India’s economy continued to expand, with GDP growth reaching 8.40% (at current price) in FY 2023-24.
This growth was driven by factors such as strong domestic consumption and a robust industrial sector.
The Indian general insurance industry also experienced significant growth, with premium income increasing
by 12.40% year-over-year. Over the past decade, the industry has seen a compound annual growth rate (CAGR)
of 15.70%. .
Insurance penetration in India increased slightly from 0.94% in FY 2022-23 to 0.98% in FY 2023-24.
This indicates growing consumer awareness and adoption of insurance products.
Insurance density has almost tripled over the past decade, reflecting a surge in consumer demand for
insurance products
Overall, India’s economy and insurance sector have both demonstrated growth trends in recent years.
This is a positive sign for the country’s long-term economic development and financial stability.
