Premiums growing at a brisk pace

 The total insurance market expanded from USD23 billion in FY05 to USD68.88

billion in FY16

 Over FY05–FY16, total gross written premiums increased at a CAGR of 10.49 percent

 Gross premium written in India for non life insurance sector for FY16 is USD14.33

billion and in FY16, the gross premium written in India for life insurance sector stood

at USD54.58 billion

 In November 2016, the total growth in life insurance premium was around USD 2.38

billion as compared to USD 1.12 billion in November 2015, witnessing a growth of

113 per cent. Similarly during the same period, the individual single premium grew

by USD 995 million as compared to USD 164.06 million in 2015, recorded a growth

of more than 500 per cent

Increasing private sector activity in life insurance segment:

Over the years, share of private sector in life insurance segment has grown

from around 2 percent in FY03 to 29.6 per cent in FY16