Insurance Sector in India: Current Status, Challenges and Opportunities
Current Status
- Private Life Insurers: Private Life Insurers are expected to grow their retail APE at a CAGR of over 17% during 2021-23 and new retail term premiums are expected to double in 5 years. The Private Non-Life insurance segment is forecasted to grow at 14% in FY23.
- Insurance Density: Insurance density in India has increased from $ 11.1 in 2001 to $ 91 in 2021 (Life insurance- $ 69, Non-life insurance – $ 22)
- Insurance Penetration: Insurance penetration in India has been steadily increasing (from 2.7% in 2000 to 4.2% in 2021). The insurance penetration in the life insurance sector ....
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