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It is expected that the insurance industry will reach $350-400 billion in premium income by 2020. The experts believe that the Indian insurance industry will achieve a position among the top three insurance industries by 2020. It will also be among the top 15 non-life insurance markets.
It has been confirmed that the total penetration of insurance (premium as percentage of GDP) in the country has increased from 2.3 % in 2001 to 5.2 % in 2011. The sales of the life policies have increased 12 folds and the health insurances have increased by at least 25 folds.
It is believed that the main reason for the increment in the sales has been the better terms and agreements, ULIPs, whole life, maximum NAV guarantee, auto assistance and pay per insurance, disease management and the better service due to the increasing competition.
It is estimated by FICCI that the total insurance premium in 2020 will be between Rs 17 lakh crore to Rs 22 lakh crore.
As per the experts, the private insurance companies have been extremely supportive for the growth of the insurance industry. The private sector was given the permission to work in the country by the authorities in August 2000. Today there are 24 general insurance and 23 life insurance companies functioning in India.