Overview

• India’s life insurance sector is projected to expand at a 10.5% CAGR through 2035, lifting it past Japan to become Asia’s second-largest market
• The overall Indian insurance market grew 10.6% in 2024, pushing total premium income to $145 billion
• Health insurance led the surge with a 20.8% increase in 2024 and is slated for an 18.5% CAGR between 2025 and 2035
• Average household insurance spending remains around $100—less than a fifth of China’s level—highlighting significant room for market penetration
• While geopolitical tensions present risks, government reforms and a 100% FDI cap aim to attract capital and strengthen India’s insurance sector