India's life insurance companies witnessed 11.36 per cent growth in their collective premium income at Rs 48.26 lakh crore (US$ 684.64 billion) during the fiscal ended March 2020. The direct premiums of non-life insurers in India reached US$ 20.33 billion in FY20 , showing a year-on-year growth rate of 14.47 per cent.
In FY19, premium from new life insurance business increased 10.73 per cent year-on-year to Rs 2.15 trillion (US$ 30.7 billion). In FY20 (till February 2020), gross direct premiums of non-life insurers reached US$ 24.82 billion, showing a year-on-year growth rate of 14.03 per cent.
The overall insurance industry is expected to reach US$ 280 billion by 2020. Life insurance industry in the country is expected grow by 14-15 per cent annually for the next three to five years.