India’s Leading BFSI & FinTech Companies 2024

India’s Leading BFSI and FinTech Companies 2024 20 I ndian insurance sector has remained on sustained growth path in the last decade largely driven by growing incomes, increasing awareness and low penetration of insurance (life & non-life) in India. Besides, further opening of the sector for foreign investment by enhancing FDI limit from 49% in 2014 to 74% in 2021 also helped in growth of the sector. Despite growth in number of policies issued and total premium, insurance penetration INSURANCE SECTOR OVERVIEW in India has only marginally increased to 4% in FY2023 from 3.9% in FY2014. Insurance density, on the other hand, has increased to US$ 92 in FY2023 as against US$ 52 in FY2014. Insurance sector witnessed steady growth in new policies issued and total premium in the last decade Source: Insurance Regulatory and Development Authority of India, D&B Research *Figures in the above chart have been rounded off Dun & Bradstreet