BackIndian online insurance is a `700 cr market
The nonlife insurance industry will grow by around 3-3.5 times from its current size to `2-2.3 trillion, predicts BCG
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Mumbai: The online insurance market in India is already in excess of ₹ 700 crore. While life insurance sales contribute around ₹ 300 crore, motor insurance around ₹ 250 crore, other insurance lines such as health and travel make up around ₹ 150 crore, according to a new Boston Consulting Group (BCG) report released on Tuesday.
According to the report titled “Insurance @ digital–20X BY 2020", though better pricing is a key reason for buying online, convenience and increased transparency are critical factors as well.
BCG predicts that the life insurance annualized new business premium is poised to grow by 2-2.5 times by 2020 to ₹ 1.25-1.5 trillion, with renewals expected to grow to ₹ 5.5-7 trillion. The non–life insurance industry will grow by around 3-3.5 times from its current size to ₹ 2-2.3 trillion. Online sales are bound to grow even faster than this.
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