Year-on-Year Variations:
- 2024: 274.75
- 2025: 3.92% (285.51 - 274.75) / 274.75 * 100
- 2026: 3.69% (296.05 - 285.51) / 285.51 * 100
- 2027: 3.48% (306.38 - 296.05) / 296.05 * 100
- 2028: 3.31% (316.5 - 306.38) / 306.38 * 100
CAGR (2024-2028):
- Calculated using the formula: [(Ending Value/Beginning Value)^(1/No. of Years)] - 1
- CAGR: [(316.5 / 274.75) ^ (1/4) - 1] * 100 ≈ 3.6%
The forecast indicates a steady growth in the number of individuals covered by private personal accident insurance in India. Key trends to watch include increasing awareness about personal safety, rising disposable incomes, and greater penetration of insurance products in rural areas, which could further accelerate this growth.
