Insurance Sector Premium Income Is Expected to Double to Approximately $450 Billion by FY34: Report
Sector 29 Gurgaon: Expected Approximately $450 Billion
According to an industry report released on Tuesday, the domestic insurance market is expected to grow at a rate of more than 7% annually over the next ten years, and premium income is predicted to nearly double to $450 billion by the fiscal year 2033–2034.
Over the next ten years (2024–34), total premium income will more than double from the current $224 billion, and insurance penetration will rise from the current 3.8%.
According to the report, domestic insurers’ total insurance premium income is expected to grow by 7.1% annually in real terms over the next five years (2024–2028), significantly faster than the global average growth of 2.4%, 5.1% in emerging markets, and
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