The insurance market in India expected to grow by 10.7% annually over the next decade, ahead of nominal GDP growth of 10.1%, helped by rising life expectancy and gaps in social protection, according to a report released on Wednesday.
Demographic change, rising life expectancy and gaps in social protection remain key growth drivers, Allianz Research, the economic research unit of Allianz, said in the report.
Regulatory initiatives such as IRDAI's "Insurance for All by 2047" vision and recent market reforms are expected to further support the growth, efficiency, and long-term stability of the sector, it said.
Despite ranking among the world's ten largest insurance markets, India remains significantly underinsured, with insurance penetration of 3.8% of GDP, it said, adding that with only about 46% of the working-age population effectively covered by pension systems and healthcare expenditure still largely funded out-of-pocket.
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The report further said the Indian insurance market achieved strong growth of 9.4% in 2025, with total premium income reaching $146 billion as against $133 billion in 2024.
Life insurance, which accounted for 74% of the total premium income, expanded 9.7%, while property and casualty insurance grew 7.5%.
Health insurance remained the fastest-growing segment, with premiums rising 10.4% amid persistently high medical inflation and continued gaps in public healthcare coverage.
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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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