We are at the tipping point of exponential and prudent growth as an industry. Last year saw the landmark listing of multiple Indian insurance companies and India’s national reinsurer hitting the capital markets for the first time. The successful listing reflected the growth that the general insurance industry has seen over the last decade, which has collectively raked over Rs 25,000 crore.
The Indian insurance industry is viewed globally as one of the most promising markets with the largest young insurable population and growing awareness of the need for protection and social security. The industry is set to grow with a multitude of factors such as structural rise in financial savings (as a percentage of household savings), high protection gap and rapid penetration of digitisation. Asset purchase has gone up and with a growing economy, people are able to hit their financial goals, thus the focus is now on protecting these hard-earned assets.
