SECTOR - WISE PERFORMANCE

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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%.





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