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India’s Insurance Market Set to Grow Rapidly Amid Rising Climate Risk
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Insurance sector gears up for strong growth as flood risks push demand for coverage and reforms.
India’s insurance industry is expanding strongly as domestic economic growth, rising incomes, and increasing awareness of climate risk fuel demand. Non-life insurance premiums are projected to grow by 13-15% annually, supported by government reforms and new product innovation. Insured losses from flood events are being modeled at several billion rupees in worst-case scenarios, pushing insurers to adjust underwriting, pricing, and capital allocation to reduce exposure in high risk zones.