Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 17 NOVEMBER 2023

Country Update - India: Insurance

Kachwaha & Partners
Kachwaha & Partners
Contributor
Kachwaha & Partners

Kachwaha & Partners

Founded in 2002, Kachwaha & Partners is a multi-discipline, full service law firm with its main...

View firm profile
Explore more from Kachwaha & Partners

India has a fairly structured insurance industry; however, the insurance industry is yet to adequately penetrate the ast population or to effectively cover different business sectors.

IndiaInsurance
Sumeet Kachwaha
Sumeet Kachwaha
Ankit Khushu
Ankit Khushu
Author LinkedIn connections

Introduction

India has a fairly structured insurance industry; however, the insurance industry is yet to adequately penetrate the vast population or to effectively cover different business sectors. Compared with developed economies, India contributes about 1.9% of the world's total insurance premium.

With the Indian economy growing rapidly, the Indian insurance industry has tremendous growth potential. It is therefore a significant focus area for the government of India. Insurance penetration in India remains low, at 3.2% for life insurance and 1% for non-life insurance in 2022.

Insurance market

Insurance business in India is classified into two main categories: life insurance and general insurance. Life insurance covers the life-risk of the insured. General insurance, also non-life insurance, covers non-life categories, including motor, fire, marine and miscellaneous insurance.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

India’s IRDAI Overhauls The Insurance Company Share Transfer And Amalgamation Framework

On July 30, 2026, the Insurance Regulatory and Development Authority of India (the “IRDAI”) notified the IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) (Amendment) Regulations, 2026 (the “Amendment Regulations”), amending the IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024 (the “Principal Regulations”).
IndiaInsurance
Majmudar & Partners
Majmudar & Partners
Article

IRDA Proposes To Recalibrate The Economics Of Insurance Distribution

The Insurance Regulatory and Development Authority of India (“IRDAI”) released a public consultation paper last month titled, “Recalibrating Economics of Insurance Distribution” (the “PCP”), inviting stakeholder comments. Aligned with the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, the PCP addresses IRDAI’s concern that distribution costs have risen disproportionately to premium growth without corresponding improvements in policyholder outcomes or insurance penetration.
IndiaInsurance
Majmudar & Partners
Majmudar & Partners
Article

India’s Arbitration Regime: An Overview

India had a prime role in laying the foundation of modern-day arbitration. It was amongst the six Asian nations to have signed the Geneva Convention on the Execution of Foreign Arbitral Awards of 1927. As noted jurist, Mr. F.S. Nariman points out – none from the Americas subscribed to it. Later, in July 1960, India was amongst the 10 original signatories to the New York Convention and the fourth country to ratify the same. The USA ratified the New York Convention a full 10 years later in 1970 and the UK in 1975. China and Singapore ratified the Convention fairly recently, in the mid-1990s
IndiaLitigation, Mediation & Arbitration
Kachwaha & Partners
Kachwaha & Partners