Insurance: Industry growth rate will be seven percent by 2034, premium will reach 450 billion dollarsInsurance: Industry growth rate will be seven percent by 2034, premium will reach 450 billion dollars

Insurance: The domestic insurance sector can grow at the rate of seven percent for the next decade. During this period, its premium is expected to double to $450 billion by financial year 2034. Presently the premium income is $224 billion. According to a Swiss Re Institute report, total insurance premium income may grow at a rate of 7.1 percent annually over the next five years (2024-28).

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The average rate of global growth may be 2.4 percent and the rate in emerging markets may be 5.1 percent. According to the report, insurance awareness is currently 3.8 percent, which may increase to 4.5 percent in 10 years. The report said that by 2034, the rate of growth of the domestic insurance industry will be more than double the global average growth. The credit for this goes to India’s resilient economy, which will remain the fastest growing major GDP for the next five years.

Insurance: 8 billion dollar loss annually

The report also highlights low-risk conservation, citing the increasing incidence of natural disasters such as earthquakes, floods, cyclones, droughts and forest fires. These incidents have cost insurance companies $8 billion annually over the past decade.

So now it feels more shocking

According to the report, if the Bhuj earthquake in Gujarat had occurred now, the loss would have been 30-40 billion dollars. At that time there was a loss of only 100 million dollars.

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