IBAI-McKinsey Report: Insurance Gaps and 2030 Outlook
Why in the news
The Insurance Brokers Association of India (IBAI) marked its 24th Foundation Day in Mumbai with a McKinsey & Company study on closing the insurance gap.
Key facts
- Health cover: 2 in 5 Indians insured; 1 in 4 without government schemes.
- Life cover: 1 in 2 adults; penetration 2.8%, with a wide protection gap as few buy pure term plans.
- Rural gap: 65% of people and 45% of GDP are rural, but only 2% of life insurance branches.
- Brokers: small firms struggled to scale or digitise.
| Indicator | 2024 | 2030 outlook |
|---|---|---|
| Market size | ₹11 lakh crore | ₹25 lakh crore |
| Penetration | 3.7% | 5% (global average 6.8%) |
| Retail gross written premiums | – | ₹21 lakh crore by 2030, double |
About IBAI
- A statutory trade body set up under Section 25 (Companies Act, 1956).
- Based in Mumbai; President is Sumit Shantilal Bohra.
Exam angle
- Report partner: McKinsey & Company.
- IBAI headquarters: Mumbai.