Mumbai: India's insurance sector, which is witnessing a rapid growth, is likely to touch about USD 400 billion in premium income by 2020, making the country one of the top three life insurance and top 15 non life insurance markets by 2020, according to a report.
"The insurance industry will continue to outpace the rapid economic growth to reach USD 350?400 billion in premium income by 2020 (approximately Rs 17-22 lakh crore), making India among the top three life insurance markets and top 15 non?life insurance markets by 2020," a report by Federation of Indian Chamber of Commerce and Industry (FICCI) and the Boston Consulting Group (BCG) has said.
The total penetration of insurance (premium as percentage of GDP) has increased to 5.2 per cent in 2011 from 2.3 per cent in 2001, said the report titled 'India Insurance ? Turning 10, Going on 20'.
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