Over the next five years (2024-2028), total insurance premiums in India are expected to grow by 7.1% in real terms.

This means India beats the average growth for insurance premiums (2.4%) in the same timeframe, as well as for emerging (5.1%) and advanced (1.7%) market averages.

According to Swiss Re Institute, total premiums will more than double over the next decade and insurance penetration will increase from 3.8% currently to 4.5% in 2034.

India insurance split

In terms of segment split, the life insurance market accounts for close to three quarters of premiums in India. That is forecast to grow at an annual average of 6.7% for 2024-2028, while non-life premiums (including health) are expected to expand by an average of 8.3%.

On the other hand, insurance protection again natural catastrophes remains low with Swiss Re predicting around 93% of exposures are uninsured.

Mahesh H Puttaiah, Head Group Economic & Sigma Research Bangalore, Swiss Re Institute, said: “India has made strong progress in developing the insurance sector and there remains significant potential for growth given the country’s low insurance penetration. India has also made good progress on risk mitigation measures for tropical cyclones, such setting up early warning systems. But there is a long way to go on this front for other hazards (eg, floods). The insurance industry has solutions to help individuals and companies to manage financial losses that result from natural catastrophes, while at the state level, re/insurance solutions can support governments in relief and rehabilitation work, in reinstating crucial services and in the rebuilding of public infrastructure.”

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By GlobalData

In December 2023, Swiss Re acquired Fathom, a UK-based company focused on water-related risks, for an undisclosed sum.

Founded in 2013, Fathom (formerly SSBN) offers flood simulations as well as insights on water risk to insurance companies and other clients operating in diverse fields.

Swiss Re said that the deal bolsters its Reinsurance Solutions division’s product portfolio and enhances its flood hazards data and risk management capabilities.

Fathom will retain its brand and work alongside the reinsurer’s Reinsurance Solutions division to strengthen its flood and climate risk information, maps and models.