India will Emerge as one of Fastest-growing insurance markets coming decade: Economic Survey 2023 – 2024

The Economic Survey 2023-24, presented by Union Finance Minister Nirmala Sitharaman, anticipates India becoming one of the fastest-growing insurance markets over the next decade. Although insurance penetration slightly declined to 4% in FY23, it is projected to increase to 4.3% of GDP by FY35. The Swiss Re Institute forecasts that total insurance premiums will grow by 7.1% in real terms over the next five years, surpassing global and emerging market averages. Despite a recent slowdown in life and non-life premium growth and flat agriculture insurance premiums in FY23, the sector is expected to rebound with advancements in insurance infrastructure.