Global Insurance Market Sees Stellar Growth in 2024, India Leads the Way
Mumbai: The global insurance industry has witnessed remarkable growth, with premiums rising by 8.6% to reach a staggering $7.3 trillion in 2024, according to the latest Allianz Global Insurance Report. This growth is attributed to increased demand for protection, driven by geopolitical uncertainties, climate-related risks, and demographic changes.
India’s Insurance Market Shines
India’s insurance market has demonstrated strong growth, expanding by 10.6% in 2024, surpassing the previous year’s growth rate of 7.7%. The total premium income in India reached $145 billion, with all segments contributing to this positive development. Notably, health insurance grew by 20.8%, while life insurance achieved double-digit growth of 10.6%. Despite this rapid growth, India remains one of the least developed markets in the region, with households spending an average of $100 on insurance products.
Global Market Trends
- Life Insurance: Grew by 10.4% in 2024, driven by North America and Asia, with China leading the charge at 15.4%.
- Property & Casualty (P&C) Insurance: Grew by 7.7%, mainly driven by North America, where premium income increased by 8.2%.
- Health Insurance: Grew by 7.0%, with strong demand in Asia, reflecting low insurance penetration in the region.
Outlook for the Next Decade
The global insurance market is expected to grow at an annual rate of 5.3% over the next ten years, slightly above economic output. India’s insurance market is projected to grow at an impressive rate of 11.5%, with life insurance expected to grow at 10.5% and health insurance at 18.5% annually.
Key Predictions
- Global Premium Pool: Expected to grow by $5,508 billion over the next ten years, with life insurance contributing $2,128 billion.
- Asia’s Growth: More than half of the additional premium pool will be generated in Asia, excluding Japan, driven by increasing demand for protection and private provision.
