The premium of personal accident insurance in India in 2023 stood at 43.5 billion INR. Based on forecasted data, the premium is set to grow from 45.1 billion INR in 2024 to 51.73 billion INR by 2028. The year-on-year growth rates are as follows: 3.77% in 2025, 3.57% in 2026, 3.38% in 2027, and 3.21% in 2028. Examining the trend over the last two years shows an increasing growth rate, with a noteworthy Compounded Annual Growth Rate (CAGR) of approximately 3.45% from 2023 to 2028.
Future trends to watch for include the impact of an expanding middle class, increased awareness regarding personal accident coverage, and potential regulatory changes. Additionally, advances in technology and digital insurance platforms may further drive market growth.
