The data shows that the renewal underwritten premium of private life insurance in India has experienced several fluctuations over the past decade. In 2023, the value stood at 737.18 billion Indian Rupees. Observing the historical data from 2013 to 2023, there were notable year-on-year variations, reaching peak growth rates in 2016 and 2017 with 11.03% and 13.17%, respectively. However, declines were also observed in 2018 and 2020. The average compound annual growth rate (CAGR) over the last five years up to 2023 was 2.16%.

Looking forward, forecasted data predicts a steady increase in the premiums, culminating in 810.09 billion Indian Rupees by 2028, depicting a forecasted 5-year CAGR of 1.54%. Despite past fluctuations, the future trend indicates a modest but steady growth in premiums.

Future trends to watch for: