Kolkata, May 28 (Reporter) Indian insurance market showed strong growth in 2024, expanding by 10.6 percent surpassing the already significant growth of the previous year (7.7 pc), according to Allianz Global Insurance Report 2025 on Rising demand for protection. Total premium income reached USD 145 billion by the end of last year, the report said on Tuesday.All segments are expected to have contributed to this positive development, with health insurance – still the smallest segment – powering ahead with record growth of 20.8 pc. Life insurance, by far the largest segment accounting or almost three-quarters of all premiums, also achieved double-digit growth of 10.6 pc after 7.7 pc in 2023. Finally, the P&C business slowed slightly, falling from 8.9 pc in 2023 to a still strong 7.9 pc. Despite this rapid growth, India remains one of the least developed markets in the region. On average, Indian households spend around USD 100 on insurance products, which is less than a fifth of what Chinese households spend. While China (7.8 pc p.a.) will continue to dominate the region in absolute terms, the real growth champion over the next decade is likely to be India (10.5 pc p.a.). As a result, the Indian life insurance market will overtake Japan to become the second largest in the region. Geopolitical uncertainties and trade tensions may weigh on insurance volumes through weaker economic growth, trade slowing down and higher credit and market risks. On the other hand, a protection effect could also be visible as companies demand more risk management solutions in this uncertain and crisis-ridden environment. In the longer term, financial fragmentation and weakening international cooperation including on climate, cyber or pandemic preparedness could increase the cost of insuring these risks. Overall, the global insurance market is expected to grow at an annual rate of 5.3 pc over the next ten years, slightly above economic output. For India, overall growth is expected to be 11.5 pc (nominal GDP: 10.2 pc). The segment will show solid growth rates in almost all markets, as the increasing need for protection is a global phenomenon. Allianz Research also remains confident about life insurance, which can expect annual growth of 5.0 pc thanks to higher interest rates. Asia and China remain the growth engines, driven by the need for private provision in the face of accelerating demographic change (India: 10.5 pc). The smallest segment, health insurance, should remain the most dynamic, with annual growth of 6.7 pc. Asia in particular still has a lot of catching up to do (India: 18.5 pc)...////...