Our Co-founder & Managing Partner Shwetank Verma wrote about how to assess the market opportunity for insurtech in India. Shwetank is also the Co-founder of India Insurtech Association.
Excerpt from the article
India allowed private insurance companies to start operating at the turn of the millennium. Since then, insurance premiums have grown ~15x for life insurance, from Rs 50k crore to Rs 781k crore for FY 2023 and ~20x for general insurance–from Rs 10k crore to Rs 267k crore for FY 2023, according to a report by BCG and India Insurtech Association. However, we are still early in the growth of insurance in India, especially if one looks at insurance penetration. Insurance penetration is the ratio of insurance premiums to gross domestic product (GDP). It is an indicator of how well the insurance sector is serving the economy and the society. According to the latest report by Swiss Re, India’s insurance penetration was 3.76% in 2020, which is much lower than the global average of 7.23%. This means there is a huge untapped potential for insurance growth in India, especially in the areas of health, agriculture, and microinsurance.
Read more at: https://yourstory.com/2024/01/assessing-market-opportunity-insurtech-india
