India Surpasses China, UK To Become 10th Largest Life Insurer Globally

According to the latest report tracking the performance of the industry by Benori Knowledge, 2 new-age provider of specialised research and analytics solutions, the lifeinsurance penetration rate in India has increased to 3.2% in December 2021 from 2.8% in December 2019.

Highlights

• India is now the 10th largest Life Insurance market in the world almost at par with the global average of 3.3%. and is ahead of China (at 2.4%) and the United Kingdom (UK) (at 2%).
• From 2017 to 2022, the life insurance sector grew at a CAGR (Compound Annual Growth Rate) of 11%, and it is expected to grow at a CAGR of 9% during the next five years (2022-2027).
• Benori identifies five major trends that will define the next five years, with the life insurance sector projected to rise by 9% between 2022 and 2027.
• Despite the price increase, pure protection solutions will remain popular across all age groups and demographics. The Unit Linked Insurance Plan (ULIP) will also witness an uptrend.
• Companies will be inspired to look for novel methods to improve consumer engagement and experience by engaging with customers in more personal digital sales interactions and through hyper-personalization.

According to the most recent statistics on health insurance coverage collected by the National Family Health Survey (NFHS) in 2019-21, around 88% of Rajasthan households have at least one person covered by a health scheme or health insurance.