Daniel Slotta
Research expert covering Greater China
Insurance industry in India - statistics & facts
The history of India’s insurance industry dates back to the pre-independence era, with the establishment of Oriental Life Insurance Company in the early 19th century. Insurance companies were nationalized after independence and the industry was opened up to private players only after the post-liberalization measures in 1991. Today, the value of gross premiums collected by life insurance companies is almost over seven trillion Indian rupees with insurance penetration levels as well as the density showing an upward trend. However, India has a far lower insurance penetration rate compared to the global average, leaving much room for growth.
