According to the Indian Chamber of Commerce and Industry, the 2010-2011 premium volume could be poised to witness an unprecedented development. According to estimates, the market growth would be about 200%. The sector of private insurance is likely to be the most active with a 140% leap. In a recently-published report, the Chamber expects the premium volume for the next two years to amount to 2000 billion INR (41.36 billion USD) whereas today the figure is only 500 billion INR (10.3 billion USD).
The very aggressive marketing pursued by private companies has pushed the market shares of state-run insurers such as GIC, LIC downwards.
Despite these outstanding perspectives, the insurance penetration rates remain at the level of 1.8% in India, far behind the United States (6.5%) or Great Britain (8%).