Indian insurance industry has been seeing a steady uptick in the premium amount collected, both in the life as well as non life segment. The premiums of Indian life insurers, from new business, stood at $81.7 billion in FY21, representing a 2.8% growth compared to the previous year. As per industry reports, India's life insurance industry premiums are expected to reach $317 billion by FY31.

As of FY2021, insurance penetration in India stands at 4.2% of the population. This shows the untapped potential in the industry and the legroom for growth. 

India’s burgeoning middle class, progressively young population and increasing awareness about financial well-being will drive the growth of the insurance industry. As part of Budget 2021-22, the government announced its intention to amend the Insurance Act, 1938 to increase the permissible FDI limit from 49% to 74% in Insurance Companies and allow foreign ownership and control with safeguards. This is expected to lead to an expansion of the insurance sector, increasing its penetration, its level of competition, and value for customers in terms of better products at lower cost.

This smallcase comprises listed insurance companies to allow investors to efficiently track and invest in the insurance sector.