Women's insurance market in India likely to grow four-fold by 2030

Women's insurance market in India is expected to result in two to four times growth by 2030, according to a study done by AXA in association with International Finance Corporation (IFC).

The India chapter of the report titled 'SheforShield: Insure Women to Better Protect All', presented by Bharti AXA, was conducted in emerging economy countries of Brazil, China, Colombia, India, Indonesia, Mexico, Morocco, Nigeria, Thailand and Turkey.

It said the Indian women’s insurance market is predicted to be between US 22 billion - 35 billion by 2030, which is two to four times the estimated premium of USD 10 billion spent by women in 2013.

The study lists increase in number of working women in the country, along with 20 per cent growth in their income compared to 2008, among growth drivers for this segment.

Another important factor highlighted by the study, which could contribute to the growth in insurance premiums from women is the increasing number of women entrepreneurs in India.

Source: KNN India