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Insurance market in India to reach $222 bn by FY26

Published on June 11, 2022
Current Context: As per recent report Insurance penetration in India is increased rapidly with the market set to reach a size close to $222 billion by FY26.
Insurance market in India to reach $222 bn by FY26
  • The main factor behind the increase in the insurance sector, it is mainly driven by the growing middle class and increasing digital access in coming years.
  • According to the report, new online distribution models such as business to consumer (B2C), business to business (B2B), and business to business to consumer (B2B2C) are key drivers of growth.
  • Among it, business to consumer model seems to have a significant advantage.
  • As they offer many opportunities like end-to-end digital experience through technological applications, app-based claims assistance, proactive conversions using call centers, etc.
  • The persistence rate is higher due to better customer awareness.

Question:

Q.1 According to a recent report the insurance penetration in India will reach _________billion by FY26.
a. $325 billion
b. $222 billion
c. $159 billion
d. $226 billion
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