According to the Allianz Global Insurance Report 2025, India is projected to grow at an impressive annual rate of 11.5%, making it the fastest-growing insurance market worldwide. The country is expected to surpass Japan and become the second-largest insurance market in Asia, following China.
Key highlights from 2024 include:
The overall insurance market expanded by 10.6%, exceeding the prior year’s 7.7% growth.
Health insurance led the growth with a 20.8% increase.
Life insurance, the largest segment, grew by 10.6%, contributing nearly 75% of all premiums.
Property & Casualty (P&C) insurance grew steadily at 7.9%.
The report identifies strong demand for protection products and low insurance penetration as major drivers behind India’s rapid market expansion.
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