India to top G20 with 7.3% insurance premium growth over 2025-29: Report

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India to top G20 with 7.3% insurance premium growth over 2025-29: Report - Business Standard

Quick Summary:

India's insurance market is projected to be the G20's fastest-growing economy over the next five years, with total premium volumes -- life and non-life -- up 7.3 per cent in real terms on average each year aided by macroeconomic stability and the conducive regulatory environment, a report said on Tuesday.

Life insurance, the mainstay of India's insurance market, accounts for 74 per cent of total premium volumes, according to a Swiss Re report on the insurance market outlook for India.

Life premiums are estimated to grow by 4.8 per cent in 2024 in real terms and by 5 per cent in 2025 (2025-29: 6.9 per cent), following a meagre 0.7 per cent growth in 2023, when the savings segment was adversely impacted by regulatory and taxation changes, it said.