India to be fastest-growing insurance market by 2030: Swiss Re

India is set to emerge as the world’s strongest growing major insurance market, with premium growth projected to accelerate to 6.9 per cent during 2026–2030, outpacing China, the United States and Western European markets, global reinsurer Swiss Re said on Monday.

According to a Swiss Re analysis, the Indian insurance sector is entering a new phase of robust mid-term growth, driven by strong economic fundamentals, rising demand for insurance products and supportive regulatory changes.

The report noted that India will remain the world’s fastest-growing major economy over the next five years, with an estimated average real GDP growth of 6.5 per cent, underpinned by robust private consumption.

Swiss Re said the combination of expanding middle-class population, increasing awareness about financial protection and ongoing reforms in the insurance sector will further boost premium growth in the country.

The reinsurer added that India’s insurance market is well-positioned to gain greater global share as economic activity strengthens and penetration levels gradually improve in both life and non-life segments.

The analysis highlighted India’s growing importance in the global insurance landscape, projecting sustained momentum in the coming years as the sector benefits from demographic advantages and structural reforms.