While China (+7.8% p.a.) will continue to dominate the region in absolute terms, the real growth champion over the next decade is likely to be India (+10.5% p.a.)
Mumbai: With a total premium income of USD 145 billion in 2024 , the Indian insurance market has showed strong growth during the year, expanding by +10.6 per cent –surpassing the already significant growth of the previous year (+7.7%), said Allianz, Europe’s largest insurance group, in its latest report.
While China (+7.8% p.a.) will continue to dominate the region in absolute terms, the real growth champion over the next decade is likely to be India (+10.5% p.a.).
As a result, the Indian life insurance market will overtake Japan to become the second largest in the region during the next decade, the report said.
The report has projected that Indian Property & Casualty(P&C), Life and Health insurance markets are expected to reach $69.71 billion, $351 billion and $108 billion respectively by 2035. Japanese life insurance market is projected to touch $295.12 in 2035.
According to the report, on average, Indian households spend around USD 100 on insurance products, which is less than a fifth of what Chinese households spend..
All segments are expected to have contributed to this positive development, with health insurance – still the smallest segment –powering ahead with record growth of +20.8%.
Indian life insurance , by far the largest segment accounting for almost three-quarters of all premiums, also achieved double-digit growth of +10.6% after +7.7% in 2023.
The Property & Casualty (P&C) business slowed slightly, falling from +8.9% in 2023 to a still strong +7.9%.
Despite this rapid growth, India remains one of the least developed markets in the region.