The non-life insurance industry is expected to grow by over 18 per cent by 2015 to become a Rs 90,000-crore sector from the current level of Rs 47,000 crore, the Associated Chambers of Commerce and Industry of India (Assocham) has estimated.
The growth forecast is being attributed to strong demands and growth of consumer base in motoring and healthcare, growth of services and small and medium enterprises. Motor insurance, the 1920-established chamber said, is estimated to remain the largest category, contributing over 40 per cent to industry premiums. India is expected to be the third largest car market globally by 2020 with over 70 lakh cars sold annually, driving growth in motor insurance.
In healthcare, the expenditure might go up to Rs 20 lakh crore, creating significant opportunities for coverage under health insurance. “The health insurance segment will grow the fastest and account for close to 30 per cent of total industry premiums by 2015,” said Assocham secretary general D S Rawat.