India’s Insurance Market Poised for Strong Growth Through 2030: Swiss Re
Mumbai — India’s insurance sector is set to enter a phase of sustained expansion, with premium growth expected to outpace most major global markets over the next five years, according to a new outlook by global reinsurance major Swiss Re.
Swiss Re projects that India’s insurance premiums will grow at an average annual rate of 6.9 percent between 2026 and 2030, making it the fastest-growing large insurance market worldwide. The growth outlook surpasses forecasts for China, the United States, and Western European markets.
The positive trajectory is being driven by solid economic fundamentals, rising consumer awareness, regulatory reforms, and increasing demand for protection products. Swiss Re notes that insurance penetration is expected to benefit from India’s expanding middle class, digital distribution channels, and supportive policy measures.
India’s broader economy is expected to remain resilient, with average annual real GDP growth forecast at around 6.5 percent over the next five years. Strong private consumption, continued public infrastructure investment, and improving corporate balance sheets are expected to support economic momentum, creating favorable conditions for insurance demand.
Life insurance is expected to remain a key growth engine. Swiss Re estimates life insurance premiums will expand by around 6.8 percent annually, supported by wider distribution networks, growing demand for retirement solutions, and increased credit activity. India is already the second-largest life insurance market among emerging economies.
In the non-life segment, health and motor insurance are projected to lead growth despite near-term challenges such as medical cost inflation and regulatory adjustments. Health insurance premiums are forecast to grow by more than 7 percent annually, while motor insurance is expected to expand at a similar pace, driven by rising vehicle ownership.
Swiss Re also highlights increasing exposure to natural catastrophes as a major risk for India. Rapid urbanisation and infrastructure expansion have resulted in an estimated USD 26–29 trillion worth of assets exposed to climate-related hazards. The report stresses the importance of strengthening disaster resilience through broader insurance coverage, improved early warning systems, and climate-resilient infrastructure.
According to Swiss Re, expanding insurance protection will play a critical role in reducing the financial burden on households, businesses, and public finances as climate and health risks rise.