India sets ambitious goal to be sixth largest insurance market globally

The industry is currently growing at a CAGR of 11%.

India’s insurance sector could become the sixth largest in the world, according to the chairman of the Insurance Regulatory and Development Authority (IRDAI) Debasish Panda.

Speaking at the National Insurance Academy’s annual insurance summit, Panda said that the insurance industry has been growing at a compound annual growth rate (CAGR) of 11% for the last five years.

The IRDAI said that to achieve this, the industry should focus on areas such as product simplification and innovation. Panda also said that tech-based and region-based coverages have to be looked into because one-size-fits-all are no longer applicable.

India currently sits in 10th place for the largest insurance market in the world.