Summary:

Non-life insurers in India are expecting double-digit growth in 2025, despite sluggish general insurance penetration. This growth is driven by a supportive regulatory environment, innovative products, a positive GST outcome, and a review of motor third-party insurance pricing.Mr. Anup Rau, MD & CEO of Future Generali India, anticipates 14% annual growth, fueled by health insurance, emerging areas like pet, liability, and home insurance, as well as digital solutions and data utilization.

Mr. Anuj Tyagi, MD & CEO of HDFC ERGO, emphasized improvements in product development, underwriting, and customer service, with a focus on increasing accessibility in tier two and three cities. Mr. Tapan Singhel, MD and CEO of Bajaj Allianz, highlighted key industry shifts, such as cyber insurance, parametric catastrophe insurance, and surety bonds. According to IRDAI statistics, non-life insurance density is increasing, and Swiss Re forecasts that India's insurance sector will grow by 7.1% annually from 2024 to 2028.

Source: IBEF

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