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/Ibrahim Riftah from Unsplash
India’s insurance and pension market bolstered by B2B spending
Life Insurance Corp of India leads the sector.
In 2023, B2B spending accounts for 67.0% of India’s insurance and pension funding market demand, according to Euromonitor International.
Life Insurance Corp of India leads the sector, contributing 12.0% of the industry’s total turnover.
The top five companies together make up 20.4% of production value, whilst the number of companies rises to 4,026,123. Industry costs increase by 1.9%, mainly due to higher labour expenses.
Profitability improved to 36.2% of turnover, the fourth highest in the region. India, with a turnover of $41.6b, represents 7.8% of the Asia Pacific total.
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