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Demystifying Life Insurance Industry in India
The insurance industry in India is going through a paradigm shift. Rising awareness, accessibility, affordability, structural reforms are some of the major factors impacting the life insurance industry.
Over the last decade, the Indian life insurance industry has grown exponentially with an overall growth of 13% in New Business Premium (NBP) for 2022. The size of the Indian life insurance sector was approx. INR 6.9 trillion on a total premium basis in 2022, making it the ninth largest life insurance market in the world.
India is going to emerge as one of the fastest-growing insurance markets in the coming decade with an overall premium growth of approx. 15% annually, leading to approx. 4x increase in total life insurance premium to INR 24 trillion by 2031.