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India Is the Asia-pacific’s Second-largest Insurtech Market

India Is the Asia-pacific’s Second-largest Insurtech Market

As of FY18, India is the world’s 11th largest insurance market. However, it has low penetration and density. According to the FY21 Economic Survey report, the country’s insurance penetration increased from 3.30 percent in FY15 to 3.76 percent in FY20, but it remained considerably behind the global average of 7.23 percent. In FY21, India’s total gross premiums underwritten totaled US$100 billion. India presents a massive market opportunity for life and non-life insurance companies, with a population of 1.3 billion people,…

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