India’s GDP growth rate has grown by 15% (at current prices), in comparison to the fiscal year 2021–22. These positive outcome of the Indian economy is supported by several pivotal growth drivers, including the rapid expanding domestic consumer market and a substantial growth of the industrial sector.
The Indian General Insurance Industry in FY 2022-23 has continued its robust upward trend, achieving a 14.70% Year-on-Year growth with respect to Premium Income in India for 2021-22, and a 14.24% CAGR over a 10 year period.
Insurance Density has more than doubled over a 10-year period, showcasing the increased consumer demand for products from the Insurance sector.
Insurance Penetration has increased marginally over the previous year. Insurance Penetration increased from 0.93% in FY 2021–2022 to 0.94% in FY 2022–2023.
Services growth increased to 9.53% in FY 2022-23 from 8.82% in FY 2021-22.
