Between 2013 and 2023, the underwritten premium income of marine insurance in India showed fluctuating trends, peaking in 2014 at 31.62 billion INR and gradually declining afterward. By 2023, it stood at 28.86 billion INR, reflecting a downward pattern. Year-on-year variations indicate significant fluctuations, with notable declines in 2015 (-4.49%) and 2020 (-5.31%), and minor growth in 2018 (0.53%) and 2022 (4.93%). The recent 5-year CAGR (2018-2023) recorded a small decline at -0.32%. Forecasted data from 2024 to 2028 suggest a continued downward trend, with a projected 5-year CAGR of -0.25%.
Future trends to watch for:
- Impact of global economic conditions on marine trade and insurance.
- Technological advancements in marine logistics and their effect on insurance premiums.
- Policy and regulatory changes in India's insurance sector.
- Shifts in marine risk profiles due to climate change and geopolitical factors.
