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Insurance
For updated information, please visit www.ibef.org
NOVEMBER
2011
2 2
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: Tata AIG
Opportunities
Useful information
For updated information, please visit www.ibef.org
Insurance NOVEMBER
2011
3 3
Insurance
For updated information, please visit www.ibef.org ADVANTAGE INDIA
Advantage India
NOVEMBER
2011
Advantage India
• Growing interest towards insurance among people; innovative products and distribution channels aiding growth
• Increasing demand for insurance offshoring
• Life insurance in low-income urban areas
• Health insurance, pension segment
• Strong growth potential for microinsurance, especially from rural areas
• Growing participation of the private sector with market shares of 30-40 per cent in 2010 as against 2 per cent in 2000
• Government’s proposed increase in FDI limit to 49 per cent from 26 per cent will further fuel investments
• Tax incentives on insurance products
• Passing of Insurance Bill gives IRDA flexibility to frame regulations
• Relaxed rules for insurance IPOs which will infuse liquidity into the industry
Market size: USD139 billion
FY15E
Market size: USD67 billion
FY10
Notes: 2015E – Expected value for 2015; estimate according to BMI; IRDA – Insurance Regulatory and Development Authority
IPOs – Initial Public Offering; FDI – Foreign Direct Investment
Strong demand Attractive opportunities
Increasing investments Policy support
4 4
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: Tata AIG
Opportunities
Useful information
For updated information, please visit www.ibef.org
Insurance NOVEMBER
2011
5 5 For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS
Evolution of the Indian insurance sector
• The life insurance sector was made up of 154 domestic life insurers, 16 foreign life insurers and 75 provident funds
• All life insurance companies were nationalised to form LIC in 1956 to increase penetration and protect policy holders from mismanagement
• The non life insurance business was nationalised to form GIC in 1972
• Malhotra Committee recommended opening up the insurance sector to private players
• IRDA, LIC and GIC Acts were passed in 1999, making IRDA the statutory regulatory body for insurance and ending the monopoly of LIC and GIC
• Post liberalisation, the
insurance industry has recorded significant growth and the number of private players increased to 40 in 2010
• Customers are more conscious of the benefits of insurance and its importance for a secure future
Notes: LIC – Life Insurance Corporation of India GIC – General Insurance Corporation of India
IRDA –Insurance Regulatory and Development Authority
Before 1956
1956-1972
1993-99
2000 onwards
Insurance NOVEMBER
2011
6 6 For updated information, please visit www.ibef.org
IRDA governs the Indian insurance sector
→ Insurance Regulatory and Development Authority (IRDA) → Established in 1999 under the IRDA Act → Responsible for regulating, promoting and ensuring orderly growth of the insurance and re-insurance
business in India
MARKET OVERVIEW AND TRENDS
Insurance NOVEMBER
2011
Insurance Regulatory and Development
Authority (IRDA)
Life Insurance (23
players)
Non Life Insurance (24
players)
Public (1)
Private (22)
Public (6)
Private (18)
Ministry of Finance
(Government of India)
Source: IRDA, Aranca Research
7 7 For updated information, please visit www.ibef.org
Premiums: Healthy growth expected to continue … (1/2)
→ The total insurance market has grown from USD14 billion in 2003 to USD67 billion in FY10
→ Over FY03-10, premiums have increased at a CAGR of 25 per cent
Gross premiums written in India (USD billion)
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance NOVEMBER
2011
2.4 3.2 3.7 4.3 5.2 5.8 6.4 8.0
11.6 13.8 17.3
22.1
32.5
41.9 46.2
59.0
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
Non-life insurance Life insurance
8 8 For updated information, please visit www.ibef.org
Premiums: Healthy growth expected to continue … (2/2)
→ India is one of the fastest growing insurance markets in the world
→ Swiss Re expects India to beat other emerging markets in growth over 2010-12
Projected average real premium growth rate (2010-2012)
Source: Swiss Re Estimates, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance NOVEMBER
2011
2.4%
3.2%
6.6%
7.8%
11.3%
3.1%
4.0%
5.2%
9.2%
10.8%
0.0% 5.0% 10.0% 15.0%
Industrialized Countries
World
Total Asia
Emerging Markets
India
Life Insurance Nonlife Insurance
9 9 For updated information, please visit www.ibef.org
Life insurance market appears particularly vibrant … (1/2)
→ The life insurance market has grown from USD12 billion in FY03 to USD59 billion in FY10
→ Over FY03-10, life insurance premiums have increased at a CAGR of 25 per cent
High growth in life insurance premiums (USD billion)
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance NOVEMBER
2011
0 1 2 3
6 11 14 18
12 14 17
20
28
33
35
41
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
Private sector Public sector
10 10 For updated information, please visit www.ibef.org
Life insurance market appears particularly vibrant … (2/2)
→ Penetration rate has increased to 4.6 per cent in 2010 from 2.3 per cent in 2003
→ This rate is above the global average of 4.0 per cent
Higher penetration rates (%) over years
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance NOVEMBER
2011
2.3 2.5 2.5
4.0
4.0
4.0 4.6
FY03 FY04 FY05 FY06 FY07 FY08 FY09
11 11 For updated information, please visit www.ibef.org
Increasing private sector activity in life insurance segment … (1/2)
→ LIC enjoyed a market share of 98 per cent in FY03; this gradually came down over the years
→ The private sector has however been eating into LIC’s market share year over the years
Greater private sector activity (% share) over the years
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance NOVEMBER
2011
98 95 91 86 82 74 71 70
2 5 9 14
18 26
29 30
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
Public sector Private sector
12 12 For updated information, please visit www.ibef.org
Increasing private sector activity in life insurance segment … (2/2)
→ LIC is still the market leader, with a share of 70 per cent
→ The share of private sector players has increased to 30 per cent from 2 per cent over FY03-10
Market share (FY10)
Source: IRDA, Aranca Research HHI* Index = 0.50
HHI* Index (among private players) = 0.11
MARKET OVERVIEW AND TRENDS
Insurance NOVEMBER
2011
70%
6%
4%
4% 3%
2% 2%
2% 7% LIC
ICICI Prudential
Bajaj Allianz
SBI Life
HDFC Standard Life
Birla Sunlife
Reliance Life
Max New York
Others
* Herfindahl–Hirschman Index measures market concentration. An index value between 0 and 0.10 denotes low concentration level,
between 0.10 and 0.18 moderate concentration level, and more than 0.18 high concentration level.
13 13 For updated information, please visit www.ibef.org
Non life insurance market has also grown over the years … (1/2)
→ The non life insurance market has grown from USD2.5 billion in FY03 to USD8 billion in FY10
→ Over FY03-10, non life insurance premiums have increased at a CAGR of 18 per cent
Healthy growth in non life insurance premiums (USD billion)
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance NOVEMBER
2011
0.2 0.5 0.8
1.2 1.9 2.4 2.8 3.1
2.3
3.0 3.1
3.3
3.6 3.7 4.0
4.9
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
Private sector Public sector
14 14 For updated information, please visit www.ibef.org
Non life insurance market has also grown over the years … (2/2)
→ Penetration rate has been in the 0.60-0.64 per cent range over FY03-10
→ Strong potential for growth apparent from comparison with the global average (3 per cent)
Penetration rates (%) over the years
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance NOVEMBER
2011
0.62
0.64
0.61
0.60 0.60 0.60 0.60
FY03 FY04 FY05 FY06 FY07 FY08 FY09
15 15 For updated information, please visit www.ibef.org
Private sector participation is higher in the non-life segment … (1/2)
→ Motor insurance forms the largest non life segment with a share of 43 per cent
→ Health insurance is the fastest growing segment and currently accounts for 21 per cent of the total
Segment wise breakup (%, FY10)
Source: IRDA, Aranca Research
MARKET OVERVIEW AND TRENDS
Insurance NOVEMBER
2011
43%
21%
11%
6%
18% Motor
Health
Fire
Marine
Others
16 16 For updated information, please visit www.ibef.org
Private sector participation is higher in the non-life segment … (2/2)
→ The top 4 players are public corporations and account for 62 per cent of the total market
→ Private players are not far behind and compete better in the non life insurance segment
Market Share (FY10)
Source: IRDA, Aranca Research HHI* Index = 0.12
HHI*Index (among private players) = 0.14
MARKET OVERVIEW AND TRENDS
Insurance NOVEMBER
2011
20%
15%
14% 13%
9%
7%
6%
4%
12%
New India
United
Oriental
National
ICICI Lombard
Bajaj Allianz
Reliance
IFFCO Tokio
Others
* Herfindahl–Hirschman Index measures market concentration. An index value between 0 and 0.10 denotes low concentration level,
between 0.10 and 0.18 moderate concentration level, and more than 0.18 high concentration level.
17 17 For updated information, please visit www.ibef.org
Notable trends in the insurance sector
MARKET OVERVIEW AND TRENDS
Insurance NOVEMBER
2011
Emergence of new distribution channels
• New distribution channels like bancassurance, online distribution and NBFCs have widened the reach and reduced costs
• Firms have tied up with local NGOs to target lucrative rural markets
Growing market share of private players
• In the life insurance segment, share of the private sector in total premiums increased to 30 per cent in FY10 from 2 per cent in FY03
• In the non-life insurance segment, share of the private sector increased to 39 per cent from 9.5 per cent cent over the same period
Launch of Innovative products
• The life insurance sector has witnessed the launch of innovative products such as Unit Linked Insurance Plans (ULIPs)
• Other traditional products have also been customised to meet specific needs of Indian consumers
Notes: EV – Embedded Value
Mounting focus on EV over profitability
• Large insurers are continuing to expand, focusing on cost rationalisation and aligning business models to realise reported embedded value (EV), and generate value from future business rather than focus on present profits
18 18
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: Tata AIG
Opportunities
Useful information
For updated information, please visit www.ibef.org
Insurance NOVEMBER
2011
19 19 For updated information, please visit www.ibef.org GROWTH DRIVERS
Demand growth for insurance products is set to accelerate … (1/2)
Notes: Financial savings denote investment in equity and debt instruments
Insurance NOVEMBER
2011
→ Increasing savings drive insurance
→ India’s robust economy is expected to sustain the growth in insurance premiums written. Higher personal disposable incomes would result in higher household savings that will be channeled into different financial savings instruments like insurance and pension policies
Household and financial savings projections for 2015
Source: ICICI, Aranca Research
89
306
540
2000 2010 2015E
Household Savings (USD billion)
45
141
248
2000 2010 2015E
Financial Savings (USD billion)
20 20 For updated information, please visit www.ibef.org GROWTH DRIVERS
Demand growth for insurance products is set to accelerate … (2/2)
Insurance NOVEMBER
2011
→ Growing affluent middle class
→ The emergence of an affluent middle class is triggering demand for both life and non-life personal insurance lines
→ A rising number of young professionals are opting for health insurance, motor insurance and unit-linked insurance products (ULIPs)
Indian residents shifting from low- to high-income groups
Source: McKinsey Quarterly, Aranca Research
0
10
20
30
40
50
60
70
2005 2010 2015 2020 2025
Strivers Seekers Deprived Aspirers Globals
21 21 For updated information, please visit www.ibef.org
Favourable policy measures have aided the sector
GROWTH DRIVERS
Insurance NOVEMBER
2011
Tax incentives
• Insurance products are covered under the EEE (exempt, exempt, exempt) method of taxation. This translates to an effective tax benefit of approximately 30 per cent on select investments (including life insurance premiums) every financial year
Union Budget 2011–2012
• The proposed Insurance Bill would empower IRDA to introduce forward-looking regulations to promote sustainable growth as it would give IRDA flexibility to frame regulations
• Passing of the Pension Fund Regulatory and Development Authority Bill would bring in a full-fledged regulator for the pension sector, which was regulated by an interim authority until now; this will open up pension market for private players
Ease of rules for insurance IPO
• IRDA reduced the number of years after which companies can raise capital through an initial public offering (IPO) to 5 years from 10 years
• The Securities & Exchanges Board of India has relaxed rules to allow more life insurers to launch public offers
22 22 For updated information, please visit www.ibef.org
Major foreign investment in insurance was done in 2000-01 … (1/2)
→ The IRDA Act, 1999 allowed an FDI of up to 26 per cent in the insurance sector on automatic route subject to obtaining license from IRDA
→ Authorities are now considering an increase of FDI limit to 49 per cent through the Insurance Laws Amendment Bill
GROWTH DRIVERS
Top Life Insurance Co Foreign partner Domestic partner Year
Prudential plc (26%) ICICI Bank Ltd (74%) 2000
Allianz AG (26%) Bajaj Finserv Ltd (74%) 2001
BNP Paribas Assurance (26%) SBI (74%) 2001
Standard Life (26%) HDFC Bank (72.4%) 2000
Sun Life Financial Inc (26%) Aditya Birla Group (74%) 2000
Nippon Life Insurance (26%) Reliance Capital (74%) 2011
New York Life International (26%) Max India (74%) 2000
Insurance NOVEMBER
2011
23 23 For updated information, please visit www.ibef.org
Major foreign investment in insurance was done in 2000-01 … (2/2)
Source: Aranca Research
GROWTH DRIVERS
Insurance NOVEMBER
2011
Top General Insurance Co Foreign partner Domestic partner Year
Fairfax Financial Holdings Ltd (26%) ICICI Bank Ltd (74%) 2001
Allianz AG (26%) Bajaj Finserv Ltd (74%) 2001
Tokio Marine & Nichido Fire Insurance
Group (26%) IFFCO (74%) 2000
24 24 For updated information, please visit www.ibef.org
Private sector investment in insurance is rising
→ Most of the existing players are tying up with banks to expand their distribution network → Few players like HDFC Life are planning to go public; others are selling stakes in order to generate the funds
GROWTH DRIVERS
IndiaFirst Life Insurance • USD28 million in 2010; plans to invest USD45 million in 2011
Aviva Life • USD26 million in 2010
Reliance Life • USD58 million in 2011
Canara HSBC Life • USD22 million in 2011
Bharti AXA Life • Plans to inject USD100 million in 2011
AEGON Religare Life • USD71 million in 2010; plans to invest USD445 million through 2016
ING Vysya Life • USD53 million in 2010
HDFC Life • Going public by the end of 2011
Insurance NOVEMBER
2011
Investments from the private sector are increasing as they see a huge opportunity in the growing insurance sector of the country
Source: Towers Watson, Aranca Research
25 25
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: Tata AIG
Opportunities
Useful information
For updated information, please visit www.ibef.org
Insurance NOVEMBER
2011
26 26 For updated information, please visit www.ibef.org
Success of Tata-AIG microinsurance … (1/3)
SUCCESS STORIES: TATA AIG
Insurance NOVEMBER
2011
Objective for establishing microinsurance
• Fulfilment of corporate social responsibility
• Increase brand recognition to boost market entry – today’s micro
clients maybe tomorrow’s high-premium clients
Key strategic decision
• The microinsurance business model must be separated from the
regular insurance business model
• Selling microinsurance would require new, alternate distribution
mechanisms
The microinsurance business model
Source: Company website, Aranca Analysis
New business unit
• A special microinsurance team called the Rural & Social Team is formed
Partnering with NGOs
• Identify and partner with credible NGOs operating in the local community
• NGO suggests good agents for microinsurance policies (micro-agents)
Forming CRIGs
• A group of micro-agents called a community rural insurance group (CRIG) is formed; it relies on direct marketing of microinsurance policies to local community members
Local operations managed by NGOs
• Local operations like collecting and aggregating the premiums, training micro-agents, and helping to distribute benefits looked after by the NGO; this saves administrative costs for Tata-AIG
27 27 For updated information, please visit www.ibef.org
Source: Company website, Aranca Analysis
Rural obligations specified by IRDA exceeded
Insurance NOVEMBER
2011
SUCCESS STORIES: TATA AIG
Success of Tata-AIG microinsurance … (2/3)
Key Takeaway
• Partnerships with NGOs have been instrumental in the success of
Tata-AIG microinsurance. They have helped select agents and
reduced the costs of front-end administrative services. Most
crucially, their local know-how and connections have helped build
trust for the insurance products in low-income rural areas
19%
21%
18%
14%
10%
11%
18%
16%
14%
12%
9%
7%
0 0.05 0.1 0.15 0.2 0.25
2007
2006
2005
2004
2003
2002
Required Achieved
28 28 For updated information, please visit www.ibef.org
Source: Company website, Aranca Analysis
Insurance NOVEMBER
2011
SUCCESS STORIES: TATA AIG
Success of Tata-AIG microinsurance … (3/3)
Source: Company website, Aranca Analysis
Robust growth of microinsurance expected
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
2008 2009 2010 2011 2012
Number of policies
0
500
1000
1500
2000
2500
3000
3500
2008 2009 2010 2011 2012
Premium – First year (FYP) and Renewals (RYP)
FYP RYP
29 29
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: Tata AIG
Opportunities
Useful information
For updated information, please visit www.ibef.org
Insurance NOVEMBER
2011
30 30 For updated information, please visit www.ibef.org OPPORTUNITIES
Life insurers: Low-income urban and pension markets … (1/2)
→ Rapid development in Tier II and Tier III cities and growth in new bankable households have led to the emergence of a large insurable class with an appetite for sophisticated life insurance products
→ Business models would need to be customised accordingly, to maintain cost effectiveness as most low-income customers would be small-ticket accounts though huge in numbers
Source: Asia Insurance Review, Aranca Research Notes: E in the axis for the figures above refer to estimates
The low-income urban opportunity in India
Insurance NOVEMBER
2011
Notes: E in the axis for the above figures refer to estimates 1,300
4,100
2007 2012(E)
Household insurance premiums (INR)
30%
40%
2007 2012(E)
Urban low-income insurance penetration
CAGR: 26%
31 31 For updated information, please visit www.ibef.org OPPORTUNITIES
Life insurers: Low-income urban and pension markets … (2/2)
→ Increasing life expectancy, greater employment in the private sector will fuel demand for pension plans
→ The opening of the pension market with the passing of the PFRDA Bill 2011 will make the pension market more conducive for private life insurers
→ There is scope to introduce new-generation pension products such as Variable Annuity and Inflation Indexed Annuity
Source: McKinsey Quarterly, Aranca Research
Opportunity in the Indian pension and annuity market
Insurance NOVEMBER
2011
Notes: PFRDA – Pension Fund Regulatory and Development Authority
2
4
0
1
1
2
2
3
3
4
4
5
2010 2025(E)
CAGR: 7%
11%
89%
Workers coveredWorkers not covered
Indian retirement market (INR trillion) Formal pension system penetration
32 32 For updated information, please visit www.ibef.org OPPORTUNITIES
Non-life insurers: Motor and health insurance markets … (1/2)
→ Motor insurance accounted for 43 per cent (the largest share) of the non-life insurance market in 2010
→ Strong growth in the automotive industry over the next decade will be a key driver of motor insurance
→ Proposed IRDA draft envisages a 10-80 per cent rise in premium rates for the erstwhile loss making third-party motor insurance
Source: *ACMA Estimates, Aranca Research Notes: E in the axis for the figures above refer to estimates
Vehicle production in India* (million units)
Insurance NOVEMBER
2011
2.2 0.5
10.2 9.2
2.3
32.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
Passenger vehicles Commercialvehicles
2 & 3 wheelers
2009 2020(E)
33 33 For updated information, please visit www.ibef.org OPPORTUNITIES
Non-life insurers: Motor and health insurance markets … (2/2)
→ Only 1.5-2 per cent of total healthcare expenditure in India is currently covered by insurance providers
→ Absence of government-funded health insurance makes the market attractive for private players
→ IRDA recommended the government to bring down capital requirements for standalone health insurance companies from USD21 million to USD10 million
Source: McKinsey Quarterly, Aranca Research
Health Insurance Penetration
Insurance NOVEMBER
2011
14%
86%
Health insurance penetration
Population covered
Population not covered
110
220
2005 2015
Health insurance (million policies)
CAGR: 8%
34 34 For updated information, please visit www.ibef.org OPPORTUNITIES
Microinsurance: Tapping India’s rural wealth
Source: IRDA, McKinsey, Aranca Research
Insurance NOVEMBER
2011
The business environment in India’s microinsurance sector supports healthy growth
Macro level
(The enabling environment)
Intermediate level
(Support infrastructure)
Micro level
(Policy holders)
• IRDA drafted microinsurance guidelines in 2010 which contain a number
of favourable measures such as
• Lower threshold limits for agents’ commissions
• Rural areas must account for 7 per cent of new life insurance
policies in 1st year of firm’s operation and rise to 20 per cent over
the next 10 years
• In order to reduce microinsurance distribution costs, IRDA proposed
microinsurance schemes to supplement existing government insurance
schemes
• The number of regional rural banks and NGOs operating in the rural
sector will aid distribution of microinsurance products
• The annual income growth rate in rural India is expected to increase to
3.6 per cent over 2010-30 from 2.8 per cent over 1990-2010
• About 5 million people currently have microinsurance while the entire
market is expected to be in the range of 140-300 million
35 35
Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: Tata AIG
Opportunities
Useful information
For updated information, please visit www.ibef.org
Insurance NOVEMBER
2011
36 36 For updated information, please visit www.ibef.org USEFUL INFORMATION
Industry Associations
Insurance Regulatory and Development Authority (IRDA) 3rd Floor, Parisrama Bhavan, Basheer Bagh, Hyderabad–500 004 Phone: 91-040-23381100 Fax: 91-040-66823334 E-mail: [email protected] Life Insurance Council 4th Floor, Jeevan Seva Annexe Bldg. S. V. Road, Santacruz (W), Mumbai–400054 Phone: 91-22-26103303, 26103306 E-mail: [email protected] General Insurance Council 5th Floor, Royal Insurance Building, 14, Jamshedji TATA Road, Churchgate , Mumbai–400020 Phone: 91-22-22817511, 22817512 Fax: 91-22-22817515 E-mail: [email protected]
Insurance NOVEMBER
2011
37 37 For updated information, please visit www.ibef.org
Glossary
→ ACMA: Automotive Component Manufacturers Association of India
→ EV: Embedded Value
→ FDI: Foreign Direct Investment
→ FY: Indian financial year (April to March) → So FY10 implies April 2009 to March 2010
→ GOI: Government of India
→ INR: Indian Rupee
→ OEM: Original Equipment Manufacturers
→ NATRiP: National Automotive Testing and R&D Infrastructure Project
→ SEZ: Special Economic Zone
→ USD: US Dollar
→ Conversion rate used: USD1= INR 48
→ Wherever applicable, numbers have been rounded off to the nearest whole number
USEFUL INFORMATION
Insurance NOVEMBER
2011
38
India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation with IBEF. All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval of IBEF. This presentation is for information purposes only. While due care has been taken during the compilation of this
presentation to ensure that the information is accurate to the best of Aranca and IBEF’s knowledge and belief, the content is not to be construed in any manner whatsoever as a substitute for professional advice. Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation. Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.
Disclaimer
For updated information, please visit www.ibef.org DISCLAIMER
Insurance NOVEMBER
2011