Recommended Auto Insurance Quote Sites You Should Know About
Four Factors Will Drive the Growth
By James Tam on September 11th, 2007
Anu Madgavkar, associate partner, Mckinsey & company said “four factors will drive this growth in the next five years.” These are as follows —
Increasing per capita income will increase insurance intensity per capita resulting in average household premiums rising from Rs 1,300 to 3,000-4,100.
The emergence of newly bankable household and substantial increase in supply- side growth will increase the coverage rate in both urban and rural areas. By the year 2012 the coverage rate in urban areas is likely to grow to thirty five to forty percent and in rural areas thirty five to forty two percent.
Changes in the product mix as players make moves to lower the share of single premium product will result in more premium collection.
The growing demand of long term savings and investments product, which in India is a gap. The impressive growth in the sector has been driven by liberalization.
Read this entire article on www.ing.com
Comments are closed!