India vs China - General Insurance
Trying to compare general insurance companies across various emerging markets and see how the Indian insurance industry may progress. All numbers are approximate. Summary India in 2021 seems to be where China was in 2005 even though India's current GDP is slightly higher than China's 2005 GDP (USD 2.8 tn vs 2.3 tn). Health GWP seems to be a bigger probably due to no nationwide public health coverage (barring recent efforts by the government). Though it is well-known that premium growth outpaces GDP growth by a factor of 1.5-2.0x, what needs to be seen is the impact on traditional insurance players of online-only insurance companies and insurance aggregators. Online insurance players entered China at a later stage of its market development than India so the impact of online players may possibly be higher in India given the lower development and penetration of entrenched forces. Another observation from the Chinese market is that Health insurance grew at a much faster rate compa