INDIA’S INSURANCE SECTOR TO QUADRUPLE IN TWO YEARS

The size of India’s insurance industry is expected to quadruple in the next two years as growth by private insurers is predicted to outstrip that of their state-owned peers. A new study by the Associated Chambers of Commerce and Industry of India suggested the country’s insurance sector would reach Rs2trn by 2010 on the back of better products and “more aggressive marketing policies”. At the moment India’s insurance industry is estimated to total around Rs500bn. The report forecast a growth rate of 140% by private insurance companies compared with between 35% and 40% by state-owned insurers.