 |
| Advertisement |
Nsurance global scenario.
The world's main insurance market clearly is the United States, Europe, Japan, Korea. Emerging markets are located in Asia, especially India and China, and also in Central and South America.
With the Internet and other forms of high-speed communication, companies and individuals can purchase insurance and related financial products from almost anywhere in the world. The insurance industry grew markedly, especially in developing countries because of the rich wealth and the growing understanding of the need to protect wealth and human capital.
Given the increasing development of socio-economic conditions around the world, insurance companies are increasingly working across borders and offering more competitive and customized products than ever before.
The worldwide insurance platform has undergone a tremendous change in the past decade. The momentum of globalization and liberalization has made insurance companies around the world get closer to each other than ever. The insurance industry has undergone a major change as many unexpected incidents occurred such as 9/11, SARS, departure of corporate governance, tsunami, natural disasters such as hurricane Katrina, and so on. Outsourcing is another big development of the insurance industry. In recent years, particularly for payments of insurance after 9/11 and intensified competition, we chose insurance companies outsourcing, improved efficiency, channeled resources into core functions like product development and innovation .
Over the past decade, world premiums have risen by more than 50% and annual growth rates have reached 2 to 10%. In 2004, the world premium reached 3.3 trillion dollars. The world insurance market grew 7.6% in 2007, reaching 3,688.9 billion dollars. The world insurance market in 2012 is expected to be $ 4,688.5 billion, an increase of 24.9% since 2007. Life insurance dominates the world insurance market, accounting for 59.7% of market value. Europe accounts for 39.3% of the value of the global insurance market.
AXA is generating 4.4% of the value of the global insurance market.
Top 10 global insurance companies include the US Intel Group (France), Alliance (World) (Germany), Manulife Finance (Japan), General Group (Italy), Prudential Financial (USA), Life, Aviva ), Aegon (Netherlands).
Bowling insurance industry in India:
Because of the huge population base and large undeveloped markets, the insurance industry is a big opportunity for India to domestic and foreign investors. India is the world's fifth largest life insurance market in the emerging insurance market, growing 32-34% annually. The phenomenal growth of this market is driven by liberalization with new players that greatly enhance product recognition and promote consumer education and information. Due to the strong growth potential of India, international players are also looking at Indian insurance market. In addition, saturation of insurance markets in many developed countries has made Indian markets more attractive to international insurers.
The total life insurance premium in India is projected to be 1,230,000 rubles by 2010-11.
- General insurance premiums are expected to increase by 25% per year from September 2008 to November 2010.
- With the entry of several low-cost airlines, India's aviation insurance market is booming in the coming years as the fleet expansion of existing aircraft and the ownership of corporate aircraft increase.
- The housing insurance department plans to achieve 100% growth as financial institutions mandate mortgage approval.
- Health insurance is scheduled to be the second largest business for non-life insurance companies after auto insurance over the next three years.
- The rapidly growing life insurance market is the Indian life insurance agency as a member of the Million Dollar Round Table (MDRT) membership, the exclusive club for the highest performing life insurance agency, "Top 10 Country list ".
