The insurance industry in India has been growing at a steady pace over the past decade and both in the life and non-life segment. The growth rate of premiums for life insurance according to IRDAI business numbers for March 2020, is ~11 per cent (new business) and ~10 per cent for non-life segments. Over the past few years, as the market and market players have been maturing, we have witnessed the continued emergence of the private sector (especially in non-life), market leaders going public as well as a strong regulatory direction. The current uncertainty around the global pandemic notwithstanding, there is a significant growth potential for insurance with the overall penetration being on the lower side (~3.7 per cent) when compared with developed countries.
Health, life insurance premiums need a tax cut? GoM to meet on October 19
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