Pestel Analysis Of Insurance Sector In India

Pest analysis is a strategic tool used to analyse external factors that affect an
enterprise and its position on political, economic, social and technological
factors. Health insurance is the second largest segment in India, with actors from
the public and private sectors playing an active role. India's mobile customer base
was 881 in November 2013 and currently has one of the largest amplifiers in the
world, which is operated by the public on November 2013. [Sources: 3]

US $XX Mn) is estimated at USXX Mn in 2018 and is expected to reach USX Mn by 2020,
with an annual growth rate of 7.5%. [Sources: 1, 5]

The life insurance sector is growing faster and accounts for more than 80% of the
overall insurance market in the country. This is driven by the increasing demand
for life insurance in India and growth in non-life insurers. The Indian insurance
industry is 33% non-life insurers and 24% life insurers. [Sources: 5]

With a growing young workforce and a growing purchasing power of the population,
total automotive production in India will reach US XX Mn units by 2017, compared to
US XX Mn units in 2017. [Sources: 5]

In this report, the report analyses the market dynamics of the insurance sector in
India and its key players. The analysis reflects the same and provides insights
into the key trends, trends and opportunities in the industry to help stakeholders
improve their business strategies. [Sources: 0, 5]

In analyzing the competitive landscape, the report's authors strive to help readers
understand the important business tactics that leading companies use to maintain
the sustainability of the personal insurance market. This sheds light on the key
competitive dynamics of the passenger car insurance market in India and helps
market participants to stay informed and consolidate a strong position within the
industry. [Sources: 0]

The Global Personal Lines Insurance Market, valued at approximately $XXX billion in
2018, is expected to grow at an annual rate of 4.5% over the forecast period from
2019 to 2026. In 2016, the National Health Protection Programme was introduced to
cover Rs. 500,000 for health insurance coverage for individuals and small
businesses in the personal insurance market. [Sources: 0, 5]

This programme is expected to increase the share of health insurance in India from
34% to 50%. This report informs that HDFC Ergo is in advanced discussions to
acquire Apollo Munich Insurance for a price of US $370.05 million. Insurance Laws
Act, 2015, which provides for safeguards against Indian property control. [Sources:
5]

PESTEL is a strategic tool for analysing the macro environment of an organisation

and can influence the business strategy of any organisation in the insurance sector
in India and its impact on the market. [Sources: 2]

Macro-environmental factors can influence the form of an organization's insurance

business strategy in India and its impact on the market. [Sources: 2]

The life insurance industry has made enormous use of technological advances in the
world and has gained a competitive advantage. This can have an impact on the
business strategy of an organization's insurance business in India and its impact
on the market. [Sources: 2, 4]

The existing rule according to IRDA in India is that foreign partners may hold a
limit of 50% of the total market share in the life insurance industry. In return,
the government has been presented with a proposal to raise the limit to 49%, which
would mean more money being pumped into the market. Environmental factors can
affect the industry, such as climate change, water scarcity, pollution and other
environmental problems. [Sources: 4]

As demand for technology and technology services has grown globally over the
decades, so has the level of government control and oversight. [Sources: 3]

The PESTEL analysis of the insurance sector in India, led by Dr. K.K. Srinivasan,
Professor of Economics at the University of Delhi, provides a detailed analysis of
the economy and presents its findings in the form of a report. The questions relate
to the characteristics of the individual sectors in chapters 1-5, which are set
out, and the changes and impacts of the external and macroeconomic industries are
identified. [Sources: 3]

Mobile telecommunications industry suppliers are companies that manufacture,

manufacture and distribute mobile phones, batteries and other devices for
activation and provision of services. The mobile market in India is ready to
facilitate this obligation and what can increase Airtel's scope is the availability
of high-speed and low-cost mobile networks in the country. [Sources: 3]

The widely used market analysis by the market research firm Gartner assumes that
the BPO market in India will reach 1%. The Telecom Expense Management Market Report
addresses the fundamental factors driving the variation in the industry's growth
patterns. PESTEL analyses of telecommunications companies in this industry are
divided into three broad segments: telecommunications, cost management and business
process management. It helps managers to gain a better understanding and It also
provides a comprehensive overview of the business model, business strategy, market
dynamics and competitive landscape of these companies. [Sources: 3]

Sources:

[0]: https://prnewsleader.com/uncategorized/1515267/personal-lines-insurance-
market-size-share-trends-key-players-analysis-growth-factors-opportunities-
development-status-and-outlook-by-2025/

[1]: http://new.siarzasd.com/global-mu/pestel-analysis-of-e-commerce-industry.html

[2]: http://fernfortuniversity.com/term-papers/pestel/nyse4/1016-china-life-
insurance-company-limite.php

[3]: http://beeldjeshuis.nl/how-do/pestle-analysis-of-telecom-industry-in-
india.html

[4]: https://www.ukessays.com/essays/economics/pestel-analysis-of-icici-prudential-
economics-essay.php

[5]: https://www.maximizemarketresearch.com/market-report/india-non-life-insurance-
market/42091/