India is the 15th largest insurance market in terms of premium volume. Despite being 2nd most populous country, India accounts for only 1.5% of World insurance premiums and 2% of World life insurance premiums. Market penetration in Insurance in India is still low. India’s insurable population is expected to touch 750 million by 2020. India’s life insurance sector is the largest in the world in terms of policies is growing at a rate of 12-15% annually over the next five years.
General Insurance market in India is INR 70,000 Crore and is growing at a rate of 17 % annually. India has opened the Insurance sector to Foreign Direct Investment, currently pegged at 49 %. Thus the Insurance market in India has huge growth potential and one which will experience sustained double-digit growth rates for the coming decade. Key challenges like market penetration, product innovation, risk and fraud, policies, claim process to name a few remains, which needs to be mitigated and handled efficiently to achieve better growth, market share, customer satisfaction, and profitability. The India Insurance Summit 2021, aims at having robust and key focussed area discussions and knowledge sharing on the key challenges and opportunities by bringing the entire ecosystem of the Insurance Industry in India in one global platform to discuss share knowledge network and enhance business development.