Our MD and CEO, Satishwar B., shares a positive outlook on the Economic Survey

According to the recently released Economic Survey 2022-23, India's insurance market is poised to emerge as one of the fastest- growing markets globally in the coming decade.

The survey which was tabled in the parliament one day prior to the penetration in the country had increased steadily from 2.7% around the turn of the millennium to 4.2% in 2020.

The life insurance penetration in 2021 was 3.2%, almost twice more than the emerging markets and slightly above the global average, it added. As per the insurance regulatory body, IRDAI, insurance penetration in India increased from 3.76% in 2019-20 to 4.20%in 2020-21, registering a growth of 11.70%. Also, the insurance density increased from $78 in 2020-21 to $91 in 2021-22.

Satishwar B., MD and CEO, shares his views on The Economic Survey’s observations:

"The Economic Survey’s observation of the penetration of insurance in India, especially that of the life insurance sector, is a positive and encouraging sign that people have begun to understand the need and urgency of life insurance. Technology is revolutionising the way insurance is bought and sold, and the previous years have been crucial for this transformation. This could not have been possible without the conducive environment created by the regulator to boost innovation and partnerships in the sector, paving the way for it to become the fastest-growing sector. Various initiatives like ‘Use and file’ and Sandbox became crucial to swiftly meeting consumer demands through innovation. The Indian insurance sector will only see an upward trend of growth from hereon. We will see new technologies like AI and fully digital journeys opening up opportunities in underinsured segments, like self-employed individuals; buying journeys becoming simpler and more intuitive; and digital underwriting allowing digital insurers to scale rapidly. In the years to come, our focus should be on building on each other’s strengths to realise our collective dream of ensuring ‘Insurance for all by 2047’. "