The non-life insurance industry is projected to grow by 14-15 per cent in gross direct premium income (GDPI) through to FY37. This forecast was shared with finance ministry officials on Tuesday in a meeting attended by CEOs of private sector general insurance companies, members of the General Insurance Council, and Vivek Joshi, Secretary of the Department of Financial Services, Ministry of Finance.
In March 2023, the non-life insurance sector reported year-on-year growth of 16.41 per cent. However, general insurance penetration in India remains low at 1 per cent as of FY21, compared to 3.4 per cent in Taiwan and 5.2 per cent in South Korea. Industry CEOs attributed this to a lack of awareness and emphasised the role of digital technology in expanding distribution channels.
