Insurance industry to touch $280 billion by FY20: StudyPosted on: September 9, 2018, by : Anik Paul
The Indian insurance industry is expected to grow to USD 280 billion by 2019-20 aided by the government’s flagship Ayushman Bharat and increasing awareness about need for protection, according to an Assocham-APAS study. Insurance penetration in the country reached 3.7 per cent in 2017 from 2.71 per cent in 2001.
Gross premium increased from Rs 3.2 lakh crore (USD 49 billion) in 2011-12 to reach Rs 5 lakh crore (USD72 billion) in 2017-18, it said.
“Push by the government and the regulator has helped increase the penetration of the insurance, as spread of schemes have also increased. Several factors such as growing middle class, young population and increasing awareness towards the need for protection and retirement planning would enable the growth further,” the study said.