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ICICI Lombard Expert Blog
 

Indian Insurance Industry to Go Forward in Coming Years

January 30 2017
Demand for Cyber Insurance Rises as Cashless Transactions Increase

A recent report by Dun and Bradstreet revealed that the insurance industry in India is expected to register a significant growth in the coming years due to increasing financial literacy. The report mentioned that factors like lower penetration levels, government initiatives, favourable demographics, and rise in per capita income and domestic savings will drive the growth of insurance industry.

The report further mentioned that with liberalisation of Foreign Direct Investments (FDI) norms in the country, several foreign players will enter in the Indian insurance industry. The government too has introduced several schemes to benefit the underprivileged sections of the society. These schemes will also increase the penetration of insurance in population with low income, which currently is out of insurance’s reach.

The current year may also witness several innovations in the sector such as the introduction of point of sale (PoS) transactions for different insurance categories, which will simplify the distribution network in rural parts of the country. Other innovations like insurance portability and customisation of health insurance policies are expected to boost the growth of the industry.

Also Read:

Demand for Cyber Insurance Rises as Cashless Transactions Increase
Government Schemes Bring Healthcare to the Masses

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