like cancer, where bills may soar from USD 35,689 (INR 30 Lakh) to USD 59,482 (INR 50 lakh) or even higher, and considering instances like lung transplants, around 40% of health insurance customers have opted for the USD 118,947 (INR 1 crore) plans, a significant increase from previous years when the standard cover was USD 5,948 (INR 5 lakh).

Future Market Scenario (FY2025 - FY2032F)

In the upcoming years, India insurance brokerage market will witness a wave of customized and personalized insurance solutions. Through data analytics and AI, the brokers will offer bespoke policies to clients and businesses.

The growth of e-commerce will create added demand for insurance services, more so in cyber insurance and logistics insurance, further pushing the expansion of the market.

Advanced technologies, including AI, IoT, blockchain, and data analytics, would further heighten operational efficiency, improve customer experience, and drive innovation in product offerings.

The government's ongoing initiatives, such as the National Logistics Policy and Make in India, would continue to spur the growth of the insurance sector. The country's improving infrastructure and fostering financial inclusion would continue to fuel market growth.

Key Players Landscape and Outlook

India insurance brokerage market is competitive, characterizing companies competing against each other for market share through constant innovations in customized insurance plans and digitalized solutions to gain a competitive advantage. Companies emphasize exceptional customer service and effective relationships that build long-term client relationships and business attractions.

In June 2024, Assurex Global, a private commercial insurance, risk management, and employee benefits brokerage group, announced the addition of Prudent Insurance Brokers Pvt. Ltd., based in Mumbai, India, to the Assurex Global Partnership. The Partnership includes J B Boda & Co. Pvt. Ltd. in Mumbai.

In February 2024, Policybazaar Insurance Brokers was granted in-principal approval by the Insurance Regulatory and Development Authority of India (IRDAI) to expand its license to include reinsurance services. This regulatory nod, detailed in a company exchange filing dated February 16, 2024, marks a significant milestone, allowing the firm to transition from a direct insurance broker to a composite insurance broker under the IRDAI Regulations, 2018.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. Voice of Customer

• 4.1. Product and Market Intelligence
• 4.2. Mode of Brand Awareness
• 4.3. Factors Considered in Purchase Decisions
  • 4.3.1. Features and Other Value-Added Service
  • 4.3.2. Time Period and Quality of Insurance
  • 4.3.3. Licensing and Regulation
  • 4.3.4. Claims Support
• 4.4. Consideration of Privacy and Regulations

5. India Insurance Brokerage Market Outlook, FY2018-FY2032F

• 5.1. Market Size Analysis & Forecast
  • 5.1.1. By Value
• 5.2. Market Share Analysis & Forecast
  • 5.2.1. By Type
    • 5.2.1.1. Retail
    • 5.2.1.2. Wholesale
    • 5.2.1.3. Reinsurance
    • 5.2.1.4. Corporate
    • 5.2.1.5. Others
  • 5.2.2. By Insurance Type
    • 5.2.2.1. Life Insurance
    • 5.2.2.2. Property and Casualty Insurance
    • 5.2.2.3. Health and Medical Insurance
  • 5.2.3. By Mode
    • 5.2.3.1. Online
    • 5.2.3.2. Offline
  • 5.2.4. By End-user
    • 5.2.4.1. Individual
    • 5.2.4.2. Family
    • 5.2.4.3. Business
    • 5.2.4.4. Corporation
    • 5.2.4.5. Government and Public Sector
    • 5.2.4.6. Non-Profit Organization
    • 5.2.4.7. Educational Institution
  • 5.2.5. By Region
    • 5.2.5.1. North
    • 5.2.5.2. South
    • 5.2.5.3. East
    • 5.2.5.4. West and Central
  • 5.2.6. By Company Market Share Analysis (Top 5 Companies and Others - By Value, FY2024)
• 5.3. Market Map Analysis, FY2024
  • 5.3.1. By Type
  • 5.3.2. By Insurance Type
  • 5.3.3. By Mode
  • 5.3.4. By End-user
  • 5.3.5. By Region

6. Demand Supply Analysis

7. Value Chain Analysis

8. Porter's Five Forces Analysis

9. PESTLE Analysis

10. Pricing Analysis

11. Market Dynamics

• 11.1. Market Drivers
• 11.2. Market Challenges

12. Market Trends and Developments

13. Case Studies

14. Competitive Landscape

• 14.1. Competition Matrix of Top 5 Market Leaders
• 14.2. SWOT Analysis for Top 5 Players
• 14.3. Key Players Landscape for Top 10 Market Players
  • 14.3.1. Marsh & McLennan Global Services Private Limited
    • 14.3.1.1. Company Details
    • 14.3.1.2. Key Management Personnel
    • 14.3.1.3. Products and Services
    • 14.3.1.4. Financials (As Reported)
    • 14.3.1.5. Key Market Focus and Geographical Presence
    • 14.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 14.3.2. J.B. Boda Insurance and Reinsurance Brokers Pvt. Ltd.
  • 14.3.3. Howden Insurance Brokers India Pvt. Ltd.
  • 14.3.4. Aon India Insurance Brokers Pvt Ltd.
  • 14.3.5. Prudent Insurance Brokers Pvt. Ltd.
  • 14.3.6. Mahindra Insurance Brokers Ltd.
  • 14.3.7. Globe Secure Insurance Brokers Pvt. Ltd.
  • 14.3.8. Policybazaar Insurance Brokers Pvt. Ltd.
  • 14.3.9. Advance Life Insurance Brokers Pvt. Ltd.
  • 14.3.10. 3 Dimensional Insurance Brokers India Pvt. Ltd.

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

15. Strategic Recommendations

16. About Us and Disclaimer

List of Tables

• Table 1. Pricing Analysis of Products from Key Players
• Table 2. Competition Matrix of Top 5 Market Leaders
• Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
• Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

• Figure 1. India Insurance Brokerage Market, By Value, In USD Billion, FY2018-FY2032F
• Figure 2. India Insurance Brokerage Market Share (%), By Type, FY2018-FY2032F
• Figure 3. India Insurance Brokerage Market Share (%), By Insurance Type, FY2018-FY2032F
• Figure 4. India Insurance Brokerage Market Share (%), By Mode, FY2018-FY2032F
• Figure 5. India Insurance Brokerage Market Share (%), By End-user, FY2018-FY2032F
• Figure 6. India Insurance Brokerage Market Share (%), By Region, FY2018-FY2032F
• Figure 7. By Type Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 8. By Insurance Type Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 9. By Mode Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 10. By End-user Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 11. By Region Map-Market Size (USD Billion) & Growth Rate (%), FY2024