India Online Insurance Market to Grow with a CAGR of 11.25% through 2030F
The India Online Insurance
Market is driven by digital adoption, growing internet penetration, increasing
awareness, mobile app usage, government support, and rising disposable income.
According
to TechSci Research report, “India Online Insurance Market – By Region, Competition, Forecast & Opportunities, 2020-2030F”, the India Online Insurance Market was valued at USD 2.04 Billion in 2024
and is expected to reach USD 3.45 Billion by 2030 with a CAGR of 11.25% during
the forecast period. The
India Online Insurance market has experienced substantial growth in recent
years, owing to the growing adoption of digital
technologies and mobile internet. With a large, tech-savvy population
increasingly using smartphones, online insurance platforms have become the
preferred way to compare, purchase, and manage policies. The government’s
initiatives to promote financial inclusion and digital literacy, alongside the
rise in disposable incomes, have contributed to the growth of the market. Also,
the awareness of the importance of financial protection and the need for
hassle-free, transparent, and cost-effective insurance solutions is pushing consumers
toward digital insurance options, further driving market expansion.
The India Online Insurance market is
driven by increased government
support and the rising population. The Indian government has played a crucial
role in promoting financial inclusion and digital transformation, which has
created an environment conducive to the growth of online insurance. Initiatives
such as the Pradhan Mantri Jan Dhan Yojana (PMJDY) and the Digital India
campaign have expanded internet access and financial awareness, enabling more
people to explore and purchase insurance online. Also, regulatory frameworks
such as the Insurance Regulatory and Development Authority of India (IRDAI)
have encouraged the digital distribution of insurance products, enhancing
market growth. The surging population, particularly the expanding middle class,
further fuels the demand for insurance products. With over billion people,
India has a vast consumer base, and as more individuals become aware of the
need for financial protection, the demand for both health and life insurance
continues to grow. Also, the growing urbanization and increasing disposable
incomes make insurance more affordable and appealing to a larger portion of the
population. As the population rises, more individuals seek accessible and
affordable digital solutions for their insurance needs, driving the expansion
of the online insurance market in India.
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" India Online Insurance Market”
The India Online
Insurance Market is segmented into insurance type, enterprise size, and region.
Based
on insurance type, non-life insurance is the fastest-growing segment in the India
Online Insurance market, driven by rising consumer awareness and increasing
demand for health, auto, and property coverage. As the Indian middle class
expands, more people are seeking protection against unexpected events such as
accidents, health emergencies, and natural disasters. The convenience of
purchasing non-life insurance online, coupled with competitive pricing and the
ability to compare policies, has made it particularly appealing. Also, the
increasing number of vehicles on the road has fuelled demand for auto
insurance, while health insurance, especially post-pandemic, has seen a surge
in interest. Non-life insurance is rapidly gaining traction as consumers seek
comprehensive, affordable, and easily accessible coverage through digital
platforms.
Based on region, South region of India is the fastest
growing in the Online Insurance market, driven by factors such as high internet
penetration, increasing smartphone usage, and growing financial literacy. Major
cities like Bangalore, Chennai, and Hyderabad are key hubs for digital
adoption, with a tech-savvy population actively seeking online insurance
solutions. The region’s expanding middle class, rising disposable income, and
increasing awareness about health, life, and auto insurance further fuel market
growth. Also, government initiatives promoting digital inclusion and the
convenience of online platforms make South India a rapidly expanding market for
online insurance.
Major companies
operating in India Online Insurance Market are:
- Acko
Technology and Service Private Limited
- HDFC
Life Insurance
- Shriram
General Insurance Company Ltd
- Niva
Bupa Health Insurance Co. Ltd
- Future
Generali India Insurance Co Ltd
- ICICI
Lombard General Insurance Company Limited
- Policybazaar
Insurance Brokers Private Limited
- IndiaFirst
Life Insurance Company Limited
- Aviva
Plc
- Zurich
Insurance Group Ltd
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“The India Online Insurance Market is
driven by the growing health-conscious population and the increasing burden of
various diseases are key drivers of the India online insurance market. As more
individuals become aware of the importance of maintaining good health and
managing health risks, there is a surge in demand for health insurance
policies. With rising cases of lifestyle diseases such as diabetes, heart
disease, and hypertension, the need for comprehensive health coverage is
greater than ever. Also, India's aging population is contributing to the demand
for critical illness and life insurance products, as older individuals are more
prone to health issues. As consumers seek convenient, affordable, and easily
accessible insurance solutions, online platforms are becoming a preferred
method for purchasing health and life insurance policies, driving the growth of
the market”, said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based management consulting firm.
“India Online Insurance
Market By Insurance Type (Life Insurance, Non-Life Insurance), By Enterprise
Size (Large Enterprises, Small and Medium Enterprises), By Region, Competition,
Forecast & Opportunities, 2020-2030F”, has evaluated
the future growth potential of India Online Insurance Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and opportunities
in the India Online Insurance Market.
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