Page 47 - Insurance Times November 2023

10. Health and Longevity Risks: As life expectancy development of digital distribution channels and product
increases, insurers will face greater challenges in innovation.
managing health and longevity risks. Designing
appropriate health and retirement products to cater Analysts at Global Data commented: "Supported by
to an aging population will become increasingly growing awareness, increasing demand for group policies,
important. and a favorable regulatory environment, the life insurance
industry in India is experiencing a significant post-pandemic
Conclusion: growth.""
As indicated by analysts at GlobalData, India's life coverage
They continued: "Private insurers are also increasingly offering
industry is expected to grow at a compound annual growth
group life policies as an employee benefit. "Such policies, where
rate (CAGR) of 10.3% through 2026, driven by growing
the risk pool is diverse leading to lower premiums, are cost-
awareness and positive regulatory landscape.
effective employee retention measures."" ("Life
insurance industry in India to grow at 10.3%
CAGR through 2026 ...")

Path Forward:

The life insurance industry in India will
encounter various challenges in the coming
decade. To succeed and thrive in this dynamic
environment, carriers will need to embrace
innovation, prioritize customer-centric
approaches, stay compliant with regulations,
and navigate the changing market landscape
with agility. The life insurance sector in India
Table 1: Premium Growth in Indian Life Insurance Sector is experiencing a transformative journey driven by
from 2017 onwards technological advancements, changing consumer
preferences, and supportive regulatory reforms. As the
It is forecasted to grow to $222 billion in 2026, in terms of industry continues to evolve, insurers must adapt to these
gross written premiums. changes to stay competitive and deliver superior services to
their customers. Embracing innovation, leveraging
In 2023, according to Insurance Analyst at Global Data, the technology, and understanding customer needs will be key
life insurance industry is set to grow by 10.5%; driven by the to shaping the future of the life insurance sector in India. T

Cyber insurance market to grow 30%

The Cyber Insurance Market in India is expected to grow by 27-30 per cent in the coming years, a Deloitte report
said forecasting cyber insurance gaining momentum.

The report indicates that the current Indian cyber insurance market is valued at USD 5060 million, maintaining a
steady 2730 per cent compound annual growth rate (CAGR) in the past three years.
"This growth is expected to continue for the next 35 years, driven by an increased awareness of the need for cyber
insurance," the report 'Cyber Insurance in India' said.
It identifies industries heavily involved in digitisation, such as IT, pharma, and manufacturing, as well as those inte-
grated with broader economic sectors like supply chain, retail, critical industries, and finance, to be the prime tar-
gets of cybercriminals.

The Insurance Times November 2023 43