The total gross insurance premiums in India have exhibited a fluctuating growth trend over the past years. In 2023, it stood at 118.53 billion US dollars. The year-on-year variation from 2021 to 2022 saw an increase of 7.92%, followed by a modest growth of 2.41% from 2022 to 2023. The compound annual growth rate (CAGR) over the past five years, from 2018 to 2023, was a moderate 2.59%. The forecast data from 2024 to 2028 indicates a growth trend with a forecasted 5-year CAGR of 1.84% and a cumulative growth rate of 9.55% across this period.
Key future trends to watch for include:
- Potential new regulatory reforms impacting the insurance industry.
- Increased digitalization and InsurTech advancements.
- Expanding awareness and penetration of insurance products in rural areas.
- Rising health and life insurance demands post-pandemic.
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