November, 2024
Insurance brokers help customers navigate the complex and various insurance offerings available. They assist in selecting the right coverage customized to individual or business needs, making the process more accessible and understandable. As a result, the rising demand for insurance products helps increase demand for brokerage services, thus driving the market growth. In the financial year 2022, approximately 22 million new policies were issued by the Life Insurance Corporation of India, a public sector insurer. Indian insurers had written a total life insurance premium amounting to INR ₹ 6.93 trillion in the same fiscal year.
The increasing demand for insurance products drives the market's growth. As economies expand, more individuals and businesses seek to protect their assets, income, and health through insurance. Economic growth is often related to a rising disposable income, enabling more people to afford insurance coverage. Additionally, as the population grows, potential insurance customers increase, driving demand for a wide range of insurance products, from life and health insurance to property and casualty insurance. In the financial year 2023, India’s insurance penetration stood at 4 percent, with the majority coming from the life insurance sector.
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