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India’s GI industry expected to grow to INR2.9trn in 2024

Written by Adam Cadle
10/05/2021

The general insurance industry in India is projected to grow from INR1.9trn (US$27.7bn) in 2019 to INR2.9trn (US$36.4 bn) in 2024, in terms of gross written premium (GWP), according to GlobalData.

The Indian general insurance industry is expected to grow at a compound annual growth rate (CAGR) of 8.7% over FY2019-2024, driven by economic recovery expected over the second half of 2021.

GlobalData insurance analyst Deblina Mitra commented: “The Reserve Bank of India (RBI) has maintained the country’s GDP estimates at 10.5% for FY2022 despite the second wave of COVID-19 spread.

“Improvement in domestic demand and increased investment activity is expected to aid in the economic recovery.”

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