BFSI - Insurance

The insurance market in India is expected to reach $222 bn by 2026.

BFSI - Insurance

The Indian insurance market was worth $131 billion in FY22. Over the last two decades, the Indian insurance business has developed at a CAGR of 17% and is anticipated to maintain its impressive growth trajectory in the coming years.

In India, there are 58 insurance companies, including 34 non-life insurers (25 general insurers, 7 standalone health insurers, and 2 specialised insurers). Over the previous two decades, India's insurance market has grown at an outstanding rate, owing to increased private sector participation, improved distribution capacities, and significant improvements in operational efficiencies.

Private life insurers' retail APE is predicted to expand at a CAGR of more than 17% between 2021-23, and new retail term premiums are expected to double in 5 years. Private non-life insurance is expected to expand by 16% in FY22 and 14% in FY23. Because of the growing focus on healthcare, stand-alone health insurers are predicted to rise by more than 25% in FY22.

The New Business Premium for Life Insurers has grown at a CAGR of 14% between FY14 and FY20, driven by the financialization of savings and new product launches, and the insurance industry size in India is expected to grow at a CAGR of 12.5% between 2020 and 2030, driven by specialised products such as protection and annuities.

Non-life insurance companies Non-life insurance companies' collective gross direct premium underwritten increased by 22.99% year on year to INR 54,491.27 cr in the first quarter of this fiscal, up from INR 44,303.91 cr in the same time the previous fiscal year.

  • India is the 4th largest general insurance market in Asia and the 14th-largest globally
  • India is the 10th largest Life Insurance market globally
  • Ayushman Bharat PM-JAY is the most significant health assurance scheme  in the world and is funded by the Government.