Market Size of Online Insurance Industry In India
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 49.5 Billion |
| Market Size (2029) | USD 76.59 Billion |
| CAGR (2024 - 2029) | 9.12 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Online Insurance Market Analysis
The Online Insurance Market In India Market size in terms of gross written premiums value is expected to grow from USD 49.5 billion in 2024 to USD 76.59 billion by 2029, at a CAGR of 9.12% during the forecast period (2024-2029).
As internet usage continues to rise in India, people are becoming more comfortable with online transactions, leading to a surge in the country's e-commerce sector. The trend is also evident in the insurance industry, with many people purchasing insurance online. Online insurance offers several benefits, driving its growth, including convenience and a wide range of policy options.
Increased internet and mobile usage influence customer preferences, as more people research products online before purchasing. While traditional channels like agencies and third-party distribution still dominate the market, online channels are becoming increasingly popular for purchasing insurance. Research indicates that online customers are often well-informed about their insurance needs and make informed decisions.
The COVID-19 has accelerated the shift towards digital operations in the insurance industry. Lockdowns and social distancing measures have forced insurance companies to rely heavily on their digital infrastructure for selling policies and processing claims. This increased reliance on digital tools has led to greater awareness among the public about the importance of insurance, particularly health insurance, leading to a significant increase in health insurance sales post-COVID-19.
