Highly Underpenetrated Market
India is the ninth-largest insurance market in the world based on the life insurance premium and the fourth-largest in Asia, according to a Swiss Re report. The size of India’s insurance industry was Rs 6.9 lakh crore based on total premium in FY22 — clocking a CAGR of 11% over FY16-22. However, due to a higher share of savings than protection in premium, the actual protection provided by insurance in India is much lower than even some developing markets. Take a look. (Source: TOI | Crisil | Swiss Re | JM Financial | Data as of 2021)
