The recent Covid pandemic has taught the world a huge lesson about risk and potential losses and of course the importance of insurance right from life to health and property insurance to business insurance and so on.
The uncertainty infused in every sphere of life throughout the pandemic span has resulted in essential awareness of security and the need for assurance. Besides, the advent of technologies has illuminated new scopes and arenas of challenging roles in the insurance industry. S&P Global Market Intelligence conducted a global market study and as per their report in Asia-Pacific, India is the second-largest booming insurance technology market with a vastly underserved market that is yet to be explored.
Currently, there are 57 insurance companies with 34 of them being non-life insurers and 24 operating in the life insurance business. Despite this, India’s life insurance penetration is quite low; overall penetration was around 4% only in 2021. This means there is tremendous scope for the life insurance industry to grow further and thus there is a surging demand for educated insurance professionals.
Bright Future of the Insurance Sector
The Growing Insurance Sector in India
Trending Opportunities from Emerging Technologies
Versatile Career Scopes
Career Advantages from PNB-Metlife CPISSM
Key Highlights
In the financial year 2021, India’s life insurance penetration stood at 3% approximately while non-life insurances account for 1% penetration.
In the case of health insurers, the market share captured by public health insurers accounts for 46% leading the private sector, which has a share of 27% of the market (FY 2008-2021).
The insurance industry of India is growing rapidly with numerous government and private investments and companies getting into the market and offering numerous job opportunities as well.
The Growing Insurance Sector in India
In India, the Insurance sector has revealed the remarkable potential for progress and expansion. In life insurance, the public sector is in a leading position.
In February 2021, the Finance Ministry of India stated that it will infuse Rs. 3,000 crore in the state-owned general insurance companies to boost their financial health.
Private insurance companies’ market share in the general and health insurance market increased from 47.97% in FY19 to 48.03% in FY20. In the life insurance market, private companies had a market share of 33.78% in premium underwritten services in FY20.
Life insurance segment in India is projected to increase by 14-15% annually in the coming three to five years.
Other key factors for developing the insurance market and a promising insurance career are – The growing middle class, a large insurable population, an increasing awareness about having an insurance cover for a secure future, and the need for retirement planning.
So, the good news for insurance sector career aspirants is that this sector has an immense growth perspective. Aspiring candidates must go for one of the best Insurance certification courses to add value to their CV and enhance their capabilities. This will help to widen their career scope and opportunities in the insurance sector in India.
To know more: https://earlycareer.timespro.com/blog/key-benefits-of-choosing-an-insurance-career/