India’s non-life insurance sector to maintain double digit growth over next 3-4 years: Moody's

29 Nov 2017 Evaluate

Global rating agency, Moody's Investors Service in its first report on the domestic insurance sector has stated that Indian non-life insurance sector is expected to maintain its double digit growth over the next three to four years, on the back of higher economic expansion and increased household spending. Besides, it projected that gross domestic product (GDP) of the country will grow by 6.7 percent in the fiscal year ending March 2018, making it one of the fastest growing economies in the world. However, it noted that annual insurance penetration remains comparatively low in India at just 3.5 percent of GDP, but is likely to increase in line with household spending.

The rating agency further indicated that in 2016-17 fiscal, the top 10 non-life insurers, recorded 30 percent growth in gross direct premium to Rs 1 lakh crore, while their top five life counterparts reported a 14 percent rise in gross premium to Rs 3 lakh crore. It also pointed out that the large private insurers have benefited the most, growing premia by 42 percent year-on-year in the year to March 2017. It added that these insurers are well placed for continued expansion, given their strong brands and market positions.

The report also welcomed the liberalization in the reinsurance space, which is evident from eight private reinsurers, Munich Re, Swiss Re, Scor and RGA, entering the market this year. It expects that the arrival of major global reinsurers will improve Indian insurers' access to reinsurance, supporting their management of underwriting risk. It also said that this should also help gradually reverse a recent deterioration in the non-life sector's underwriting performance due to rising claims expenses. Moreover, Moody's in its report has stated that regulatory risk-based capital rules, effective in fiscal year 2021, will encourage insurers to adopt eligibility criteria for their investment assets that will improve quality of portfolios. However, it noted that separate rules would be needed for insurers to adopt external actuarial reserving assessments, expected from March 2018.

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