Growth of Insurance Sector in India

Abstract Insurance sector plays an important role in economic development by providing financial protection against risk and uncertainty. It helps individuals and businesses to reduce financial loss due to accident, death, health problems, crop loss and other unexpected events. The objectives of this study are: (i) to understand the importance of insurance sector in India, and (ii) to study the growth of insurance policies in recent years. The study is based on secondary data collected from Insurance Regulatory and Development Authority of India (IRDAI) reports, government publications and other official sources for the period 2019–2025. The study uses simple method and descriptive research design. The study compares the number of insurance policies and premium collected in different years to understand whether the insurance sector is growing or not. The data shows that insurance sector has grown in recent years due to increase in awareness, government schemes, and need for financial security after COVID period. The findings of the study show that more people are purchasing life insurance and health insurance policies for safety of family and future security. The study concludes that insurance sector is growing in India and it is important for reducing risk and providing financial protection.