Indian life insurance sector logs 11% CAGR during 2017-22: Report
According to a report by Benori Knowledge, the Indian life insurance sector grew at a CAGR of 11% during 2017-22 and estimates that the industry will grow at a CAGR of 9% until 2027.
The life insurance penetration rate in India increased by 3.2% in December 2021 from 2.8% in December 2019, almost at par with the global average of 3.3%.
India ranks 10th in the global life insurance market with a penetration rate of 3.2%, ahead of China at 2.4% and the UK at 3%.
Benori conducted a quick survey to better understand customer preferences about life insurance and discovered that 70% of respondents cited financial security for their families as the main driver for buying life insurance.
“The Life insurance industry has been on a phenomenal journey over the last two years and the changing ecosystem as well as the structural change in the customer perceptions has now created large headroom for insurance penetration”, said Mr. Ashish Gupta, Co-Founder and CEO of Benori.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.