Market Size of Property and Casualty Insurance Industry in India
|Study Period||2019 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
*Disclaimer: Major Players sorted in no particular order
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India Property & Casualty Insurance Market Analysis
Property and Casualty Insurance in India is expected to register a growth rate of 6% for the forecasted period.
COVID-19 had led the Property and Casualty Insurer to post modest growth despite the challenging year due to the pandemic. During the pandemic, fire insurance showed remarkable growth in the premium, but the Marine, Motor, and Other Insurance category showed a marginal decrease in premium for the financial year 2020-21.
The insurance density and penetration in India have been rising over the years. Total Insurance penetration increased from 3.2% to 4.2% of GDP in 2020, while non-life insurance penetration increased from 0.94% to 1% of GDP in FY 2020. The insurance density remained stable at the level of USD 78 for the year 2020. Property and Casualty insurance is expected to be one of the key beneficiaries of the opening up of the economies, especially with improved trade activities increasing the demand for motor and vehicle insurance. Strong growth in the automotive industry over the next decade is expected to boost the motor insurance market. The rise in the expensive electronic vehicle is expected to increase India's average premium for motor insurance. Similarly, the rise in digital issuance and online property and casualty insurance channels is expected to witness continued growth. The share of web aggregators within digital insurance has constantly been increasing, and web aggregators and digital channels will originate the majority of digital insurance in the future.