India's insurance premium growth to accelerate to 6.9% by 2030: Swiss Re
- IBEF
- January 20, 2026
India’s insurance premium growth is expected to accelerate to an average annual rate of 6.9% during 2026–2030, outpacing several major global markets, according to a study by Swiss Re. The analysis, cited by Business Standard, indicates that the Indian insurance sector is entering a phase of robust medium-term growth, supported by strong economic fundamentals, rising consumer demand, and regulatory changes aimed at deepening market participation. The projected growth rate for India’s insurance premiums is significantly higher than the expected growth in China (around 4%) and the United States (about 2%) over the same period. The report highlights that India continues to rank among the world’s fastest-growing major economies, with strong private consumption and a supportive macroeconomic environment expected to sustain demand for insurance products.
Swiss Re’s outlook attributes the expected acceleration in insurance premium growth to a combination of factors, including fiscal stimulus measures, the simplification of Goods and Services Tax (GST) rates, and personal income tax concessions, which are likely to boost demand, particularly among lower- and middle-income households. As insurance penetration in India remains relatively low compared with developed markets, rising premium collections reflect increasing awareness and uptake of insurance products across both life and non-life segments. This growth trajectory underscores India’s expanding role in the global insurance market and highlights the sector’s potential to contribute meaningfully to financial stability, risk coverage, and long-term economic resilience, as premium growth continues alongside broader economic expansion.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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