Indian Insurance - One of the fastest growing insurance markets

Here's interesting growth facts of Indian insurance market as per The Associated Chambers of Commerce and Industry of India (ASSOCHAM):

1. Annual gross written premiums (GWP) of Rs. 2.7 lakh crore set to grow by 13-14% to reach Rs. 5.17 lakh crore by 2015
2. Strong underlying demand tailwinds would catapult premium income of Indian insurance industry to Rs 18 lakh crore by 2020
3. Indian insurance to contribute 10% of total global premium growth by 2020 being one of the few markets to grow at double digit rates
4. Growth of life insurance sector in India during 2000 and 2010:
• New Business Premiums: Grew by 28%
• Annual Premium Equivalent (APE): Grew by 27%
• Gross Written Premiums: Grew by 25%
5. An interesting observation made by secretary general DS Rawat highlighted the level of protection (measured by sum assured to GDP) at about 55%. This is quite low compared to the benchmarks in developed markets of 150-250%