Growth of Insurance Sector in India

Over FY03 - FY12, life insurance premiums expanded at a compound annual growth rate (CAGR) of 20.1 per cent.


Over FY03 - Y12, total gross written premiums increased at a CAGR of 19.6 per cent.


On the other hand, Non-life Insurance premium for FY 13-14 is estmated to be 750,000 million rupees, growing at 13%.


Life insurance accounts for about 88% of total business in the insurance sector as a whole.


[Source: IRDA Journal]


At a seminar PAVAN DHAMIJA,MD & CEO, DLF Prameria Life Insurance Company said: " India's growing economy, coupled with a significant rise in the young working population, has potential for development of the life insurance sector. This is in addition to the large population that remains uninsured. Moreover, of the insured population, a significant percentage remains under-insured. So, while premium as percentage of GDP is 4.47 per cent, sum assured as a multiple of GDP is just 0.3. It is estimated that the sector will grow at a compounded average growth rate of 15-20 per cent over the next 15-20 years." Insurance sector is thus one of the fastest growing sector in India.


In a research report titled "Indian Insurance Sector" published by Deloitte in 2011, stated: "The insurance sector in India has grown at a fast rate post-liberalization in 1999. In the last decade, total premium grew at a CAGR of 25% and reached a total of $67 billion in 2010. Indian Life insurance industry (which contributes 88% of total Life and General insurance premium in India) has emerged as the 9th largest life insurance market in the world. Yet, Insurance penetration (measured as ratio of premium underwritten to GDP) was only at 5.2 % in 2010 - significantly lower than Asian peers like South Korea, Taiwan, Japan and Hong Kong which boast an insurance density greater than 10%. With low insurance penetration levels, growth potential remains promising."


In short, there is still a significant potential of growth in the insurance sector and provides a good opportunity for workforce. To achieve this, we need to have a curriculum in Insurance that is in line with the emerging professionally managed multinational insurance companies and more professionally managed BPOs. All the current educational programs and relevant study material need a thorough revamping.


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