MarketLineIC IndiaInsuranceBrokers 080423

MarketLine Industry Profile
Insurance Brokers in India

October 2021
Reference Code: 0102-2088
Publication Date: October 2021
Primary NAICS: 524298
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Industry Profiles
1. Executive Summary
1.1. Market value

The Indian insurance brokers sector shrank by 5% in 2020 to reach a value of $103.6 billion.
1.2. Market value forecast

In 2025, the Indian insurance brokers sector is forecast to have a value of $144.7 billion, an increase of
39.7% since 2020.
1.3. Category segmentation

Life insurance and pension is the largest segment of the insurance brokers sector in India, accounting for
73.7% of the sector's total value.
1.4. Geography segmentation

India accounts for 6.1% of the Asia-Pacific insurance brokers sector value.
1.5. Market rivalry

The double-digit growth of the Indian insurance brokers sector has alleviated rivalry among players. As
foreign ownership restrictions apply, international brokers are present in this sector through joint-ventures
with domestic players, so that the latter are protected from intense competition.
1.6. Competitive Landscape

The Indian insurance brokers sector experienced strong double digit growth in the historic period. In the
forecast period, strong growth is predicted to continue, but at a significantly decelerated rate. Due to India
having a low penetration rate, the sector is undeveloped, allowing strong growth. The sector is
characterized by a few large leading players competing against smaller firms, with strong growth alleviating
the intensification of rivalry. Aon is the currently the sector leader but Marsh McLennan and Aditya Birla
provide competition. Restrictions on foreign investment allow domestic players to compete. A Swiss Re
report estimates that COVID-19 will lead to a slump in demand for insurance this year, more so for life
(estimated that premiums volumes will shrink by 6%) than non-life (-0.1%) coverage. Overall, however, the
sector is expected to ride out what will likely be a short-lived recession, and premium growth is expected to
bounce back as the economy enters a more protracted recovery. The COVID-19 crisis will put global
premium (life and non-life) growth back by around three percentage points (ppt) from the pre-recession
growth path. The combined life and non-life direct premiums written will recover to above pre-pandemic

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levels over the course of 2021, a strong outcome given the severity of this year’s recession. In relative
terms, the declines in life and non-life premium growth in 2020 will be of similar magnitude to those seen
during the global financial crisis (GFC) in 2008?2009, even though this year’s GDP contraction will be much
more severe.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................2
1.2. Market value forecast ..................................................................................................................................2
1.3. Category segmentation................................................................................................................................2
1.4. Geography segmentation.............................................................................................................................2
1.5. Market rivalry...............................................................................................................................................2
1.6. Competitive Landscape ................................................................................................................................2
2. Market Overview 8
2.1. Market definition .........................................................................................................................................8
2.2. Market analysis ............................................................................................................................................8
3. Market Data 11
3.1. Market value ..............................................................................................................................................11
4. Market Segmentation 12
4.1. Category segmentation..............................................................................................................................12
4.2. Geography segmentation...........................................................................................................................13
5. Market Outlook 14
5.1. Market value forecast ................................................................................................................................14
6. Five Forces Analysis 15
6.1. Summary ....................................................................................................................................................15
6.2. Buyer power...............................................................................................................................................16
6.3. Supplier power ...........................................................................................................................................17
6.4. New entrants .............................................................................................................................................18
6.5. Threat of substitutes ..................................................................................................................................20
6.6. Degree of rivalry.........................................................................................................................................21
7. Competitive Landscape 23
7.1. Who are the leading players? ....................................................................................................................23

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7.2. What strategies do the leading players follow?.........................................................................................23
7.3. What are the strengths of the leading players?.........................................................................................24
7.4. What has been the recent M&A activity? ..................................................................................................25
7.5. How did leading players perform in 2020? ................................................................................................25
7.6. What challenges do the leading players face?...........................................................................................25
8. Company Profiles 27
8.1. Marsh & McLennan Companies Asia-Pacific ..............................................................................................27
8.2. Aon Plc .......................................................................................................................................................29
8.3. Aditya Birla Capital Advisors Pvt Ltd ..........................................................................................................34
9. Macroeconomic Indicators 36
9.1. Country data ..............................................................................................................................................36
Appendix 38
Methodology ...........................................................................................................................................................38
9.2. Industry associations..................................................................................................................................39
9.3. Related MarketLine research .....................................................................................................................39
About MarketLine....................................................................................................................................................40

Industry Profiles
LIST OF TABLES
Table 1: India insurance brokers sector value: $ billion, 2016–20 11
Table 2: India insurance brokers sector category segmentation: $ billion, 2020 12
Table 3: India insurance brokers sector geography segmentation: $ billion, 2020 13
Table 4: India insurance brokers sector value forecast: $ billion, 2020–25 14
Table 5: Marsh & McLennan Companies Asia-Pacific: key facts 27
Table 6: Marsh & McLennan Companies Asia-Pacific: Key Employees 28
Table 7: Aon Plc: key facts 29
Table 8: Aon Plc: Annual Financial Ratios 30
Table 9: Aon Plc: Key Employees 31
Table 10: Aon Plc: Key Employees Continued 32
Table 11: Aon Plc: Key Employees Continued 33
Table 12: Aditya Birla Capital Advisors Pvt Ltd: key facts 34
Table 13: Aditya Birla Capital Advisors Pvt Ltd: Key Employees 35
Table 14: India size of population (million), 2016–20 36
Table 15: India gdp (constant 2005 prices, $ billion), 2016–20 36
Table 16: India gdp (current prices, $ billion), 2016–20 36
Table 17: India inflation, 2016–20 36
Table 18: India consumer price index (absolute), 2016–20 37
Table 19: India exchange rate, 2016–20 37

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LIST OF FIGURES
Figure 1: India insurance brokers sector value: $ billion, 2016–20 11
Figure 2: India insurance brokers sector category segmentation: % share, by value, 2020 12
Figure 3: India insurance brokers sector geography segmentation: % share, by value, 2020 13
Figure 4: India insurance brokers sector value forecast: $ billion, 2020–25 14
Figure 5: Forces driving competition in the insurance brokers sector in India, 2020 15
Figure 6: Drivers of buyer power in the insurance brokers sector in India, 2020 16
Figure 7: Drivers of supplier power in the insurance brokers sector in India, 2020 17
Figure 8: Factors influencing the likelihood of new entrants in the insurance brokers sector in India, 2020 18
Figure 9: Factors influencing the threat of substitutes in the insurance brokers sector in India, 2020 20
Figure 10: Drivers of degree of rivalry in the insurance brokers sector in India, 2020 21

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2. Market Overview
2.1. Market definition

The insurance brokers market is valued in relation to the total brokerage revenue of General Insurance and Life
Insurance & Pension.
All market data and forecasts are represented in nominal terms (i.e., without adjustment for inflation) and all
currency conversions used in the creation of this report have been calculated using constant 2020 annual average
exchange rates.
Forecast figures presented in this report are calculated using crisis scenarios for the market. The length of the
pandemic and restrictions introduced by various countries are still difficult to predict. Many governments had
introduced the national lockdowns and temporarily banned sales of products that are deemed "non-essential". As
the length of the pandemic and its impact on this market is not certain, the data used in this report has been
modeled taking forecast impacts on national economics into consideration.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The value of the Indian insurance brokers sector declined by 5% in 2020, as a result of the COVID-19 pandemic,
which reduced demand for insurance products. The sector is expected to bounce-back in 2021 and is set to follow
a good growth trajectory thereafter until the end of the forecast period, supported by the recovery of economic
activity and spending confidence.
In 2020, demand for renewing or taking up new insurance policies through brokers was strongly impacted by the
COVID-19 pandemic and the economic downturn that followed.
A decline in consumers’ and businesses’ spending power, along with the prevailing uncertainty, has meant a
reduction in new and existing policy holders, with revenues from commissions mainly reliant on effective policies.
In some cases, commissions from existing policies in commercial lines of business, where premiums are based on
the policy holder’s volume of turnover or payroll, were also reduced in line with the decline of the business volume
of policy holders. The Indian insurance brokers sector appeared more vulnerable to these market force, amid the
emerging penetration of insurance products.
The level of impact has varied greatly across different lines of business. Revenue from commissions on general
insurance products, such as travel and motor or commercial lines of insurance, declined in 2020 as a result of
business interruption and lockdown measures. In contrast, revenues from lines of business such as property and
health insurance remained largely unaffected, posting growth through renewals.

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The underwriting of policies has also been impacted in supply terms, although at a lesser extent than other
industries/sectors, aided by the strong fiscal and monetary support that insurers benefited from. While a liquidity
crunch was avoided thanks to unprecedented monetary and fiscal stimulus, insurers’ underwriting capacity was
still weakened as their solvency and profitability declined due to a surge in health, travel and business interruption
claims, as well as due to the lower investment performance caused by the economic downturn. This has put a
strain on insurer’s capacity to aggressively push existing or new insurance products. Accordingly, this has had a
knock-on effect on the insurance brokers sector, which is dependent upon those products.
The Indian insurance brokers sector had total revenues of $0.1bn in 2020, representing a compound annual
growth rate (CAGR) of 5.9% between 2016 and 2020. In comparison, the South Korean sector declined with a
CAGR of 0%, and the Chinese sector increased with a CAGR of 9%, over the same period, to reach respective
values of $0.0bn and $0.7bn in 2020.
Gross written premiums in India grew at a CAGR of 9.9% between 2016 and 2019. General insurance premiums
grew at a CAGR of 11.6% and the life insurance and pension segment grew at a CAGR of 37.7% during the same
period.
Rising disposable income has been the main driver of demand for insurance products in India. Moreover, the
advent of digital tools, such as online aggregators and the expansion of insurers on digital channels, has
penetrated the sector to a lesser extent than in developed sectors, as insurance business models in this country
are more reliant on a traditional intermediary-representation model.
The availability and ease of access to digital tools such as price comparison websites, along with the increasing
penetration of insurers in direct underwriting through digital channels, have minimized value for the insurance
broker sector, particularly in non-commercial business lines. As a result of price comparison websites, consumers
can shop for insurance policies directly from insurance companies without the need for brokerage services. In
recent years, price comparison websites have grown substantially, which acts as a threat to the insurance broker
sector. These digital channels cover each of the different sectors of non-life insurance and therefore allow
individuals to compare, personalize and choose the most convenient deal.
Commercial lines of business, for which insurance premiums are more complex, are more immune to this digital
disruption. For this reason, the insurance broker sector is increasingly skewed towards those lines of business,
which account for most of its revenues.
The life insurance and pension segment was the sector's most lucrative in 2020, with total revenues of $0.1bn,
equivalent to 73.7% of the sector's overall value. The general insurance segment contributed revenues of $0.0bn
in 2020, equating to 26.3% of the sector's aggregate value.
Revenues in the general insurance segment were down by 1.8% in 2020, while those in the life insurance and
pension segment were down by 6.1%. During the historic period, the general insurance segment posted a CAGR of
8%, while the life insurance and pension segment posted a CAGR of 5.2% during the same period.
The performance of the sector is forecast to accelerate, with an anticipated CAGR of 6.9% for the five-year period
2020 - 2025, which is expected to drive the sector to a value of $0.1bn by the end of 2025. Comparatively, the
South Korean sector will decline with a CAGR of 0%, and the Chinese sector will increase with a CAGR of 8.3%, over
the same period, to reach respective values of $0.0bn and $1.0bn in 2025.
The Indian insurance brokers sector is expected to bounce back at a strong growth rate in 2021, given that the
expected return of economic activity through the rapid immunization of the population will support demand.
According to the latest revised projections from the OECD based on a two-wave pandemic scenario, the Indian
economy is expected to grow by 7.9% in 2021.
Individuals and firms are expected to increase their spending on insurance products as spending confidence will
improve based on the receding of uncertainty and the recovery of their income.
Insurance brokers are expected to benefit from the projected strong demand for niche insurance products in
commercial lines, such as cyber-insurance or business-interruption insurance, consequent to the pandemic. With
regards to individuals, the rising disposable income of the populations of emerging economies are set to fuel
demand for insurance products, with the currently low insurance penetration rates leaving ample room for
growth.

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On the other hand, there are certain risks and threats that may negatively impact the sector over the coming
years. First, insurance brokers could become exposed to risk over the impairing credit quality of insurers amid the
low-interest environment that erodes investment yields, which could be further impaired by the rise of inflation
once the economy gains traction. Second, the threat of losing revenues from a further acceleration of digital and
direct distribution is still pending. Third, the development of usage-based insurance models, as seen for instance in
motor insurance, in an effort to align with changing consumer patterns and increase yields through the use of
technology, is set to result in lower premiums, and therefore lower commissions for brokers.

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3. Market Data
3.1. Market value

The Indian insurance brokers sector shrank by 5% in 2020 to reach a value of $103.6 billion.
The compound annual growth rate of the sector in the period 2016–20 was 5.9%.
Table 1: India insurance brokers sector value: $ billion, 2016–20
Year $ billion Rs. billion € billion % Growth

2016 82.2 6,094.6 72.1
2017 94.5 7,003.1 82.8 14.9%
2018 100.0 7,411.7 87.6 5.8%
2019 109.1 8,082.7 95.6 9.1%
2020 103.6 7,678.4 90.8 (5.0%)
CAGR: 2016–20 5.9%

SOURCE: MARKETLINE MARKETLINE
Figure 1: India insurance brokers sector value: $ billion, 2016–20

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4. Market Segmentation
4.1. Category segmentation

Life insurance and pension is the largest segment of the insurance brokers sector in India, accounting for 73.7% of
the sector's total value.
The General insurance segment accounts for the remaining 26.3% of the sector.
Table 2: India insurance brokers sector category segmentation: $ billion, 2020
Category 2020 %
Life Insurance And Pension 76.4 73.7%
General Insurance 27.2 26.3%
Total 103.6 100%

Figure 2: India insurance brokers sector category segmentation: % share, by value, 2020

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4.2. Geography segmentation

India accounts for 6.1% of the Asia-Pacific insurance brokers sector value.
China accounts for a further 38.7% of the Asia-Pacific sector.
Table 3: India insurance brokers sector geography segmentation: $ billion, 2020
Geography 2020 %
China 659.5 38.7
India 103.6 6.1
Australia 77.0 4.5
Rest Of Asia-pacific 862.1 50.6
Total 1,702.2 99.9%

Figure 3: India insurance brokers sector geography segmentation: % share, by value, 2020

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5. Market Outlook
5.1. Market value forecast

In 2025, the Indian insurance brokers sector is forecast to have a value of $144.7 billion, an increase of 39.7% since
2020.
The compound annual growth rate of the sector in the period 2020–25 is predicted to be 6.9%.
Table 4: India insurance brokers sector value forecast: $ billion, 2020–25
Year $ billion Rs. billion € billion % Growth

2020 103.6 7,678.4 90.8 (5.0%)
2021 110.7 8,203.3 97.0 6.8%
2022 117.9 8,738.0 103.3 6.5%
2023 126.0 9,334.4 110.4 6.8%
2024 134.9 9,997.2 118.2 7.1%
2025 144.7 10,720.0 126.7 7.2%
CAGR: 2020–25 6.9%

Figure 4: India insurance brokers sector value forecast: $ billion, 2020–25

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6. Five Forces Analysis

The insurance brokers market will be analyzed taking insurance brokerage companies as players. The key buyers
will be taken as end users in all segments, and insurance companies, skilled workers and ict manufacturers as the
key suppliers.
6.1. Summary
Figure 5: Forces driving competition in the insurance brokers sector in India, 2020
The double-digit growth of the Indian insurance brokers sector has alleviated rivalry among players. As foreign
ownership restrictions apply, international brokers are present in this sector through joint-ventures with domestic
players, so that the latter are protected from intense competition.
The abundance of buyers with negligible financial power weakens their power considerably. Brokers increasingly prefer
the service provided by specialist commercial insurers to the large conglomerates pursuing work with insurers with
'good capital'.
Market entry is hindered by a number of barriers, including the increasingly stringent regulation applied. Players
continue to focus heavily on customer service and retention and are looking for new ways to differentiate themselves in
a bid to bring in business. The immense growth of the Indian insurance brokers sector, driven by the emerging demand
for non-life insurance products as a result of economic growth and the rising income of the population, will encourage
potential new entrants.
The main substitute is insured parties sourcing their own cover. The rise of aggregator sites is making it easier for
people to find the best deal themselves. This is a serious threat to brokers, but is less of a factor in the corporate space.

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6.2. Buyer power
Figure 6: Drivers of buyer power in the insurance brokers sector in India, 2020
There are many buyers within the insurance brokers sector, with the majority being individual clients, meaning their
power is weakened due to lesser financial resources and access to alternative customers for players. Brand loyalty is
not particularly significant in this sector, although a degree of recognition may influence buyers' decisions.
Buyer power is also undermined due to the fact that players possess expertise in the sector. However, the services
offered by insurance brokers are not essential to buyers. Consumers can shop for insurance policies directly from
insurance companies without the need for brokerage services. Moreover, in order to create a long-term partnership
between buyers and players, a relationship based on trust must exist.
However, in recent years, price comparison websites have grown substantially. These price comparison websites cover
each of the different sectors of non-life insurance and therefore allows individuals to compare and choose the most
convenient deal.
With the exception of contracts, there are no exit barriers for buyers, augmenting their position as they can easily
switch providers with minimal costs incurred. The growth of online sites has resulted in increasing consumer
information about brokers and insurance policies, further improving buyer power.
Furthermore, insurance products tend to have high dispensability for individual consumers and the propensity to buy
these products differs based on personal risk assessment and income. In India, total direct premiums rose to $106bn in
2019, with a global market share of 1.7% according to Swiss Re. This indicates there is a rising demand for insurance in
India. This trend is likely to continue as insurance is a product which is seen as desirable in a booming economy. The
Indian economy has been one of the world’s fast growing economies in recent years and saw growth of 6.8% in 2018.
Insurance demand is important for the insurance brokers sector, as it relies on a healthy insurance market.
Additionally, Indian insurance penetration is low, particularly outside of the main cities; as a result, there is still room for
the expansion of insurance and brokers in India. However, there is a level of dispensability for insurance brokers, as
customers can seek out insurance themselves or use price comparison websites.
Buyer power within the insurance brokerage sector is assessed as moderate overall.

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6.3. Supplier power
Figure 7: Drivers of supplier power in the insurance brokers sector in India, 2020
The most significant suppliers to this sector are insurance companies. Brokers generally have relationships with
insurance providers as they exist to match buyers and suppliers. However, brokers generally do not have contractual
agreements with insurance providers. The advantage of using the brokers may be quality of the service and the cheaper
cost of the actual core product, as brokers often leverage their positions with insurance companies to drive down
prices.
Brokers increasingly prefer the service provided by specialist commercial insurers to the larger, conglomerate
providers. The largest non-life insurance providers in India are The New India Assurance Co, National Insurance
Company, United India, and ICICI-Lombard. Restrictions on foreign direct investment on insurance companies up to
49% prevent the entrance of large foreign insurance companies with strong financial muscle. However, these limits also
form an oligopoly of suppliers within this sector. This is because of the limited number of customers regarding the size
of the market.
Specialist companies are more focused on innovation than how much of the value chain they control. If this pressure
persists and the market continues to partition in favor of specialized divisions, there could be wider ramifications for
supplier power. Smaller, more specialized firms will have less of a dominant position compared to larger ones.
Suppliers also include ICT manufacturers and software houses. Secure and reliable ICT infrastructure is essential and
companies are often reliant on one supplier, commonly a large provider such as IBM. One disincentive to switch is the
fact that employers are reluctant to spend the money on training staff to use new systems.
It is important for insurance companies to retain suitably qualified employees with actuarial, investment, and similar
skills. These roles are quite specialized and can attract high salaries. A lack of qualified employees increases supplier
power.
Overall, supplier power is strong in the insurance broker sector.

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6.4. New entrants
Figure 8: Factors influencing the likelihood of new entrants in the insurance brokers sector in India, 2020
Insurance brokering is carried out by many types of organizations, including traditional brokerages, independent
financial advisers (IFAs) and telephone or web-based firms. The emergence of online insurance brokering presents
significant cost advantages to new entrants given the lack of a physical presence, yet they are accessible to many
customers. Such methods lower barriers to entry for new companies. However, the sector is heavily regulated in many
countries. Moreover, allegations of fraud have resulted in a more stringent regulatory environment. However, in some
regions, due to specifics of industry regulations, smaller brokerage firms can easily compete with larger ones.
Insurers are tightly regulated and generally tend to have regional or local monopolies, increasing the barriers to enter
the market. Players in this market are typically either stock companies or the mutual model, where policyholders own
the insurance company. These tend to specialize in specific provisions, such as pensions or life insurance. Mutuals raise
capital from their customer members in order to provide services to them, and redistribute profits to their members.
By contrast, a joint stock company raises capital from its shareholders and other financial sources in order to provide
services to its customers, with profits or assets distributed to equity or debt investors. The largest firms also tend to
offer other services in a bid to diversify revenue streams. For instance, AXA offers both life and non-life insurance, asset
management and other banking products.
Insurance intermediaries in India are allowed to operate in the country after obtaining a license from the Insurance
Regulatory and Development Authority (IRDA), and they must be exclusively engaged in the distribution of insurance
products. Moreover, foreign-ownership restrictions apply in the form of a 49% cap on foreign direct investment in
brokers. Minimum capital requirements are also set for direct brokers at INR5m, for reinsurance brokers at INR20m and
INR25m for general brokers. Furthermore, the rate of taxation on insurance premiums affects the flexibility of pricing
and fees negotiated by brokers. In India, general insurance services are subject to a general services tax of 18%, which
has increased over the last two years.
Players continue to focus heavily on customer service, improving retention rates and attracting new customers. As
technologically adept businesses are better placed, newcomers will have to consider additional capital outlays to invest
in infrastructure.
Some countries may have lucrative insurance niche markets related to the unique characteristics of them. For instance,
in countries where the possibility of a natural disaster (such as earthquakes and floods) is higher, property insurance is
quite common, forming a large marketplace for insurance providers and extensively insurance brokers. Indeed, India is
prone to floods. For example, in November and early December 2015, flooding in Chennai caused an estimated $300m

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is insured losses. More recently, the 2018 Kerala floods caused INR400bn (approximately $5.8bn) worth of damage.
Crop insurance has become the third most lucrative niche-segment of the market in 2016, after health insurance, based
on a government subsidy scheme of premiums that is expected to drive industry growth over the next few years. These
niche markets therefore present an opportunity to brokers.
Finally, the significant growth of the Indian insurance brokers sector, driven by the emerging demand for non-life
insurance products as a result of economic growth and the rising income of the population, will encourage potential
new entrants.
Overall, there is a strong likelihood of new entrants to this sector.

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6.5. Threat of substitutes
Figure 9: Factors influencing the threat of substitutes in the insurance brokers sector in India, 2020
In terms of substitutes, consumers have the ability, particularly given the growth of online aggregator sites, to shop
around for the insurance policies best suited to their needs. This cuts out the brokerage firm entirely. On a global scale,
there is a growing threat from the increased use of the internet and smartphones, which has led to an increase in direct
sales of policies, as customers become better equipped to search for insurance information themselves. This trend
could hinder growth in the future, and players in the sector must ensure they branch out into online distribution in
order to combat this threat.
In addition, price comparison websites are affecting the insurance broker sector to a great extent, increasing the threat
of substitutes. As a result of price comparison websites, consumers can shop for insurance policies directly from
insurance companies without the need for brokerage services. In recent years, price comparison websites have grown
substantially, which acts as a threat to the insurance brokers sector. These price comparison websites cover each of the
different sectors of non-life insurance, therefore allowing individuals to compare and choose the most convenient deal.
Whilst these sites allow consumers to directly choose a deal, not all insurance providers will be on a price comparison
website. Insurance brokers can access cover from a range of markets, and along with advice and personal service, can
provide products.
However, market players can more easily and accurately compare insurance quotes to find the best deal for consumers,
saving them time, which may be preferential to buyers without intricate knowledge of the insurance market.
Furthermore, many corporate buyers do not have the time or inclination to go through this process and so the threat of
substitutes is reduced for such clients.
Overall, the threat of substitutes is assessed as moderate.

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6.6. Degree of rivalry
Figure 10: Drivers of degree of rivalry in the insurance brokers sector in India, 2020
The insurance brokers sector usually contains a number of small players competing alongside large companies with
differing levels of dependency on brokerage income. This helps to alleviate the degree of rivalry between players.
A lack of service differentiation within the insurance market means that competition is predominantly based on price.
In order to keep premiums low, insurance companies and brokers need to streamline their businesses to lower costs.
Accordingly, brokers may adapt to tougher operating environments by downsizing their operating platforms through
reducing headcounts and streamlining operating systems. Moreover, in times of economic decline, insurance products
become more dispensable, increasing rivalry between brokers over a reduced marketplace. However, with India’s
economy booming, this is not so much of a problem.
Domestic players face competition from international players that have increased financial leverage and repute.
Accordingly, large international players are able to offer price competitive insurance products based on their economies
of scale.
The double-digit growth of the Indian insurance brokers sector has alleviated rivalry among players. The growth of the
sector has been driven by the emerging demand for non-life insurance products as a result of economic growth and the
rising income of the population. As foreign ownership restrictions apply, international brokers are present in this sector
through joint-ventures with domestic players. In this way, domestic players are protected somewhat from large
international players. The largest players in the Indian sector are AON, Marsh McLennan, JLT and Aditya Birla.
AON, Marsh McLennan and JLT are the most diverse players in the sector, having a leading presence in many other
countries worldwide. In this way, they are less dependent on the domestic sector than other players, such as Aditya
Birla, so they are not as vulnerable to domestic demand shocks.
The COVID-19 pandemic in late 2019 and 2020 will have a big impact on the sector, increasing rivalry in the short-term.
While life insurers prepare for an increase in the cost of claims due to the coronavirus outbreak, there are concerns
about their balance sheets. Evidence for this can be seen in Fitch’s recent actions to downgrade the credit rating
outlook on life insurers in the US, UK and Europe. In recent years, insurers have increased their exposure to corporate
bonds in pursuit of better returns and some of these bonds are at risk of falling below investment grade. Combined
with record low interest rates, this will put further strain on fixed-income investments.
Decisions made by senior managers since the onset of the outbreak may come under scrutiny and lead to class action
lawsuits, according to Marsh. At present, the policy terms of the Directors and Officers liability policies are narrowly

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defined for most products, which implies that COVID-19 triggered lawsuits may not be exempt from coverage. Insurers
may see an increase in claims due to the insured firm's insufficient emergency protocols and resilience planning, a lack
of transparency that may impact the shareholders, and corporate mismanagement. Due to the ongoing nature of the
outbreak, the extent of disruption is difficult to gauge; however, it is already clear that insurers will need to adapt.
Insurance brokers that are more diversified across different business are expected to be able to sustain competitive
pressure during the sector’s downturn.
Rivalry is set to increase further as insurers are expected to be more selective in deploying their underwriting capacity.
Moreover, smaller players that lag in the adoption of digital tools are expected to lose vendor agreements with insurers
and struggle to find clients amid a rapid shift to the digitalization of brokerage services. Meanwhile, competitive threat
from online aggregators and insurers’ expansion of digital channels is set to increase. This condition is expected to drive
consolidation in the sector over the coming years.
Moreover, the additional regulation burden of the tighter scrutiny of brokerage services with regards to communication
of insurance coverage risks and benefits to clients, with new clauses applied post-pandemic, is set to increase
compliance costs, with players having greater financial resources to benefit.
Rivalry within this sector is assessed as strong overall.

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7. Competitive Landscape
The Indian insurance brokers sector experienced strong double digit growth in the historic period. In the forecast
period, strong growth is predicted to continue, but at a significantly decelerated rate. Due to India having a low
penetration rate, the sector is undeveloped, allowing strong growth. The sector is characterized by a few large
leading players competing against smaller firms, with strong growth alleviating the intensification of rivalry. Aon is
the currently the sector leader but Marsh McLennan and Aditya Birla provide competition. Restrictions on foreign
investment allow domestic players to compete. A Swiss Re report estimates that COVID-19 will lead to a slump in
demand for insurance this year, more so for life (estimated that premiums volumes will shrink by 6%) than non-life
(-0.1%) coverage. Overall, however, the sector is expected to ride out what will likely be a short-lived recession,
and premium growth is expected to bounce back as the economy enters a more protracted recovery. The COVID-
19 crisis will put global premium (life and non-life) growth back by around three percentage points (ppt) from the
pre-recession growth path. The combined life and non-life direct premiums written will recover to above pre-
pandemic levels over the course of 2021, a strong outcome given the severity of this year’s recession. In relative
terms, the declines in life and non-life premium growth in 2020 will be of similar magnitude to those seen during
the global financial crisis (GFC) in 2008?2009, even though this year’s GDP contraction will be much more severe.
7.1. Who are the leading players?

Aon was formed in 1982 following the merger of the Ryan Insurance Group and the Combined Insurance Company
of America. The firm is a professional services firm and operates a vast insurance brokerage network. The
company, through its subsidiaries, offers a range of commercial risk solutions, reinsurance solutions, retirement
solutions, health solutions, and data and analytic services. Aon provides its advisory services in various sectors,
including aerospace, technology and communications, financial institutions, agribusiness, life science, aviation, real
estate, power, retail trade, construction, transportation and logistics, healthcare and energy and mining. Aon
offers insurance solutions through a network of offices and distribution centers. It has a presence in various
countries in the Middle East, Africa, Asia-Pacific, Europe and North America. Aon is headquartered in Dublin,
Ireland.
Marsh McLennan is a leading player in the Indian insurance brokers sector. It offers advice and solutions in the
areas of strategy, risk, and human capital. MMC offers insurance broking and risk advisory through Marsh; risk and
reinsurance intermediary services through Guy Carpenter; and human resources and investment related financial
advice and services through Mercer. The group also offers management consulting, economic analysis and advice,
and brand strategy and design consulting services through Oliver Wyman. It serves individuals, businesses,
professional service organizations and government entities. The group operates in the US, the UK, Europe, and
Asia-Pacific. MMC is headquartered in New York City, New York, the US. Broadly, the firm operates as a global
professional services group offering solutions for strategy, risk and human capital. The insurance broking service is
offered through Marsh.
Aditya Birla Group, an international Indian conglomerate, provides insurance brokerage services through Aditya
Birla Insurance Brokers Ltd (ABIBL). The Aditya Birla Group announced revenue of $48.3bn in FY2019.
7.2. What strategies do the leading players follow?

Due to the undifferentiated nature of the service offered by insurance brokers, increasing efficiency is essential to
maximizing profit margins. Marsh, the industry brokerage arm of Marsh McLennan, recently looked to utilize block
chain to maximize the efficiency of the firm’s business model. Through a partnership with ACORD, IBM, and ISN,

Industry Profiles
the firm will use block chain technology as a solution for proof of insurance. This will create a more simple
streamlined insurance process, allowing clients to complete business functions – such as hiring contractors and
transferring risk – in a significantly reduced time. A similar strategy can also be seen by Aon, but in a more
traditional sense. In 2016, the firm implemented a restructuring plan which included workforce reductions in order
to reduce costs. This demonstrates that, in order to keep premiums low and compete on price, insurance brokers
need to streamline their businesses to minimize costs.
For India in particular, firms Aon and Marsh McLennan have looked to create joint ventures which can penetrate
the Indian sector. For example, Aon Global is a venture between Global Insurance Services and Aon Corporation.
Aon Global is currently the leading insurance intermediary in the Indian market. Marsh McLennan set up Marsh
India Insurance Brokers in 2002. This is a venture between Marsh International Holdings and its Indian partners.
This strategy demonstrates the combination of local knowledge and international expertise as a method to appeal
to the Indian market. Due to the insurance brokers sector currently developing rapidly in India, local knowledge is
needed in order for big international corporations to understand the market, as well as domestic players.
Furthermore, when Marsh McLennan acquired British firm Jardine Lloyd Thompson (JLT) for $5.6bn in 2019, it
acquired business in India due to business JLT had secured in the country previously. For example, in 2014, JLT
acquired a 26% stake in Independent Insurers Brokers (IIB), a subsidiary of Sunidhi Securities & Finance, based in
India. Upon the completion of this deal, IIB was rebranded as JLT Independent, which now operates as an Indian
partner of Marsh McLennan. Additionally, JLT acquired India-based Vantage Insurance Brokers & Risk Advisors in
2016. Thus through this inorganic growth initiative, Marsh McLennan was able to consolidate its position in the
Indian sector substantially. Inorganic growth methods enable the leading players to enhance their service offerings
and expand the geographic reach of their business. These can be key advantages in a sector with an
undifferentiated service.
7.3. What are the strengths of the leading players?

These leading players have global insurance brokerage operations, particularly Aon and Marsh McLennan, who are
the two largest global players. As the insurance brokerage sector is heavily dependent on the insurance industry,
having this global reach is important. The global presence means that were the Indian insurance brokers sector or
insurance market to falter – although not forecast it is a relatively new trend in India and therefore unpredictable
– then these leading players would not suffer to the same extent as domestic players. Although the Indian sector is
experiencing strong double digit growth, it is important not to be wholly reliant on the consumer trends of one
country.
In addition to this, many of these players offer other services in addition to brokerage. Marsh McLennan is the
most prominent example of this, with four main operating companies that make up the firm. Due to this, it offers a
wide range of professional services in addition to brokerage, such as consultancy, investment advisory and
management. This is significant because the firm’s performance is not entirely dependent on the success of the
brokerage sector, and incoming capital from other ventures can be used to support the brokerage arm of the
business if needed. By offering a wide-range of services, this also broadens the potential client base. The merger of
insurance broker Willis Group with the consulting services company Towers Watson is a prime example of this. As
a result, Willis Group was able to provide integrated services to its clients to rival Marsh McLennan and Aon.
Both the traits described demonstrate benefits of economies of scale. The size and power of these companies
makes the sector unattractive for new entrants. By managing operations through subsidiaries, the effects of
diseconomies of scale can be alleviated. Additionally, strong market recognition and a robust brand image help the
leading players to remain considerably ahead of the rest of the sector. For example, Aon’s image is reflected
through its numerous awards and being named consistently as the world’s best insurance broker. Examples
include the firm’s Reinsurance Solutions sector being named US Property Cat Brokerage of the Year at the Insider
US P&C Awards 2019. Additionally, in 2018, Aon Securities was recognized as Broking Team of the Year and
Diversity & Talent Management Initiative of the Year at the Insurance Day London Market Awards. Honors such as
these make it hard for smaller firms to win business from trusted players Aon. Aditya Birla Insurance Brokers holds
brand recognition within India as part of the Aditya Birla Group; this may be an advantage, as Indian consumers
may choose to go with a service from a firm that they know and trust.

Industry Profiles
The current Indian macroeconomic conditions are currently beneficial for the leading players. In 2018, the country
saw 6.8% real GDP growth. A booming economy increases consumer confidence. With insurance tending to be a
product which thrives in a successful economy, these are good conditions for brokers as the population is better
equipped to take out expensive policies. Rising incomes in India and a bourgeoning middle class indicates that
insurance premiums and brokerage should continue to rise. Data from Swiss Re confirms this, detailing that non-
life insurance premiums value reached $26.1bn in 2018, a 14% increase from 2017. Furthermore, as insurance and
insurance brokerage has a low penetration rate, particularly outside the main cities, there is plenty of opportunity
for major future expansion.
7.4. What has been the recent M&A activity?

In July 2021, Aon and Willis Tower Watson (WTW) decided to terminate their $30bn merger agreement and end
the litigation with the US Department of Justice. The merger, which was announced in March 2020, would have
formed a company with a combined equity value of approximately $80bn.
In September 20201, Aon increased its stake in Aon India Insurance Brokers from 49% to 100%, acquiring the
remaining share from Catamaran Ventures.
Arthur J. Gallagher has acquired the remaining stake – having acquired a 30% stake earlier in 2019 – in Edelweiss
Gallagher Insurance from Indian partner Edelweiss Financial for an undisclosed sum.
7.5. How did leading players perform in 2020?

Aon’s Commercial Risk Solution segment is a major contributor to its revenue stream. In FY2020, the segment
contributed 42.3% of the company’s total revenue and reported Y-o-Y growth of 0.4%, which amounted to
$4,690.0m in FY2020, from $4,673m in FY2019. The increase in revenue was due to strong growth in the US,
Canada and Latin America, resulting from strong retention and management of the renewal book portfolio. The
company reported a surplus in working capital, which could help it conduct short-term business operations
smoothly. In FY2020, the company reported a working capital surplus of $1,252m compared to $905m in FY2019.
The company’s current assets increased to $18,676m in FY2020 from $16,476m in FY2019, with a Y-o-Y increase of
13.4%, while its current liabilities increased to $17,424m from $15,571m in FY2019, with a Y-o-Y increase of 11.9%.
Its cash reserves increased 11.9% from $790m in FY2019 to $884m in FY2020.
Marsh McLennan reported an improvement in its cost efficiency in FY2020. Its operating expenses as a percentage
of revenue stood at 82.2% in FY2020 compared to 84.12% in FY2019. This was due to a 3.4% increase in revenue
to $17,224m in FY2020 from $16,652m in FY2019. The improvement in cost efficiency resulted in an improvement
in its operating margin. The operating margin increased to 17.8% in FY2020 from 15.88% in FY2019. Its operating
income also increased 15.9% to $3,066m in FY2020 from $2,645m in FY2019. In FY2020, the company reported a
working capital surplus of $1,599m compared and $389m in FY2019. The company’s current assets increased to
$8,155m from $7,068m, whereas its current liabilities decreased 1.8% from $6,679 to $6,556m.
7.6. What challenges do the leading players face?

The activities of leading players are subjected to strict legislation in the insurance brokerage industry. For example,
factors such as anti-competition, employment and labor relations, anti-corruption, currency, licensing, data privacy

Industry Profiles
and the amount of local investment with respect to the operations in certain countries are taken into
consideration. Changes in government policy, legislation or regulation may affect the leading players’ profitability.
Insurance brokers in India are allowed to operate in India after obtaining a license from the Insurance Regulatory
and Development Authority (IRDA), while they must be exclusively engaged in the distribution of insurance
products. Moreover, foreign-ownership restrictions apply in the form of a 49% cap on foreign direct investment in
brokers. With many of these firms being involved in other services, and Aon and McLennan being foreign-based,
these pose serious challenges to the leading players. Joint ventures and management through subsidiaries are
strategies that have been used to combat these potential obstacles. However, despite this, it is still restrictive and
gives domestic challengers a greater opportunity to compete for market share in comparison with other sectors. It
is also important to note that, in India, general insurance services are subject to a tax of 18%. This is higher than
average, and due to the broker trying to maximize profitability but also provide a competitive price, much of this
tax burden is shouldered by the broker.
As there is a lack of service differentiation within the insurance brokerage sector, competition is predominantly
based on price, which can negatively impact profit margins as firms look to gain market share at the expense of
profit. Additionally, in times of economic recession, insurance products become more dispensable; this increases
rivalry between brokers as they are competing over a reduced marketplace. However, due to the current
economic conditions in India, the impact of this is negligible. The rise of price-comparison websites, which offer
consumers a free and accessible method to find their own insurance deal, does pose a threat as it cuts out the
broker.

Industry Profiles
8. Company Profiles
8.1. Marsh & McLennan Companies Asia-Pacific
8.1.1. Company Overview
Marsh & McLennan Companies Asia-Pacific (Marsh Asia-Pacific), a subsidiary of the US-based Marsh &
McLennan Companies Inc, is an insurance company that offers insurance broker and risk management advisory
services. The company’s products portfolio includes office insurance, marine cargo insurance, directors and
officers liability insurance, group employee benefits insurance, foreign worker bond and medical insurance,
aviation and aerospace insurance, and workers compensation insurance. It provides health insurance, property
insurance, casualty insurance, and political risk insurance, among others. Marsh Asia-Pacific's services comprise
claim services and risk consulting services. It offers its products and services for various industries including
construction, education, energy and power, financial institutions, infrastructure, mining, public sector, and
transportation sector. The company has operations in Singapore, China, Hong Kong, India, Japan, South Korea,
and Malaysia. Marsh Asia-Pacific is headquartered in Singapore.
8.1.2. Key Facts
Table 5: Marsh & McLennan Companies Asia-Pacific: key facts
Head office: No. 09-02

8 Marina View, Asia Square Tower 1 , Singapore, Singapore
Number of Employees: 1800
Website: asia.marsh.com
Financial year-end: April
SOURCE: COMPANY WEBSITE MARKETLINE

Industry Profiles
Table 6: Marsh & McLennan Companies Asia-Pacific: Key Employees
Name Job Title Board

Alan Cheah Chairman Asia Executive Board
CB Lim Chief Executive Officer Malaysia Senior Management
David Jacob Head Sales Senior Management
Gerald Lim Chief Executive Officer Southeast Asia Senior Management
Hirofumi Shimoyama Manager Japan Country Operational Management
Iris Teo Chief Executive Officer Singapore Senior Management
Jerry Mao Chief Executive Officer Taiwan Senior Management
Les Mouat Chairman Vietnam Executive Board
Les Mouat Chief Executive Officer Executive Board
Martin South Chief Executive Officer Asia Pacific Senior Management
Michael Li Chief Executive Officer China Senior Management
Paul Wilkins Chairman Executive Board
Paul Wilkins Chief Executive Officer Greater China Executive Board
Peter Phillips Chief Executive Officer Indonesia Senior Management
Ramon Zandueta Chief Executive Officer Philippines Senior Management
Sanjay Kedia Chief Executive Officer India Senior Management
Sanjay Kedia Head Country Senior Management
Svein Tyldum Chief Executive Officer Korea Senior Management
Tarate Poshyananda Chief Executive Officer Thailand Senior Management
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
8.2. Aon Plc
Aon Plc (Aon) is a provider of professional services. The company, through its subsidiaries, offers a range of
commercial risk solutions, reinsurance solutions, retirement solutions, health solutions, and data and analytic
services. Aon provides its advisory services in various sectors including aerospace, technology and
communications, financial institutions, agribusiness, life science, aviation, real estate, power, retail trade,
construction, transportation and logistics, health care and energy and mining. Aon offers insurance solutions
through a network of offices and distribution centers. It has presence in various countries in the Middle East,
Africa, Asia-Pacific, Europe and North America. Aon is headquartered in Dublin, Ireland.
The company reported revenues of (US Dollars) US$11,066 million for the fiscal year ended December 2020
(FY2020), an increase of 0.5% over FY2019. In FY2020, the company’s operating margin was 25.3%, compared
to an operating margin of 19.8% in FY2019. In FY2020, the company recorded a net margin of 17.8%, compared
to a net margin of 13.9% in FY2019. The company reported revenues of US$2,886 million for the second
quarter ended June 2021, a decrease of 18.1% over the previous quarter.
8.2.2. Key Facts
Table 7: Aon Plc: key facts
Head office: Metropolitan Building James Joyce Street, Leadenhall Street, Dublin, Ireland
Telephone: 442076235500
Fax: 442076211511
Number of Employees: 50000
Website: www.aon.com
Financial year-end: December
Ticker: AON
Stock exchange: New York Stock Exchange
8.2.3. Business Description
Aon Plc (Aon), through its subsidiaries, offers a broad range of professional services, including human resource
consulting and outsourcing, insurance brokerage, risk management services and reinsurance brokerage services.
Aon serves individuals, mid-market companies, and large global companies in about 120 countries.
The company classifies its business operations into a single segment, Aon United, which is classified further into
five principal products and service lines: Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions,
Health Solutions, and Data & Analytic Services.

Industry Profiles
Table 8: Aon Plc: Annual Financial Ratios

Key Ratios 2016 2017 2018 2019 2020
Growth Ratios
Sales Growth % -0.75 6.26 7.72 2.26 0.48
Operating Income Growth % 10.84 -43.30 46.62 41.87 28.28
EBITDA Growth % 8.07 -10.56 18.92 19.03 16.97
Net Income Growth % 0.79 -12.18 -7.50 35.10 28.52
EPS Growth % 8.67 -12.40 88.21 10.05 10.86
Working Capital Growth % 35.63 41.63 16.70 -15.89 38.23
Equity Ratios
EPS (Earnings per Share) USD 4.51 2.85 4.65 6.37 8.44
Dividend per Share USD 1.29 1.41 1.56 1.72 1.78
Dividend Cover Absolute 3.50 2.02 2.98 3.70 4.74
Book Value per Share USD 20.90 18.51 17.29 14.54 15.50
Profitability Ratios
Operating Margin % 19.66 10.49 14.28 19.81 25.29
Net Profit Margin % 14.84 12.26 10.53 13.91 17.79
PBT Margin (Profit Before Tax) % 14.89 6.85 11.57 16.99 22.28
Return on Equity % 25.50 26.75 27.32 45.39 56.34
Return on Capital Employed % 13.10 7.87 11.72 15.77 19.07
Return on Assets % 5.22 4.65 4.32 5.49 6.40
Return on Working Capital % 284.18 113.77 142.94 241.10 223.74
Operating Costs (% of Sales) % 80.34 89.51 85.72 80.19 74.71
Administration Costs (% of Sales) % 77.36 80.44 74.14 71.22 71.14
Liquidity Ratios
Current Ratio Absolute 1.05 1.07 1.08 1.06 1.07
Quick Ratio Absolute 1.05 1.07 1.08 1.06 1.07
Cash Ratio Absolute 0.06 0.10 0.36 0.39 0.39
Leverage Ratios
Debt to Equity Ratio Absolute 1.16 1.34 1.54 2.20 2.24
Net Debt to Equity Absolute 1.03 1.05 0.41 0.40 0.27
Debt to Capital Ratio Absolute 0.54 0.57 0.61 0.69 0.69
Efficiency Ratios
Asset Turnover Absolute 0.35 0.38 0.41 0.39 0.36
Fixed Asset Turnover Absolute 14.31 17.95 18.70 9.84 6.81
Current Asset Turnover Absolute 0.70 0.75 0.77 0.71 0.63
Capital Employed Turnover Absolute 0.67 0.75 0.82 0.80 0.75
Working Capital Turnover Absolute 14.45 10.84 10.01 12.17 8.85

Industry Profiles
Table 9: Aon Plc: Key Employees

Adam Bixby Managing Director Cyber Solution Group Senior Management
Chairman, Insurance Consulting Group,
Alan Gregory Senior Management
Reinsurance Solutions
Alejandro Galizia Chief Executive Officer Latin America Senior Management
Andrew Tunnicliffe Chairman, Global and specialty, UK Senior Management
Andy Marcell Chief Executive Officer Reinsurance Solutions Senior Management
Andy Weitz Chief Marketing Officer Senior Management
Anne Corona Chief Executive Officer Asia Pacific Senior Management
Chief Broking Officer, National Healthcare
Audrey Greening Senior Management
Practice
Ben Rolfe Chief Broking Officer-Australia, Aon Australia Senior Management
Ben Rolfe Managing Director Broking, Aon Australia Senior Management
Global Head-Strategic Growth and
Bryon G. Ehrhart Development, Global Chairman of Capital Senior Management
Advisory, Reinsurance Solutions
Byron Spruell Director Non Executive Board
Carlo Clavarino Chairman, International Business Senior Management
Carolyn Y. Woo Director Non Executive Board
Catherine Turner Head UK Property Reinsurance Senior Management
Cheryl A. Francis Director Non Executive Board
Christa Davies Chief Financial Officer Senior Management
Christa Davies Executive Vice President Global Finance Senior Management
Darren Zeidel Executive Vice President Senior Management
Darren Zeidel General Counsel Senior Management
Darren Zeidel Secretary Senior Management
Dave Guilmette Chief Executive Officer Health Solutions Senior Management
Dominic Christian Chairman-Aon Benfield International Senior Management
Dominic Christian Chief Executive Officer Aon UK Limited Senior Management
Dominic Christian Global Chairman, Reinsurance Solutions Senior Management
Chief Executive Officer Commercial Risk,
Eduardo Davila Senior Management
Health and Affinity, EMEA
Eric Andersen President Senior Management
Forsgard Nordics Chief Executive Officer Nordic region Senior Management
Fulvio Conti Director Non Executive Board
Chief Executive Officer APAC Region,
George Attard Senior Management

Industry Profiles
Table 10: Aon Plc: Key Employees Continued

Gloria Santona Director Non Executive Board
Gregory C. Case Chief Executive Officer Executive Board
Gregory C. Case Director Executive Board
Heather McClure Chief Risk Advisor Senior Management
Chief Broking Officer, Commercial Risk
Helene Madell Senior Management
Solutions, Health Solutions and Affinity, UK
J. Michael Losh Director Non Executive Board
James Platt Chief Operating Officer Senior Management
Jeffrey C. Campbell Director Non Executive Board
Jennifer Bell Chief Executive Officer North America Senior Management
President APAC Region, Reinsurance
Jeremy Goodman Senior Management
Solutions
Jin-Yong Cai Director Non Executive Board
Senior Managing Director, Reinsurance
Joe Sergio Jackson Senior Management
Solutions
Julie Page Chief Executive Officer Aon UK Limited Senior Management
Karen O'Donnell Client Director, PFI and Infrastructure Team Senior Management
Chief Executive Officer Commercial Risk
Lambros Lambrou Senior Management
Solutions
Lester B. Knight Chairman Non Executive Board
Lisa J. Stevens Chief People Officer Senior Management
Lisa J. Stevens Executive Vice President Senior Management
Lori Goltermann Chief Executive Officer Enterprise Clients Senior Management
Maggie Westdale Chief Financial Officer Business Senior Management
Chairman Insurance Consulting Group,
Nick Frankland Executive Board
Nick Frankland President UK, Reinsurance Solutions Executive Board
Paul Rangecroft Chief Executive Officer Wealth Solutions Senior Management
Ray Spreadbury Director Executive Board
Richard B. Myers Director Non Executive Board
Richard C. Notebaert Director Non Executive Board
Richard Posgate Head Strategy, Reinsurance Solutions Senior Management
Steve Petrevski General Manager Data and Analytic Services Senior Management
Steve Petrevski Senior Vice President Senior Management
Tasha Barbour Managing Director Reinsurance Solutions Senior Management

Industry Profiles
Table 11: Aon Plc: Key Employees Continued

Chief Broking Officer - EMEA Region,
Tracie Thompson Senior Management
excluding the UK

Industry Profiles
8.3. Aditya Birla Capital Advisors Pvt Ltd
Aditya Birla Capital Advisors Pvt Ltd (AB Capital Advisors) a subsidiary of Aditya Birla Nuvo Ltd is a private equity
firm that offers investment management and advisory services. The firm provides growth capital to mature
sectors and businesses. It invests in unlisted, mid market business and mature sectors; and within sectors which
are early stage of growth such as lifestyle, lifeskills and education, lifecare and applies technologies. AB Capital
Advisors also invests in sectors driven by a combination of rising per capita income and credit expansion such as
financial services, FMCG and retail, and other services. The firm serves financial institutions, corporate
treasuries, family offices, and HNI’s. AB Capital Advisors is headquartered in Mumbai, Maharashtra, India.
8.3.2. Key Facts
Table 12: Aditya Birla Capital Advisors Pvt Ltd: key facts
Head office: Level 18 Tower 1, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone
Road, One India Bulls Centre, Mumbai, Maharashtra, India
Website: www.adityabirla-pe.com
Financial year-end: April

Industry Profiles
Table 13: Aditya Birla Capital Advisors Pvt Ltd: Key Employees

Piyush Shah Chief Compliance Officer Senior Management
Piyush Shah Secretary Senior Management
D Muthukumaran Chief Executive Officer Senior Management
Mehul Maroo General Principal Senior Management
Rahul Shah Director Investment Senior Management
Raj Kamal Singh Manager Accounts and Finance Operational Management
Sailesh Shenoi General Principal Senior Management
Sunil Jain Chief Financial Officer Senior Management
Vandana Rajadhyaksha Director Investment Senior Management

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 14: India size of population (million), 2016–20
Year Population (million) % Growth

2016 1,269.0 1.2%
2017 1,283.6 1.2%
2018 1,298.0 1.1%
2019 1,312.2 1.1%
2020 1,326.2 1.1%
Table 15: India gdp (constant 2005 prices, $ billion), 2016–20
Year Constant 2005 Prices, $ billion % Growth

2016 1,847.6 7.7%
2017 1,990.6 7.7%
2018 2,146.3 7.8%
2019 2,315.9 7.9%
2020 2,500.7 8.0%
Table 16: India gdp (current prices, $ billion), 2016–20
Year Current Prices, $ billion % Growth

2016 2,671.5 14.3%
2017 3,035.3 13.6%
2018 3,453.7 13.8%
2019 3,932.6 13.9%
2020 4,509.7 14.7%
Table 17: India inflation, 2016–20

Industry Profiles
Year Inflation Rate (%)

2016 6.7%
2017 6.4%
2018 6.3%
2019 6.3%
2020 6.2%
Table 18: India consumer price index (absolute), 2016–20
Year Consumer Price Index (2005 = 100)

2016 246.5
2017 262.2
2018 278.7
2019 296.3
2020 314.6
Table 19: India exchange rate, 2016–20
Year Exchange rate ($/Rs.) Exchange rate (€/Rs.)

2016 67.1794 74.3472
2017 65.0484 73.5945
2018 68.4090 80.6918
2019 70.3943 78.8440
2020 74.1023 84.5848

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. Insurance Brokers Association of India
Maker Bhavan No.1, 7th Floor, Sir V. T. Marg, Mumbai, Maharashtra 400020, IND
Tel.: 91 22 2284 6544
ibai.org/
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Insurance Brokers

Insurance Brokers in Japan
Insurance Brokers in Europe
Insurance Brokers in Asia-Pacific

Industry Profiles
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Insurance Brokers in India

Reference Code: 0102-2088

Publication Date: October 2021

Primary NAICS: 524298

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1.1. Market value

1.2. Market value forecast

1.3. Category segmentation

1.4. Geography segmentation

1.5. Market rivalry

1.6. Competitive Landscape

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1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Category segmentation................................................................................................................................2

1.4. Geography segmentation.............................................................................................................................2

1.5. Market rivalry...............................................................................................................................................2

1.6. Competitive Landscape ................................................................................................................................2

2.1. Market definition .........................................................................................................................................8

2.2. Market analysis ............................................................................................................................................8

3.1. Market value ..............................................................................................................................................11

4.1. Category segmentation..............................................................................................................................12

4.2. Geography segmentation...........................................................................................................................13

5.1. Market value forecast ................................................................................................................................14

6. Five Forces Analysis 15

6.1. Summary ....................................................................................................................................................15

6.2. Buyer power...............................................................................................................................................16

6.3. Supplier power ...........................................................................................................................................17

6.4. New entrants .............................................................................................................................................18

6.5. Threat of substitutes ..................................................................................................................................20

6.6. Degree of rivalry.........................................................................................................................................21

7.1. Who are the leading players? ....................................................................................................................23

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7.2. What strategies do the leading players follow?.........................................................................................23

7.3. What are the strengths of the leading players?.........................................................................................24

7.4. What has been the recent M&A activity? ..................................................................................................25

7.5. How did leading players perform in 2020? ................................................................................................25

7.6. What challenges do the leading players face?...........................................................................................25

8.1. Marsh & McLennan Companies Asia-Pacific ..............................................................................................27

8.2. Aon Plc .......................................................................................................................................................29

8.3. Aditya Birla Capital Advisors Pvt Ltd ..........................................................................................................34

9.1. Country data ..............................................................................................................................................36

9.2. Industry associations..................................................................................................................................39

9.3. Related MarketLine research .....................................................................................................................39

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Table 2: India insurance brokers sector category segmentation: $ billion, 2020 12

Table 3: India insurance brokers sector geography segmentation: $ billion, 2020 13

Table 4: India insurance brokers sector value forecast: $ billion, 2020–25 14

Table 5: Marsh & McLennan Companies Asia-Pacific: key facts 27

Table 6: Marsh & McLennan Companies Asia-Pacific: Key Employees 28

Table 7: Aon Plc: key facts 29

Table 8: Aon Plc: Annual Financial Ratios 30

Table 9: Aon Plc: Key Employees 31

Table 10: Aon Plc: Key Employees Continued 32

Table 11: Aon Plc: Key Employees Continued 33

Table 14: India size of population (million), 2016–20 36

Table 15: India gdp (constant 2005 prices, $ billion), 2016–20 36