The India insurance market size reached around USD 359.12 Billion in 2025. The market is projected to grow at a CAGR of 11.70% between 2026 and 2035 to reach nearly USD 1085.85 Billion by 2035. The market growth can be attributed to the rising demand for cyber insurance products and increasing collaboration between private and public insurance companies. Moreover, the growth of India’s agricultural and healthcare sector is expected to increase the demand for crop and life insurance solutions, thereby driving the market growth.
Base Year
Historical Period
Forecast Period
The growth of India's middle-class population with high disposable incomes is favourably impacting the India insurance market revenue. In FY 2022, the domestic insurance industry recorded a y-o-y growth rate of 10.3%, driven by the growing consumer awareness regarding the importance of life and health insurance policies.
The insurance industry is the backbone of India’s GDP growth, and its development can ensure stable and long-term growth of its population. In March 2022, total investment in government bonds, corporate bonds, treasury bills, and other securities by India’s insurance companies was over USD 700 billion.
As per industry reports, India’s insurance industry is the 10th largest globally. The rising appeal for private insurance providers for their unique product offerings is creating a favourable India insurance market outlook. Moreover, the growth of digital insurance platforms has improved consumer accessibility, thereby leading to the market growth.
Compound Annual Growth Rate
11.7%
Value in USD Billion
2026-2035
*this image is indicative*
|
India Insurance Market Report Summary |
Description |
Value |
|
Base Year |
USD Billion |
2025 |
|
Historical Period |
USD Billion |
2019-2025 |
|
Forecast Period |
USD Billion |
2026-2035 |
|
Market Size 2025 |
USD Billion |
359.12 |
|
Market Size 2035 |
USD Billion |
1085.85 |
|
CAGR 2019-2025 |
Percentage |
XX% |
|
CAGR 2026-2035 |
Percentage |
11.70% |
|
CAGR 2026-2035 - Market by Region |
West and Central India |
13.3% |
|
CAGR 2026-2035 - Market by Region |
East India |
12.5% |
|
CAGR 2026-2035 - Market by Service Provider |
Private Insurance Providers |
12.6% |
|
CAGR 2026-2035 - Market by End User |
Corporates |
12.3% |
|
Market Share by Country 2025 |
North India |
29.9% |
The Insurance Regulatory and Development Authority of India has introduced numerous initiatives, including the Bima Vahak initiative to promote insurance offerings in rural regions and drive financial inclusion. Around 65% of India’s population resides in villages, and rising smartphone and internet penetration rates are expected to reduce the cost of insurance distribution and servicing. In 2023, general insurers, health insurers, and life insurers underwrote a premium INR 283 billion, INR 6.5 million, and INR 33 million. This is contributing to the growth of India insurance market revenue. As per the IRDAI, the number of general insurance claim settlements in FY 2021-22 reached 96%. This highlights the impact of growing improvements in insurance companies’ daily operations.
The introduction of new protection products to address evolving risks and increasing government initiatives promoting financial inclusion are expected to drive the market growth. Rapid technological advancements have simplified the ease of doing business and insurance players have adopted a digital-first operating model, which has made them increasingly popular among consumers. As per the India insurance market analysis, insurance protection gap is expected to grow at a rate of 4% per annum in the upcoming years in India, thereby increasing the need for higher access to pure retail term offerings.
Undergoing reforms in operational processes; the emergence of embedded insurance; growing demand for cyber insurance; and increasing demand for crop insurance are the major factors favouring India insurance market growth.
Through standardisation of terminology and simplification of insurance policy wording, insurance companies have significantly improved customer experience of claim intimation and processing, hence improving consumer confidence in insurance products while making them more accessible. This is facilitating the India insurance market expansion.
Over the forecast period, e-commerce players, digital payment apps, and third-party application providers are expected to popularise embedded insurance among customers as it provides personalised protection at competitive rates and does not require separate purchases. Embedded insurance solutions also automatically cover different risks without needing separate, complex procedures.
In Q1 of FY 2023, Indian organisations witnessed 2,108 cyberattacks weekly. This has increased the demand for cyber insurance solutions to combat cyber threats. The rising popularity of online games and social media channels among children is also driving the market.
Insurance companies are expected to use drones, apart from image recognition technology, to cater to the rising demand for crop insurance by farmers. The shift towards automation of claim intimation and processing is further expected to drive the market growth in upcoming years.
Growing demand for cyber insurance
Cyber insurance has emerged as one of the fastest growing insurance segments in India. In 2023, around 1.39 million cybersecurity incidents were reported by corporate organisations through phishing, ransomware attacks, and data breaches, among other means. Based on market analysis, over 60% of Indian consumers do not share their confidential data with companies with a poor cybersecurity infrastructure. This is driving the adoption of cyber insurance solutions by companies, which is leading to the growth of India insurance market size.
Undergoing reforms in operational processes
Through the adoption of artificial intelligence (AI), robotic automation platforms (RAP), and data and cloud analytics, insurance companies have developed novel online platforms that have transformed their back-end and front-end operations across product development and distribution, apart from claim servicing and processing. This is facilitating the growth of India insurance market value. As insurance carriers adopt data-driven customer-centric processes for engaging customers and offering hyper-personalised products at competitive rates, the industry is expected to witness rapid growth in the upcoming years.
The EMR’s report titled “India Insurance Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Breakup by Insurance Type
Breakup by Service Provider
Breakup by End User
Breakup by Sales Channel
Breakup by Region
Based on region, the market is segmented into East India, West and Central India, North India, and South India. Over the forecast period of 2026-2035, the demand for insurance in West and Central India is expected to grow at a CAGR of 13.3% due to the increasing government focus on expanding insurance coverage in rural areas. The East India region is expected to grow at a CAGR of 12.5% due to the soaring appeal for embedded insurance solutions.
Based on service provider, the market is divided into private insurance providers and public insurance providers. The India insurance market analysis suggests that the demand for private insurance providers is expected to increase at a rate of 12.6% between 2026 and 2035, as they provide customer-centric services and have faster claim settlement processes.
|
CAGR 2026-2035 - Market by |
Service Provider |
|
Private Insurance Providers |
12.6% |
|
Public Insurance Providers |
XX% |
Major players are diversifying their existing product offerings, improving customer service delivery, and embracing technological solutions to drive business growth. Many insurance companies are also developing customised insurance policies for different end users and are leveraging digital platforms to improve consumer accessibility to their services. This is driving the India insurance market development.
Life Insurance Corporation of India was founded in 1956 and is headquartered in Mumbai, Maharashtra. It is a public sector company engaged in marketing life insurance products. It is also India’s largest financial institution.
HDFC Life Insurance Company Ltd. was founded in 2000 and is headquartered in Mumbai, Maharashtra. It provides pension solutions and life insurance products to millions of customers through its 500 branches located across 900 towns and cities.
SBI Life Insurance Company Ltd. was founded in 2000 and is headquartered in Mumbai, Maharashtra. It has a significant market presence due across the country.
Max Life Insurance Company was founded in 2000 and is headquartered in Gurugram, Haryana. It is a joint venture between Axis Bank Limited and Max Financial Services Limited. It has an individual claims paid ratio of 99.65%.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players included in the India insurance market report are ICICI Prudential Life Insurance Company Ltd., Bajaj Allianz Life Insurance Co. Ltd., Tata AIA Life Insurance Company Limited, Kotak Mahindra Group, Aditya Birla Capital Ltd., and The New India Assurance Co. Ltd., among others.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2025, the market reached an approximate value of USD 359.12 Billion.
The market is projected to grow at a CAGR of 11.70% between 2026 and 2035.
The market is estimated to witness healthy growth in the forecast period of 2026-2035 to reach a value of around USD 1085.85 Billion by 2035.
The different regions considered in the market report include East India, West and Central India, North India, and South India.
The different kinds of insurance providers are public insurance providers and private insurance providers.
The different end users of insurance in the market include individual and corporates.
The different sales channels for insurance are direct sales, brokers and agents, and online, among others.
Key players in the market are Life Insurance Corporation of India, HDFC Life Insurance Company Ltd., SBI Life Insurance Company Ltd., ICICI Prudential Life Insurance Company Ltd., Max Life Insurance Company, Bajaj Allianz Life Insurance Co. Ltd., Tata AIA Life Insurance Company Limited, Kotak Mahindra Group, Aditya Birla Capital Ltd., and The New India Assurance Co. Ltd., among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Insurance Type |
|
| Breakup by Service Provider |
|
| Breakup by End User |
|
| Breakup by Sales Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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