According to leading insurance provider Swiss Re Group, India is likely to become the sixth largest insurance market in the world in the next decade.
For the current year, It expects India's life insurance industry to grow at a growth rate of 6.6% and another 7.1% in 2023.
Swiss Re said that country insurance premiums in India will grow by an average of 14% annually in nominal local currency terms over the next decade.
This makes India the 6th largest insurance market in terms of total premium volume by 2032 and the 10th largest in 2021, reported by PTI.
Swiss Re expects the Indian life insurance industry to grow at an exceptional rate of 6.6% in 2022 and 7.1% the following year.
Following this, it expects life insurance premiums to cross $100 billion in India for the first time in 2022.
Swiss Re reported growth of 4.5% in 2022, which is slightly slower due to higher inflation.
However, the sector is expected to register a growth rate close to 8% compound annual growth rate (CAGR) between 2023 and 2032.
On the global front, in its note, Swiss Re forecast $7 trillion in premiums by the end of this year.