Spotlight on Developing Markets: India and China

In this section, we summarize some of our key findings on each market. In analyzing customer behavior, we found certain similarities between the two markets: Both are very under-penetrated compared to mature markets, both are growing fast, and will continue to do so, and each country has a huge insurable base.

Beyond these general conditions, however, the markets are completely different—from their legal frameworks and market structures to the needs of their customers. The competitive landscapes are also dissimilar, presenting insurance companies with different issues as they look to establish or grow a presence in either market. Finally, the customers in each market display quite different perceptions of insurance, and behave quite differently when buying it—a reality that is critical for insurers to understand.