India insurance sector to grow 10.7% annually over next decade
India's insurance industry is on track to become the world's fastest-growing major market, with premiums expected to rise by 10.7% each year over the next decade.
In just one year, total premium income jumped from $133 billion (2024) to $146 billion (2025), thanks mostly to a big boost in health insurance.
Life and property and casualty (P and C) insurance are also seeing steady increases.
India insurance contributes 3.8% GDP
Even though India ranks among the top 10 global insurance markets, only 3.8% of its GDP comes from insurance, mainly because many people still pay out-of-pocket for healthcare and less than half of working adults have pension coverage.
Allianz Research expects health insurance to keep growing fast (12.5% annually through 2036), with life and P and C not far behind.
The IRDAI's "Insurance for All by 2047" plan is aiming to make coverage more accessible and reliable for everyone, so if you haven't thought about insurance yet, it might be worth keeping an eye on these changes!