Non-life insurance market to reach Rs90,000 crore by 2015: Assocham
19 September 2011
Driven by strong demand, the non-life insurance industry is estimated to grow at over 18 per cent till 2015 and doouble up to Rs90,000 crore from Rs47,000 crore at present, apex chamber Assocham said on Sunday.
At this rate of growth, India will be one of the fastest growing markets in Asia and globally – next only to China among major markets, it said.
The industry body said motor insurance will continue to remain the largest category, contributing over 40 per cent of industry premiums. India will become the third-largest car market globally by 2020 with over 70 lakh cars sold annually, driving growth in motor insurance.
On the other hand, total expenditure on healthcare will be Rs20 lakh crore, creating significant opportunities for coverage through health insurance.
''The health insurance segment will grow the fastest and account for close to 30 per cent of total industry premiums by 2015,'' said secretary general D S Rawat.
Within health insurance, the government-sponsored health schemes will grow the fastest while retail will emerge as the largest opportunity, he said.