Indian Insurance Industry Overview & Market Development Analysis

India ranked 10th in life insurance 14th in non-life insurance in the world.

Advantage India

Robust
Demand

* As per the Insurance Regulatory and Development Authority of India (IRDAI), India will be the sixth-largest insurance market within a decade, leapfrogging Germany, Canada, Italy and South Korea.

* The regulatory developments would furthermore contribute to the growth.

* The recent pandemic has emphasized the importance of healthcare on the economy, and health insurance would play a critical role in the effort to strengthen the healthcare ecosystem.

Attractive
Opportunities

* Insurance market in India is expected reach US$ 222 billion by 2026.

* Robotic Process Automation (RPA) and AI will occupy center stage in insurance, driven by newer data channels, better data processing capabilities and advancements in AI algorithms.

* Bots will become mainstream in both the front and back-office to automate policy servicing and claims management for faster and more personalized customer service.

Policy
support

* The government’s flagship initiative for crop insurance, Pradhan Mantri Fasal Bima Yojana (PMFBY), has led to significant growth in the premium income for crop insurance.

* Ayushman Bharat (Pradhan Mantri Jan Arogya Yojana) (AB PMJAY) aims at providing a health cover of 5 lakh per family per year for secondary and tertiary care hospitalization.

* Insurance cover for 44.6 crore persons under PM Suraksha Bima and PM Jeevan Jyoti Yojana was provided during the FY 22-23.

Increasing
Investments

* The IPO of Life Insurance Corporation (LIC) of India was the largest IPO ever in India and the sixth biggest IPO globally of 2022. As of November 2022, listing of LIC accounted for more than a third of resources mobilised in the primary equity market until November 2022.

Last updated: Apr, 2023

IBEF Campaigns

MORE
Gulfood Dubai 2023

Gulfood Dubai 2023

APEDA India Pavilion Gulfood February 20th-26th, 2022 | World Trade Cent...

India Organic Biofach 2022

India Organic Biofach 2022

Ibef Organic Indian Pavilion BIOFACH2022 July 26th-29th, 2022 | Nurember...

Case Studies

MORE

Sustainable Circular Economy in India

Sustainable Circular Economy in India

A circular economy involves a comprehensive strategy for economic growth that is intended to benefit industry, society, and the environment. It seeks ...

Future of Data Science and AI in India

Future of Data Science and AI in India

Artificial Intelligence (AI) is the potential of machines to impersonate the capabilities of the human mind. These machines are enabling high-level co...

Service Sector Contribution to India's GDP

Service Sector Contribution to India's GDP

India's booming service industry is a remarkable illustration of how modern economic growth models can outperform traditionally established ones. ...

IBEF BLOG

MORE
The Sky’s the Limit: India's Growing Aviation Industry
23 May 2023

The Sky’s the Limit: India's Growing Aviation Industry

The Sky’s the Limit: India's Growing Aviation Industry India is ...

Unlocking new opportunities in the E-Mobility Market of India
23 May 2023

Unlocking new opportunities in the E-Mobility Market of India

Unlocking new opportunities in the E-Mobility Market of India The automobi...

Warehousing and Logistics Sector in India
10 May 2023

Warehousing and Logistics Sector in India

The warehousing, industrial, and logistics (WIL) sectors are projected to b...

Partners
Loading...