ECONOMY Sector-wise Performance 1. Insurance Sector The insurance sector in India comprises life insurance, general insurance, and health insurance, playing a critical role in providing financial security and stability. It is a significant component of the financial services industry, contributing to economic growth and social well-being. Current Status Market Size: The insurance market in India is substantial, with total premiums growing at a compound annual growth rate (CAGR) of 14.9%, expected to reach INR 33 trillion by 2031. Life Insurance: India is the 9th largest life insurance market globally, with penetration at 3.2% of GDP. Non-Life Insurance: This segment, including health insurance, has a penetration of 1.0% of GDP. Growth Drivers: The sector’s growth is driven by increasing middle-class incomes, rising awareness, digital penetration, and regulatory reforms such as the increase in FDI limit to 74%. continue..
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