Forecast: Non-life Insurance Companies in India

The non-life insurance sector in India has experienced notable fluctuations over the past decade, from 27 units in 2013 to 40 units in 2023, with a marked increase over the years. The most significant surge was in 2017, with a 26.67% year-on-year increase, followed by a slight decline and steady recovery. The year 2023 marked a moderate growth rate of 2.56% over the previous year. Looking ahead, the sector is forecasted to grow to 43.68 units by 2028, marking a 5-year CAGR of 1.45% and a total growth rate of 7.48%.

Future trends to watch for include:

• The impact of technological advancements and digital innovations on customer acquisition and service delivery.
• Regulatory changes and government initiatives aimed at increasing insurance penetration.
• The evolving risk landscape, particularly around climate change and cyber threats.