From 2013 to 2022, the number of persons covered by personal accident insurance in India has exhibited significant growth, albeit with fluctuations. Year-on-year variation ranged widely, with notable spikes in 2015 (85.05%) and 2017 (90.66%). The last two years (2021 and 2022) saw steady increases at 5.46% and 10.6%, respectively. The 5-year CAGR leading up to 2023 was 5.51%. The forecasted 5-year CAGR from 2023 to 2028 is projected to be 3.08%, suggesting moderate growth. By 2028, the value is expected to reach 1,224.3 million units, representing a 16.37% increase from 2023.
Future Trends: Watch for increasing uptake driven by rising awareness, advancements in technology, and regulatory changes. Digitalization and bundling of insurance packages may also play crucial roles in shaping the market.
