India set to become one of fastest growing insurance mkts: Economic Survey

Survey says with Ukraine war weighing on Europe, insurance industry growth in emerging markets is likely to outpace that in the developed markets this year, with emerging Asia in the lead

Helped by government intervention and a conducive regulatory environment that has spawned product innovations and vibrant distribution channels, India is poised to emerge as one of the fastest growing insurance markets in the coming decades, the Economic Survey of 2022-23 noted.

According to the survey, with the conflict in Ukraine weighing on economic growth in Europe in particular, insurance industry growth in emerging markets is expected to outpace that in the developed markets this year, with emerging Asia in the lead.

India became the world's tenth largest insurance market in terms of premiums, and second largest among emerging market economies