The Indian insurance market to reach 6th place globally by 2032
According to Swiss Re's projections, insurance premiums in the Indian market are expected to grow by an average of 9% per year over the next decade. This is higher than the average annual growth rate of 7.5%, recorded in India during the period 2015-2021.
At this rate of growth, India could rank 6th in the world in terms of premiums by 2032, surpassing Germany, Canada, Italy and South Korea.
In its forecasts, the Swiss reinsurer is taking into account the improvement of economic growth, the increasing level of income, the growing awareness of risks, the development of digital technology and the evolution of regulations.
With nearly 127 billion USD of premiums collected in 2021, India is now ranked 10th in the global insurance market.
