Reinsurance Industry Overview : India is 4th largest Non-Life mkt in Asia and 15th largest globally in 2023

 

  • Reinsurance Industry Overview : India is  4th largest Non-Life mkt in Asia and 15th largest globally in 2023

  • Reinsurance Industry Overview
  • Reinsurer - Primary insurers cede actuarial and catastrophe risks to another professional Insurance Risk carrier to limit its undiversifiable risk exposure & management of their capital efficiently 
  • Reinsurance Industry Plays a Pivotal Role in Driving the Growth of Insurance Industry 
  • Providing insurers protection against large and catastrophic loss 
  • Providing insurers protection against bottom line volatility. 
  • Providing insurers capacity to write more insurance business 
  • Potential for further price increase because of current environment (catastrophic events, etc) 
  • Global Size expected to grow from ~USD 642 Billion in 2023 to ~USD 2001 Billion in 2034 
  • India’s insurable population to be 100 cr. by 2035
  • No of middle-class households is expected to almost double to 18 cr. between 2022- 2030 
  • India is  4th largest Non-Life mkt in Asia and 15th largest globally in 2023
  • High proportion of population to be from semi urban and rural areas       
  • India’s general insurance market is estimated to grow at a compound annual growth rate (CAGR) of 9.9% during 2021-2026. 
  • Reinsurance premiums in India is expected to touch Rs 99,000 Cr by 2025-26 

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