more-inVice President M. Venkaiah Naidu on Sunday said the insurance industry in India was expected to grow from $84.72 billion in 2017 to $280 billion by 2020 as the country was poised for higher economic growth. Speaking at the valedictory session of the 4th South Asian Insurance Regulatory Meet and International Insurance Conference here, he said investments made by insurance companies in various sectors amounted to ₹30. “The insurance industry is expected to grow to $280 billion by 2020 as the country is poised for higher economic growth. “As against the global average of 6.2%, the penetration rate of the Indian insurance sector is 3.39%,” he said. As the volumes of subscribers grow, it is crucial to prevent fraud and protect the interests of the subscribers who are paying premium, he said.

Source: The Hindu February 11, 2018 18:50 UTC