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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