Magazine date:
Feb 2023 
Some analysts are expecting India to become one of the fastest growing insurance markets over the next few decades.
In 2021, the country became the tenth largest insurance market [4] in terms of premiums and could become the sixth in the world by 2032, ahead of Germany, Canada, Italy and South Korea.
According to the IRDAI annual report, the insurance penetration rate increased from 2.7% in 2001 to 4.2% in 2021. As for the density, it reached 91 USD in 2021 against 11.5 USD in 2001.
Several factors are driving the sector's development, including government intervention, innovation in the marketed products, the expansion of distribution channels and the acceleration of merger and acquisition operations.