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.
*In past eight years, 56.8 crore farmer applications have been enrolled and 23.2 crore farmers received the claim under (AB PMJAY).
Increasing
Investments
*As announced in November 2023, Zurich Insurance Group is set to acquire a majority stake in Kotak General Insurance, marking the first major foreign investment in India's insurance sector in eight years.
*The IPO of LIC of India was the largest IPO ever in India and the sixth biggest IPO globally in 2022.
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