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 FY23.
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.
Related News
MORE
IBEF Campaigns
MORE
India Organic Biofach 2022
Ibef Organic Indian Pavilion BIOFACH2022 July 26th-29th, 2022 | Nuremberg, ...
Case Studies
MOREElectric Vehicles Driving Sustainable Mobility In India
Sustainable mobility (electric mobility) contributes to a significant role in the economic development of a nation and supports the improvement of the...
The emergence of India as a Global startup hub
In recent years, India has rapidly emerged as a global powerhouse in the startup ecosystem. With a vibrant entrepreneurial spirit, a massive pool of s...
Impact of 5G Technology on Indian Industries
A surge of disruptive opportunities has been sparked throughout the world as a result of the quick and broad adoption of 5G technology. India, one of ...
IBEF BLOG
MORE
The transformation of the Transportation and Logistics Industry
Logistics Industry is crucial to both enterprises and the economy. In ...
Lithium-ion battery (LIB) manufacturing industry in India
Energy storage technologies are predicted to play a major part in the decar...
Digital Advertising in India
With its developing economy, India provides advertisers with several opport...
Partners
