Thursday, February 22, 2018

India market to reach US$280bn by 2020

By 2020, India’s insurance industry is expected to reach a value of US$280 billion from its current US$84.72 billion, vice-president Venkaiah Naidu said, citing the rosy economic prospects for the country.

The vice-president was speaking at the valedictory session of the 4th South Asian Insurance Regulatory Meet and International Insurance Conference in Hyderabad.

According to Naidu, investments made by the insurance firms in various sectors reached Rs30.76 trillion (US$479 billion) by the end of 2016-17, of which over Rs2.40 trillion was in the infrastructure sector.

The insurance market jumped from US$23 billion in 2005 to US$84.72 billion in FY2017, said Naidu.

He added that the penetration of insurance into the economy remains strong, partly owing to the increase in FDI and government schemes to provide insurance cover to more people, including farmers.

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