With a surge in both life and non-life insurance in FY24, India is poised to become the fastest-growing market among G20 nations for the next five years, according to the Economic Survey, 2025.
The life insurance industry recorded premium income of Rs 8.3 lakh crore in FY24, a year-on-year (YoY) growth of 6.1 percent from Rs 7.8 lakh crore in FY23, as noted in the survey. The growth was driven by a mix of renewal premiums, which constituted 54.4 percent of the total, and new business, which contributed the remaining 45.6 percent.
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