News Headline
IBAI report pegs India’s insurance boom at Rs 25 lakh crore by 2030
MUMBAI: The Insurance Brokers Association of India (IBAI) kicked off its silver jubilee year with a bold vision and bolder numbers. At its 24th Foundation Day celebration in Mumbai, the association unveiled its flagship report – ‘Leading the Path to Insurance for All: Broker of the Future’ – developed in collaboration with knowledge partner McKinsey & Company. The report, launched by Shri C.P. Radhakrishnan, Governor of Maharashtra, paints a bullish picture: India’s insurance sector could more than double from Rs 11 lakh crore in 2024 to Rs 25 lakh crore by 2030.
Marking the occasion, Mr. M Nagaraju, IAS, secretary, Department of Financial Services, urged brokers to move beyond metros and into Bharat – Tier 2, Tier 3 towns, SMEs, and agri sectors. “IBAI must partner with public institutions and state governments to ensure truly democratic access to insurance,” he said.
The McKinsey report doesn’t pull punches. India’s 91 per cent protection gap is among the highest globally. Just 1 in 2 Indians has life insurance; 2 in 5 have health cover. Strip away government schemes, and that number drops to 1 in 4. Rural India contributes 45 per cent of GDP, yet only 2 per cent of insurance branches exist in these areas.
Retail and SME segments are projected to be the twin engines of growth. The retail market alone could swell to Rs 21 lakh crore, driven by mass-market demand. On the institutional side, non-life premiums could nearly triple to Rs 2.8 lakh crore, largely fuelled by health and property insurance.
Speaking at the event, M Nagaraju, IAS, Secretary, DFS, MoF said, “I congratulate IBAI on embarking on its silver jubilee year and commend its efforts through initiatives like the Brokers Voice survey, I Broker Magazine, and the Claims Handbook. As India moves towards the goal of ‘Insurance for All by 2047’, the role of insurance brokers becomes increasingly vital. IBAI has emerged not just as a trade body but as a responsible stakeholder and thought leader in the insurance value chain. I urge brokers across the country to actively contribute to this national mission—especially in Tier 2 and Tier 3 cities, among small businesses, and in the agriculture sector. IBAI must work closely with the government and public institutions to build awareness, simplify products, and enhance capacity, ensuring truly democratic access to insurance. I also encourage brokers to actively participate in state-level insurance programs.”
Insurance Brokers Association of India president Narendra Bharindwal said, “India’s insurance sector is entering a new era of opportunity, with the potential to more than double by 2030. The growth, however, needs to be secured by fast focus on bridging the massive 91% protection gap that exists in the country. At this moment, brokers have a strategic inflection point. Moving away from merely intermediaries, brokers are becoming trusted advisors that will translate awareness into action and build trust in underserved markets. Regulations permitting, with access to growth capital and investments in digital capabilities, brokers would be able to scale, drive inclusion, and form the bedrock of India’s journey toward ‘Insurance for All’ by 2047. This empowerment must begin now.”
McKinsey & Company senior partner Peeyush Dalmia said, “The Indian insurance industry is at an inflection point. Despite significant growth in premiums, the sector continues to face challenges such as a protection gap and low coverage. Transforming Indian insurance requires innovation and collaboration from all stakeholders, including insurers, brokers, industry bodies, and regulators. Brokers are situated at the intersection of demand and supply, could potentially lead the journey towards the aspiration of ‘Insurance for All by 2047’.”
The report, based on surveys of 2,500 retail customers and 100 institutional clients, uncovered a startling insight: while awareness is rising, intent to buy remains low. Among affluent individuals and HNIs, 60 per cent believe their life insurance should be 10× their salary, but only 30 per cent actually have that cover. Trust is key as 70 per cent of HNIs rely on advisors, while mass-market consumers trust friends and family.
On claims, the story is grimmer. Half of HNIs and over 55 per cent of SMEs report dissatisfaction with claims handling, citing delays, paperwork, and poor support.
India has 735 licensed insurance brokers, but the top 36 control 85 per cent of revenues. Capital access is limited. Regulatory support and digital investment, the report suggests, could transform brokers into true financial allies — especially in mass and SME markets.
The study outlines four strategic interventions to become the Broker of the Future:
● Drive demand through segment-specific, omnichannel engagement
● Unlock access in underinsured markets
● Partner on product innovation
● Create transparent, hassle-free claims and after-sales experiences
(If you are an Anime fan and love Anime like Demon Slayer, Spy X Family, Hunter X Hunter, Tokyo Revengers, Dan Da Dan and Slime, Buy your favourite Anime merchandise on AnimeOriginals.com.)
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
