Research and Markets: Bajaj Allianz Case Study: Insurer completes first decade in India

DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/3drwmw/bajaj_allianz_case) has announced the addition of the "Bajaj Allianz Case Study: Insurer completes first decade in India" company profile to their offering.

German insurer Allianz entered the newly-privatized Indian market in 2001, with local company Bajaj as its partner. This report shows how the company dealt with the challenges and opportunities of this market, to become one of India's leading private-sector insurers.

Highlights

• India has an undeveloped insurance market as measured by density and penetration. It has experienced several years of strong premium growth.
• Since 2001, regulatory changes have seen private-sector companies begin to compete with the state-owned incumbents in both the life and non-life segments.
• Bajaj Allianz is a leading provider of microinsurance products, and works on education projects to raise awareness of insurance among Indians who are unfamiliar with the concept.

Your key questions answered

• What is the size and growth rate of the Indian insurance market?
• What are the barriers to entry for a foreign private-sector insurance company?
• How successful has Bajaj Allianz been in this market?

ANALYSIS

• India has a small but rapidly growing insurance market
• In 2010, the Indian market was worth $78 billion
• Insurance penetration and density are low but increasing
• Life insurance is the most lucrative sector
• State-owned insurers dominate both the life and non-life segments
• But private insurers are a growing presence
• India has a growing middle class, but many people remain poor
• Regulation raises entry barriers for foreign players
• Foreign insurers can only enter the market with a local partner
• The General Insurance Company is the mandatory reinsurance body
• Private-sector insurers must write a percentage of their business in rural areas
• In 2001, Allianz entered the market in a joint venture with Bajaj
• Bajaj Allianz offers a full range of products
• Private-sector insurers have opened up new distribution channels
• Bajaj Allianz has seen rapid growth in its premium income
• The company engages in insurance education
• Bajaj Allianz has many of its offices in non-urban areas
• Competition is intense

CONCLUSIONS

• Allianz's first ten years in India have been successful

For more information visit http://www.researchandmarkets.com/research/3drwmw/bajaj_allianz_case

Research and MarketsLaura Wood, Senior Manager.
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Source: Research and Markets