News Chubb Insurance News – The National Insurance Corporation of India is forecasting that India will see an additional 1.8 million people insured this year.
The total number of insured is expected to reach 9.3 million by 2022.
India’s insurance market is projected to grow at 7.8% in 2022.
The Indian government has said it is aiming for a 5% annual growth rate in insurance revenues.
India’s government is hoping to generate an additional $2 billion in revenue from the insurance market by 2022, and is planning to launch a national digital platform to facilitate the online booking of policies, insurance policy updates, and claim verification.
The plan is part of the National Digital Strategy for Insurance.
The insurance market has seen a dramatic change in recent years, as the number of uninsured has dropped to its lowest level in a quarter of a century.
India was already one of the worst countries in terms of insurance coverage in 2020, when around 12.2 million people had no coverage.
The number of people with no insurance in India has plummeted from 17.5 million in 2010 to around 10 million in 2020.