In 2024, the underwritten premium income of fire insurance in India is forecasted to be 107.76 billion Indian Rupees. This represents a slight increase from 2023, although the exact figure for 2023 is not provided. From 2024 to 2028, the growth trend continues with the premium income rising steadily each year: 109.99 billion in 2025, 112.16 billion in 2026, 114.3 billion in 2027, and 116.39 billion in 2028. The average year-on-year increase (CAGR) over this five-year period stands at 1.94%.
Key trends to watch for in the future:
- Increasing property development and urbanization, which will likely boost demand for fire insurance.
- Technological advancements in risk assessment and management within the insurance industry.
- Regulatory changes that might affect underwriting practices and premium pricing.
- Economic factors including inflation and GDP growth that could impact disposable income and insurance affordability.
Overall, the fire insurance market in India is projected to experience modest but steady growth in the coming years.
