India's ins. industry to be worth $280bn by 2020
Thursday, 09 20 2018, Category: Insurance and Reinsurance, Country: India
India’s insurance industry is expected to grow to US$280 billion by fiscal year 2019-2020, according to the Associated Chambers of Commerce and Industry of India (Assocham).
One of the main drivers for the growth will be the Indian government’s Ayushman Bharat health insurance scheme, a report by Outlook India said.
Assocham, citing a joint study with research firm APAS, said that insurance penetration in India has reached 3.7% in 2017, up from 2.71 in 2001, while gross written premium increased from INR3.2 trillion (US$49 billion) in 2011-2012 to INR5 trillion (US$72 billion) in 2017-2018.
Source: Insurance Business