According to the Swiss Re Institute, India’s insurance market is experiencing rapid growth driven by factors such as economic expansion, a growing middle class, innovation, and supportive regulations.
Over the next five years (2024‒28), we anticipate a 7.1% real-term growth in total insurance premiums, surpassing global, emerging, and advanced market averages.
This growth rate positions India to have the fastest-growing insurance sector among G20 nations.
In 2023, premium growth slightly moderated, reflecting adjustments to the post-COVID-19 era.
Life premium growth slowed to an estimated 4.1% from 5.9% in 2022, influenced by diminishing pandemic-related risk awareness and changes in tax norms for high-value policies.
We anticipate robust growth in the life insurance segment (premiums up 6.7% in 2024‒28), driven by increasing demand for term life coverage among the middle class and young population, alongside greater adoption of Insurtech within the industry.