Name:Srikanth pulla

RegNo:2015JULB01076
Subject:-Insurance And Risk management
Assignment-1
SWOT ANALYSIS OF INDIAN INSURANCE
INDUSTRY
INTERNAL ANALYSIS
STRENGTHS:1) New product of insurance
There are two types of insurance in India life Insurance life insurance
companies 23and Nonlife insurance 29 this is the very decent number for
Indian insurance industry and having new product like
i.
For entrepreneurs and non-insurance professionals (this is very virtuous
for the start-up).
ii.
For insurance carriers or brokers (this is very virtuous for new project
management for your new product idea, or we present a new product
idea for your review).
2) Marketing and Distribution System
i.
From April 2015 to 2016 life insurance growth is 22.5% and Nonlife
Insurance is 12% this illustrations good strength to Indian Insurance
Industry.
ii.
General insurance business in India is currently at Rs 78,000 cores and growth is about
iii.
iv.

17% show that market of insurance industry is widely distrusted across the country.
Gross direct premium in 2016 is 105.25billion
Indias life insurance sector is the biggest policy in the world having 360 million
policies

3) Government Initiatives
During union Budget in 2015-2016 the made excellent provision for insurance industry
i.
ii.

Foreign investment allowed 49% and reduce of service tax from 3.5 to 1.4% it show
good sine to develop Indian insurance
Government insurance companies to be listed on Exchanges

WEAKNESS
1. Lack of awareness in policys at rural areas

2.
3.
4.
5.
6.

Most of the people in rural area are unaware of the policy and they are also
averse
Many policy may not give good returns
Low investment
i.
India is among the lowest spending in insurance among the world
comparing to china and US
Dominance of Public sectori.
Even after the liberalization of the insurance sector, the public sector Insurance
companies have continued to dominate the insurance market
Destructions ,Damages, may be create by holders
Limited facilities

EXTERNAL ANALYSIS
OPPORTUNITYS
1) Heath insurance
i.
Health Insurance could potentially create a huge important role in
market development forward
2) Creation of stronger demand
i.
For a country like India, the growth of economy plays major role at
Insurance policys,it also support faster growth in per capital income in
the coming years, which will translate into stronger demand for
Insurance products
3) Rise in Income and Awareness
i.
Growing household income and risk awareness will be the key substances to
encouraging more demand for these lines of business in the future
4) Global innovations and practices

THERADS
1. Insurance Frauds
The damage may be create by him and claim the Insurance from the
company
2. Nature climates
Changes in nature climate and damage of good due to fire accident
3. Political Environment
4. Legal laws