The number of Life Insurance Offices in India increased steadily from 2013 to 2019, reaching a peak in 2019 before experiencing a notable dip in 2020. This dip is likely attributable to market disruptions caused by the pandemic. However, the sector showed strong recovery in 2021 with a significant year-on-year growth of 16.18%, and continued to grow steadily through 2023, where the number stood at 12.15 thousand. Over the last two years, variations showed positive momentum, with a 6.8% increase in 2022 and 1.41% in 2023. The Compound Annual Growth Rate (CAGR) for the period from 2019 to 2023 was 1.51%. The forecasted data indicates a slower but consistent growth trend, with a 1.12% CAGR expected through 2028, and an overall 5.72% growth rate.
Future trends to watch for:
- Continued recovery and growth post-pandemic.
- Digital transformation and adoption of technology in insurance services.
- Regulatory changes impacting market structure.
- Increased consumer awareness and demand for life insurance products.