“At current growth rate the market (insurance) size is projected to reach US$ 200 billion by FY ’27. However, we have ambitious plans and we expect the market to grow by leaps and bounds and provide opportunities for venture capital, private sector and private sector investments. The Family Office is a step in the right direction in equity and nation building,” Panda said.
“With the support of the ecosystem, the growing Indian insurance sector gets additional capital sources as well as helps in promoting new products and solutions,” IVCA was quoted as saying in a release.
According to the release, insurance penetration in India experienced a growth of 4.2 per cent in FY2011 in recent years, from 3.76 per cent in FY2010.
Several reasons have been cited for this growth, notably, ease of doing business, deployment of digital solutions by insurers, changes in consumer attitudes and their attainment of financial security, product development, product approval and distribution. including the new regulatory framework in IRDAISaid it.
“With India today at 10th position global life insurance By market and ahead of China (at 2.4%) and the UK (at 3%), we are well-suited to meet the growing demand of young and digital-first consumers emerging from smaller and newer geographies and lifelong and non-lifetime consumers. Karthik Reddy, Chairperson, IVCA and Co-Founder and Managing Partner, Bloom Ventures said.