News From Press Insurance sector's premium income to double by FY34 to around USD 450 bn: Report

Insurance sector's premium income to double by FY34 to around USD 450 bn: Report

Source: ET Jan 17, 2024

The domestic insurance sector is on course to log in over 7 per cent annual growth over the next decade and the premium income is likely to double to around USD 450 billion by financial year 2033-34, an industry report said on Tuesday. The total premium income will more than double over the next decade (2024-34) from the present USD 224 billion, and insurance penetration will increase from 3.8 per cent currently to 4.5 per cent by FY34, Swiss Re Institute said in a report.

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