Global Insurance Summit
Indian Insurance: Developmental Drive into Next Decade
September 20 – 21st, 2011 – Hotel Trident, Nariman Point, Mumbai
Chief Guest: Shri Montek Singh Ahluwalia, Deputy Chairman, Planning Commission
Guest of Honour: Shri J Hari Narayan, Chairman, IRDA
Special Guest: Shri D K Mittal, Secretary, Department of financial services, GOI
The insurance industry in India has completed a decade since liberalisation and opening up of the sector to private and foreign participation. The sector plays a critical role in the context of the overall economy in terms of providing an instrument for savings to the population, pooling and transferring risk from individual and institutional customers and generating funds for investments into the capital markets and into various “real” sectors. In the past decade, the industry has made progress on various fronts – significant acceleration of the growth trajectory of the industry from the pre-liberalisation era; several innovations across products, channels and customer segments; development of new distribution channels like banks and online. During this period, the life insurance industry has grown at over 25 percent and has emerged as a top 10 market in the world, with over USD 60 billion in terms of total premiums. The general insurance industry, during the same period, has grown by over 15 percent and is close to USD 10 billion in size.
While the previous decade was primarily about growth, the next decade will be on ensuring adequate focus on both growth and profitability. The industry is at an inflection point today and is entering into a crucial phase in terms of its evolution. While the previous decade was primarily about growth, the next decade will need to much more about balancing growth with profitability. While the Indian insurance market will continue to be one of the most attractive markets for growth globally, the paradigm for success is likely to change significantly. The change will be driven by discontinuities in regulations, customer behaviour and technology adoption. In this context, the players who will emerge winners will be those who can adapt swiftly to the new paradigm. More importantly, developing a healthy industry with the multi-fold objectives of penetration, reach and protecting consumer interests will require co-ordinated efforts from all stakeholders – insurance companies, policy makers, other service providers.
With the objective of facilitating a discussion among various stakeholders on the future of the industry, opportunities and challenges for various stakeholders and requirements for success, ASSOCHAM is organizing a Global Insurance Summit on September 20 – 21 , 2011 at Hotel Trident, Nariman Point, Mumbai. We have invited Dr. Montek Singh Ahluwalia, Deputy Chairman-Planning Commission, Shri J. Hari Narayan, Chairman-IRDA, Shri D K Mittal, Secretary-Department of Financial Services, Ministry of Finance, Shri D K Mehrotra, Chairman-LIC and Shri G Srinivasan, CMD-New India Assurance Co. Ltd.. We have also invited Speakers from US, UK, Australia, Singapore, South Africa etc. to address the participants in the Summit.
We shall be grateful if you could kindly join us at the summit and mark your diary to attend the summit on September 20 – 21st, 2011 at Hotel Trident, Nariman Point, Mumbai. We would also request your organization to be the Partner/Sponsor of the Summit as per details enclosed for your kind reference.
Looking forward to hearing from you and with kind regards,
Indian Insurance: Developmental Drive into Next Decade
September 20 – 21st, 2011 – Hotel Trident, Nariman Point, Mumbai
Chief Guest: Shri Montek Singh Ahluwalia, Deputy Chairman, Planning Commission
Guest of Honour: Shri J Hari Narayan, Chairman, IRDA
Special Guest: Shri D K Mittal, Secretary, Department of financial services, GOI
The insurance industry in India has completed a decade since liberalisation and opening up of the sector to private and foreign participation. The sector plays a critical role in the context of the overall economy in terms of providing an instrument for savings to the population, pooling and transferring risk from individual and institutional customers and generating funds for investments into the capital markets and into various “real” sectors. In the past decade, the industry has made progress on various fronts – significant acceleration of the growth trajectory of the industry from the pre-liberalisation era; several innovations across products, channels and customer segments; development of new distribution channels like banks and online. During this period, the life insurance industry has grown at over 25 percent and has emerged as a top 10 market in the world, with over USD 60 billion in terms of total premiums. The general insurance industry, during the same period, has grown by over 15 percent and is close to USD 10 billion in size.
While the previous decade was primarily about growth, the next decade will be on ensuring adequate focus on both growth and profitability. The industry is at an inflection point today and is entering into a crucial phase in terms of its evolution. While the previous decade was primarily about growth, the next decade will need to much more about balancing growth with profitability. While the Indian insurance market will continue to be one of the most attractive markets for growth globally, the paradigm for success is likely to change significantly. The change will be driven by discontinuities in regulations, customer behaviour and technology adoption. In this context, the players who will emerge winners will be those who can adapt swiftly to the new paradigm. More importantly, developing a healthy industry with the multi-fold objectives of penetration, reach and protecting consumer interests will require co-ordinated efforts from all stakeholders – insurance companies, policy makers, other service providers.
With the objective of facilitating a discussion among various stakeholders on the future of the industry, opportunities and challenges for various stakeholders and requirements for success, ASSOCHAM is organizing a Global Insurance Summit on September 20 – 21 , 2011 at Hotel Trident, Nariman Point, Mumbai. We have invited Dr. Montek Singh Ahluwalia, Deputy Chairman-Planning Commission, Shri J. Hari Narayan, Chairman-IRDA, Shri D K Mittal, Secretary-Department of Financial Services, Ministry of Finance, Shri D K Mehrotra, Chairman-LIC and Shri G Srinivasan, CMD-New India Assurance Co. Ltd.. We have also invited Speakers from US, UK, Australia, Singapore, South Africa etc. to address the participants in the Summit.
We shall be grateful if you could kindly join us at the summit and mark your diary to attend the summit on September 20 – 21st, 2011 at Hotel Trident, Nariman Point, Mumbai. We would also request your organization to be the Partner/Sponsor of the Summit as per details enclosed for your kind reference.
Looking forward to hearing from you and with kind regards,
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