Life Insurance in India, Key Trends and Opportunities to 2018

Date: 2015-09

“Life insurance was the largest segment in the Indian insurance industry in 2013, and accounted for 78.5% of the industryโ€™s gross written premium. The segment registered significant growth at a review-period (2009โ€“2013) CAGR of 3.3%. Growth was primarily attributed to the rapid expansion of group superannuation products, which registered a review-period CAGR of 21.7% in terms of gross written premium. Steady expansion in the individual whole life category, which accounted for 77.8% of the life insurance gross written premium, also contributed to the segmentโ€™s growth.

Sustainable economic growth and rising GDP, increasing levels of employment, an expanding population, rising life expectancy, increased tax benefits and the introduction of flexible life insurance plans are expected to support the segmentโ€™s growth over the forecast period. Gross written premium is projected to increase at a projected forecast-period CAGR of 6.3%.”

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