Insurance Market in India to be One of the Largest Across Globe: Debashish Panda Insurance penetration in India experienced an increase in momentum in recent years moving to 4.2 per cent in FY21 from 3.76 per cent in FY20
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The Indian Venture and Alternate Capital Association on Thursday organized a sector forum to discuss Investing into India's burgeoning Insurance Ecosystem in Bengaluru. The forum witnessed leading Private Equity, Venture Capital funds and Family Offices participate along with the Chairman of Insurance Regulatory and Development Authority (IRDAI), Mr. Debasish Panda, gracing the occasion to highlight the opportunities in the insurance space in a fast-growing digital economy in India.
"The rapid economic expansion, ably supported by digital infrastructure and innovation will play a defining role to make the insurance market in India as one of the largest across the globe. The market size is estimated to reach $200 billion by FY27 at the present growth rate however we have aspirational plans, and we expect the market to grow by leaps and bounds, and the contribution of venture capital, private equity and family offices in nation building is a step in the right direction," said Debasish Panda, chairman, IRDAI.
"With India today ranking 10th in the global life insurance market and ahead of China and UK, we are suitably positioned to cater to the rising demand of younger and digital-first consumers emerging from smaller and newer geographies and across life and non-life" said Karthik Reddy, chairperson, IVCA and co-founder and managing partner, Blume Ventures.
Insurance penetration in India experienced an increase in momentum in recent years moving to 4.2 per cent in FY21 from 3.76 per cent in FY20. Multiple reasons are cited for this development, specifically, ease of doing business, deployment of digital solutions by insurers, change in the attitude of consumers and their realization of financial security, evolution of products, including new regulatory framework regarding product approval and distribution by IRDAI.
