The first-year underwritten premium of life insurance in India showed fluctuations between 2013 and 2023, reaching 2.0998 trillion INR in 2023. Year-on-year variations highlight periods of both growth and decline, with significant peaks in 2016 and 2017, and minor contractions in 2015 and 2020. The compound annual growth rate (CAGR) also varied, demonstrating overall positive trends despite intermittent downswings.
Future projections from 2024 onwards anticipate consistent growth, with an expected 2.62% CAGR over the next five years, culminating in a forecasted value of 2.4716 trillion INR by 2028. Watch for digital transformation and policy reforms as key drivers to future market dynamics.
