Indian insurance industry can be sixth largest: IRDAI

The Indian insurance sector, which is growing at 11 per cent CAGR for the last five years, the momentum is expected to continue and could lead India to become the sixth largest market globally, from ten now, said Debasish Panda, Chairman, IRDAI.

He said that the industry has been growing at 11% CAGR for the last 5 years but to insure every person in India a highlighted importance of insurance as financial and social protection has to be worked upon.

“Economy is showing great resilience against pandemic and global political unrest, showing 7% growth as opposed to the global 2.9%, he believes the insurance industry should not be left behind. Growth momentum is expected to remain constant which is a golden opportunity for the Insurance sector which can go from 10th largest to 6th largest,” Panda said.