Health insurance top the growth chart among the insurance segment
The insurance market in India expected to grow by 10.7 per cent annually over the next decade, ahead of nominal GDP growth of 10.1 per cent, helped by rising life expectancy and gaps in social protection, according to a report released on Wednesday.
Demographic change, rising life expectancy and gaps in social protection remain key growth drivers, Allianz Research, the economic research unit of Allianz, said in the report.
Regulatory initiatives such as IRDAI`s "Insurance for All by 2047" vision and recent market reforms are expected to further support the growth, efficiency, and long-term stability of the sector, it said.
Despite ranking among the world`s ten largest insurance markets, India remains significantly underinsured, with insurance penetration of 3.8 per cent of GDP, it said,...








