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| Article Name : | | | INDIA’S PRESENT INSURANCE PENETRATION AND FUTURE POSSIBILITIES | | Author Name : | | | Prakash Garg , Amar Vatnani and Ashish Ojha | | Publisher : | | | Ashok Yakkaldevi | | Article Series No. : | | | GRT-5514 | | Article URL : | |  | Author Profile View PDF In browser | | Abstract : | | | India accounts for more than 2% of the world’s premiums and 6% of the premiums originating in Asia. The country is the tenth biggest insurance market in the world and has the potential to grow exponentially in the coming years. While regulatory hurdles and dominant incumbents bring challenges to foreign companies looking to enter the Indian insurance market, low penetration and opportunities in the market make it quite lucrative. In 2011, the life premium volume for India was $60 billion, a little over 3% of the GDP. The GDP is expected to grow at an average rate of 4.7% through 2018, and we expect life insurance penetration to increase to around 4.6% by 2019. This would make India a $120 billion market. | | Keywords : | | |
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