India to lead G20 with average 7.3% insurance premium growth over 2025-29: Report
insurance market is projected to be the G20's fastest-growing economy over the next five years, with total premium volumes — life and non-life — up 7.3 per cent in real terms on average each year aided by macroeconomic stability and the conducive regulatory environment, a report said on Tuesday. Life insurance, the mainstay of India's insurance market, accounts for 74 per cent of total premium volumes, according to a Swiss Re report on the insurance market outlook for India.
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Life premiums are estimated to grow by 4.8 per cent in 2024 in real terms and by 5 per cent in 2025 (2025-29: 6.9 per cent), following a meagre 0.7 per cent growth in 2023, when the savings segment was adversely impacted by regulatory and taxation changes, it said.
The non-life insurance business is forecast to expand to 7.3 per cent (up from 5.7 per cent in 2024) on the back of rising risk awareness, robust economic growth and regulatory initiatives in support of digitalisation, it said.
Apart from health and motor — the largest lines of non-life business — penetration of agricultural insurance has improved with changes to the Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2023, it said.
India is expected to surpass Germany and Japan to become the world's third-largest economy by the end of this decade, driven by domestic consumption, private
