Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Jan 2025

Market Profile


India

India rolls out the red carpet for foreign players

We spoke to the IRDAI’s Mr Debasish Panda about his vision to insure every Indian by 2047 and opportunities in the Indian market.
 


Agriculture insurance adoption sees a surge

Sustained efforts by the Indian government and insurance industry are supporting the country’s farmers against the vagaries of climate change. 
 

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Outpatient coverage can be a game changer

Health insurance in India is in for a significant transformation. From traditional hospitalisation covers to policies that cover outpatient treatment and promote wellness, a preventative regimen could soon be the norm. 
 

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Ample opportunities for foreign reinsurers in India

India has been pushing for reform to position itself as a reinsurance hub. It is focusing on a robust reinsurance sector to support the Indian insurance sector that is on a growth trajectory. 
 

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India needs to expand its actuarial base rapidly

The number of actuaries that India will require by 2030 could be around 25,000. With the present numbers being only 654, to achieve that target appears to be a herculean task.
 

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Competition, technology and regulation are the new challenges

Despite all the hiccoughs, insurance brokers have an important role in the Indian insurance industry. They write more than one third of the industry’s premium annually. 
 

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Life insurance in India is going strong

Market data shows that the demand for life insurance products in India is growing well and the overall trend from the industry is positive. 
 

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InsurTech role crucial for insuring India by 2047

India dominates world InsurTech in terms of numbers, with over 150 InsurTechs and a 12-fold increase in revenue over the past five years to reach $750m and a cumulative valuation of $13.6bn.
 

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EVs to drive Indian motor insurance

The increasing adoption of EVs in India is not only reshaping the India motor industry but also revolutionising the motor insurance segment.
 

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Making insurance for all by 2047 a reality

Achieving the regulator’s ambitious goal of insuring every Indian by 2047 looks challenging but is achievable, for which a concerted approach is needed from all stakeholders. 
 

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Health insurance in India sees rapid growth

A recent Swiss Re Institute sigma report said that India will outperform all major emerging markets in terms of non-life insurance premium growth in 2025-2026.
 

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Insurance awareness critical for a developed India

Insurance education and awareness is critical to achieving India’s goal of insuring every citizen by 2047 and there needs to be a joint effort from all stakeholders in creating insurance awareness.
 

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