Advantage India
Robust
Demand
* The gross first year premium of Life insurers increased by 6.94% in 2021-22 until 31st January 2022, this was Rs. 2,27,188 crore (US$ 29.54 billion).
Attractive
Opportunities
* Insurance Regulatory and Development Authority of India (IRDAI) allowed insurers to invest debt securities of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs); this is expected to provide more investment options for the country's emerging start-up ecosystem.
* Insurance reach is still low in India. Overall insurance penetration (premiums as % of GDP) was 4.2% in FY21, providing a huge underserved market.
Policy
support
* In September 2021, the Union Cabinet approved an investment of Rs. 6,000 crore (US$ 804.71 million) into entities, offering export insurance cover to facilitate additional exports worth Rs. 5.6 lakh crore (US$ 75.11 billion) over the next five years.
Increasing
Investments
* In February 2021, the Finance Ministry announced to infuse Rs. 3,000 crore (US$ 413.13 million) into state-owned general insurance companies to improve the overall financial health of companies.
Related News
MOREMarket share of major companies in terms of Gross Direct Premium collected (FY15)
- LIC
- HDFC Standard Life
- SBI Life Insurance
- ICICI Prudential Life Insurance
- Other
IBEF Campaigns
MORE
Experience India - Dubai Expo 2020
From the small towns and districts of India come the big-hearted artists wh...
Geographical Indicators of India
The Geographical Indications Registry is set up for administration of the G...
Case Studies
MOREIndia's Climate Vision
Climate change and global warming are the biggest threats of the present time and how the world manages to control pollution will define our future. R...
Gati Shakti Programme
Infrastructure is crucial to the development of any economy. Roads, railways, airways, and waterways enable connectivity with the outside world, facil...
DIGITAL PAYMENTS AND THEIR IMPACT ON THE INDIAN ECONOMY
India has a huge potential for digital payments. As of October 2021, the country had around 1.18 billion mobile connections, 700 million Internet user...
IBEF BLOG
MORE
India – Global hub of Therapy
Introduction India has one of the oldest healthcare systems in the world, ...
India's AR/VR Market
Introduction Advanced technology is gaining prominence across the globe, e...
India's Energy Transition and Innovation Collaboration
Introduction The global coal power generation nearly doubled during 2005&n...
