India's insurance industry is expected to see total premiums of INR6.8trn ($105bn) in the current financial year ending 31 March 2019 (FY2019).
The life insurance industry is set to contribute close to INR5.1trn while the non-life industry is expected to cross INR1.7trn, says the “2018 – The Indian Insurance Industry Report’ released by India Insure Risk Management & Insurance Broking Services Private Limited, a leading insurance broking firm in India.
The report says, “With the growth in the industrial sector, the property & engineering insurance segment is expected to see some positive movement. The new health insurance scheme launched by the Prime Minister – Ayushman Bharat-National Health Mission scheme, is expected to grow the health insurance market significantly. However, what impact this will have on the overall profitability of the insurer's portfolio is uncertain.”