Life Insurance is one of the fastest growing sectors in the country. The products come in a variety of offerings - from endowment policies to Unit Linked schemes and from whole life policies to pension plans- catering to the insurance and investment needs and objectives of different kinds of customers.
The general insurance industry has been growing at around 16 per cent every year since 2006-2007, in India but it is still an un-bloomed market with a penetration level as low as 0.70%. But with more players coming to the field and composite cap in the sector being increased up to 49 p.c, penetration level is expected to quadruple in size over the next 10 years.
The advantages of being a Combined Broker viz. an intermediary for facilitating life and non- life policies are many, especially the demarcating line between life and non-life business is no longer sacrosanct nowadays with a lot of overlapping takes place among them. The convenience of having the licence for both will help them approach as many players as possible to support their clientele.
Reinsurance is an industry that is truly global in nature. The Indian reinsurance market, which was thrown open to the foreign companies recently, is set to witness intense competition with more players, which currently is dominated by a sole Public sector company — General Insurance Corporation of India (GIC Re).
Composite brokers assist their clients that include insurance companies as well, to place risks of complex nature and therefore they need tools to navigate an increasingly intricate risk landscape.These brokers handle the entire spectrum of potential risks, be it in life, property or liability and are able to arrange reinsurance solutions for megaprojects and accumulations.