Kathmandu. With a total insurance revenue of US$145 billion in 2024, the Indian insurance market has achieved strong growth throughout the year. According to the annual report of the European insurer group Allianz, its insurance market grew at 10.6 percent last year. It was 7.7 percent in the previous year.
According to the report, China will continue to dominate the region completely for a few years, achieving an annual growth rate of 7.8 percent. In the coming decade, India is likely to lead with 10.5 per cent real growth.
The Indian life insurance market will overtake Japan to become the region’s second largest market in the next decade, the report said.
By 2035, the Indian property and accident (P&C), life and health insurance markets are expected to reach $69.71 billion, $351 billion and $108 billion, respectively. The Japanese life insurance market is expected to reach $295.12 in 2035.
According to the report, on average, Indian households spend about $100 annually on insurance products, which is less than a fifth of what Chinese households spend.
