The renewal premium income of life insurance in India stood at 2.1501 trillion Indian Rupees in 2023, reflecting a year-on-year growth of 3.08%. Over the last two years (2022 and 2023), the year-on-year variations recorded were 8.67% and 3.08%, respectively. The Compound Annual Growth Rate (CAGR) over the last five years has been 3.44%. Historical data indicate periods of robust growth, including an 18.37% increase in 2021, following a significant drop of 14% in 2020.
Future trends to watch for:
• The forecasted CAGR from 2024 to 2028 is estimated at 2.3%, suggesting moderate growth. • Pay attention to regulatory changes, digital transformation, and evolving customer preferences. • Economic factors, including post-pandemic recovery and inflation rates, will significantly impact growth.
