Forecast: Underwritten Premium of Life Insurance in India

In 2023, the underwritten premium of life insurance in India stood at 5.1191 trillion Indian Rupees.

The historical data reveals the following trends:

• From 2013 to 2017, there was a strong upward trend with significant year-on-year increases, peaking at 14.04% in 2017.
• The growth rate slowed from 2018 onwards, with occasional declines such as in 2020 (-1.16%).
• Recent years leading up to 2023 showed a moderate recovery with year-on-year growth rates bouncing back to around 3.4% in 2023.
• The last five-year CAGR before 2023 recorded an average annual growth rate of 3.83%.

Forecasted data from 2024 to 2028 suggests a steady, though modest, growth with an average annual growth rate (CAGR) of 2.51%, culminating in a total growth rate of 13.2% over the five-year period.

Future trends to watch for include increased digitalization in the insurance sector, the introduction of innovative products catering to emerging customer needs, evolving regulatory environments, and the impact of macroeconomic factors such as inflation and GDP growth on consumer purchasing power and preferences.