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"The growing expenditure is creating significant opportunities for coverage under health insurance."



Emerging Markets – India: a land of opportunity

Post Magazine
Jane Bernstein
1 March 2012


PA’s Arjun Singh, insurance expert, is quoted in an article in Post Magazine. Arjun gives his view on the opportunities for the insurance industry in India.

Commenting on the significant developments for the Indian general insurance market in the past five years, Arjun asserts: "Without doubt, it would have to be the growing consumerism across the country. The growth rates in the automobile and real estate sector have been extremely impressive over the past few years, even during a fairly tricky period with signs of economic slow-down and high inflation rates."

Arjun goes on to talk about why he believes India is well on its way to becoming one of the largest car markets globally: "The estimates are that the growing middle class and their insatiable appetite for consumerism will continue to drive the affordable - but good quality - housing market."

Commenting on growing consumerism, Arjun says: "The growing expenditure is creating significant opportunities for coverage under health insurance."

Arjun encourages newcomers to ‘think local’. He says: "As most of the insurers have learned from their time in India, parachuting what works in other more developed economies and bringing it to India doesn’t always reap the right rewards.

“You must remember that the socio-economic demographics of India are quite unique and, therefore, a lot of what has happened in the more developed economies might not be applicable to India."

As far as wider challenges are concerned, Arjun observes: "All new entrants need to be aware that, although current profitability levels might seem attractive, there are some serious challenges that need to be managed and addressed.

“These include unlocking the latent demand in an efficient manner, managing and reducing the underwriting losses, claims leakage and fraud, among other things. These challenges, combined with lower investment returns, increasing competition and a more demanding customer base, will start to hurt the sector’s profitability."

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