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Two economic giants China and India, with strong growth potential and expanding economies are becoming major players in insurance in the Asia Pacific region. Interest from International players has shown increased interest in Indian Insurance Sector. Two major Chinese companies have shown interest in this category. India is slowly passing through a transition stage from a closed system with state owned monopolies to an opened system with foreign n private players entering the field. While India's National Insurers are government owned China's Insurance Industry is more open and share holder focused
Life Insurance:
India's insurance sector has shown strong potential growth but is however offset by week capitalization. LIC India's largest insurer has a share of nearly 80% compared to china's largest Insurer (which is China Life Insurance Co) at 45%. Private life insurers are much better capitalized but over all industry risks remains high
Non Life Insurance:
Non Life Insurance market shows good capitalization of state owned companies having a market share of 80% but has accumulated losses due to bad performance. Poor underwriting and risk control of India's non life insurance have produced a high industry risk level for India.
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