Report claim: Insurance market will grow at the rate of 10.5% in 10 years; India will be the champion with rapid growth

The Indian life insurance market is projected to grow at 10.5 percent over the next 10 years. Its global average can remain at 5 percent. From the Allianz Global Insurance's report, growth in life insurance is expected in India because of the expanding economic activities in the Indian economy along with government policies to increase the usage of insurance.

According to the report, most of the growth will take place in the life insurance segment. Over half of the incremental premium will originate in Asia. China will lead the way in this. It will be trailed by North America and Europe, but India is expected to increase at a very rapid pace.

Insurance growth in China will be 7.8 per cent annually and will continue to dominate the Asian region. India will be the champion with a growth rate of 10.5 per cent over the next decade. As a result, India will become the second-largest life insurance market in the region, overtaking Japan.

Asia and China will continue to be the growth engines for the global life insurance business. To take advantage of global insurance growth, India has already raised the foreign direct investment (FDI) limit from 74 per cent to 100 per cent.