LIFE AND NON-LIFE INSURANCE MARKET IN INDIA - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028)

 In India, the market for life and non-life insurance is anticipated to grow at a rate of over 7% between 2023 and 2028. Indians are now more aware of the value of insurance as a result of the COVID-19 outbreak. Health insurance funds have seen a 0.8% increase, going from 1.8% of GNDI in 2019–20 to 2.6% of GNDI in 2020–21, thanks to COVID-led increased awareness of health insurance. While the total insurance premiums worldwide rose by 9.04% (3.4% inflation-adjusted real growth) over the same year, India's total insurance premium jumped by 13.46% (7.8% inflation-adjusted real growth) in 2021.

The insurance penetration rate in India stayed the same from 2020–2021 at 4.2% for 2021–2022. Over the first ten years of liberalisation, the insurance market demonstrated an increase in insurance penetration, moving from 2.71% in 2001-2002 to 5.2% in 2009-2010. Since then, there has been a reduction in the penetration of life insurance, which has persisted through 2014–2015. In 2021, the life insurance sector had a global share of 43.69% and the share of non-life insurance premiums was 56.31%. In contrast to its 23.86% share of the non-life insurance industry, India had a sizeable 76.14% share of the life insurance market.

India ranks tenth (twelfth in 2020) in the global insurance industry, according to data from Swiss Re, with a market share of 1.85% in 2021 (1.78% in 2020). India's total insurance premiums increased by 13.46% in 2021 (7.8% real growth adjusted for inflation), while premiums globally increased by 9.04% (3.4% real growth adjusted for inflation) in the same year. Insurance density increased in India from USD 78 in 2020–2021 to USD 91 in 2021–2022 The amount of insurance density increased steadily, going from USD 11.5 in 2001-2002 to USD 64.4 in 2010-2011. The insurance density increased steadily beginning in 2016–17 after experiencing some ups and downs.

Major Players: Life Insurance Corporation of India, General Insurance Corporation of India (GIC), SBI Life Insurance Company Limited

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