India is the 15th largest insurance market in the world in terms of premium volume, and has good potential to grow exponentially in the coming years. Life insurance penetration in India is just around 3% of GDP, which has almost doubled since 2000. A fast growing economy, rising income levels and improving life expectancy rates are some of the many favourable factors that are likely to boost growth in the insurance sector in the coming years.
India’s life insurance sector is the biggest in the world with about 360 million policies, which is expected to increase at a compounded annual growth rate (CAGR) of 12-15 per cent over the next five years. The insurance industry expects to reach penetration levels of 5% by 2020, and could top the US$ 1 trillion mark in the next seven years. The total market size of India’s insurance sector is projected to touch US$ 350-400 billion by 2020.
After a decade of strong growth, the Indian insurance industry is currently facing severe headwinds owing to:
- Slowing growth
- Rising costs
- Deteriorating distribution structure
- Stalled reforms
Despite strong improvement in penetration and density in the last 10 years, India largely remains an under-penetrated market. The insurance market today is primarily dependent on push, tax incentives and mandatory buying for sales. There is very little customer pull, which will come from growing financial awareness and increasing insurance, savings and disposable income.
In the long run the insurance industry is still poised for a strong growth as the domestic economy is expected to grow steadily.
Amrit Consultancy Consulting is among well known Insurance Recruitment agenciesin India and also proved itself as best insurance recruitment agency. At heart, we are a group of people who are passionate about helping our clients address the immense challenges of recruiting talent.
Our Insurance Recruitment Consultants help their clients achieve substantial, positive, and sustainable impact in their performance. The practice serves clients in Life and Non-Life Insurance services, including :
- Health Insurance
- Life Insurance
- Other Non-life Insurance
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