India will become the 6th largest insurance market in the world in the next 10 years. It has been estimated in a report. According to the report, this growth will be supported by regulatory initiatives and faster economic growth.
India will become the 6th largest insurance market in the world in the next 10 years.
India is the world’s sixth largest in the next 10 years Insurance The market will become It has been estimated in a report. According to the report, this growth will be supported by regulatory initiatives and faster economic growth. Swiss Re, a leading reinsurance company based in Switzerland, said in its report that total insurance premiums in India will grow at an average annual rate of 14 per cent annually in local currency at current prices over the next decade. By the year 2032, India will become the sixth largest insurance market in terms of total premium volume. In 2021 it was present in 10th place.
There will be slowdown in economic growth due to inflation: Survey
Regarding the Indian life insurance industry, the report said that it will grow at an extraordinary rate of 6.6 per cent (in real terms) this year and will grow at 7.1 per cent in 2023. It said that taking into account the projected growth rate, life insurance premiums in India are set to cross $100 billion for the first time in 2022. Regarding the general insurance market, it has been said in the report that after a slight decline in the year 2020, it has returned to a growth of 5.8 percent in 2021.
According to the report, this year due to high inflation, the growth will slow down a bit to 4.5 per cent. However, the sector is expected to grow at an annual rate of eight per cent between 2023 and 2032. The report said that the global economy is on the verge of recession due to inflation. Swiss Re expects India to be the world’s fastest growing economy this year.
Let us tell you that awareness about health insurance is increasing continuously in the country, and people are now buying more and more policies. However, due to lack of knowledge of many things related to the policy, when needed, people come to know that they have taken the policy wrong or they have not got the full benefit of their money. Actually, there are many rules and many things in the policy issued by the insurance companies which are very important to understand. Generally, people often decide to buy a policy after looking at the premium and coverage. So they take the loss.
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