India’s insurance industry is undergoing a transformation, marked by a series of mergers and acquisitions. As of 2023, the industry comprises over 58 insurance companies, including 25 life insurers and 33 general insurers. Despite its vast potential, insurance penetration in India stood at approximately 3.7% of its GDP in the financial year 2023-24, with life insurance accounting for 2.8% and general insurance at 1%. This rate is notably lower than the global average of 7%. The industry’s total premium income reached ₹11.19 trillion during this period. Several key deals have recently taken place:
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Insurance sector sees a surge in deals: A look at recent mergers and acquisitions
