New Delhi: The general insurance industry is estimated to grow by over 18 percent to reach a size of Rs 90,000 crore by 2015, industry chamber Assocham said. The current size of the non-life industry is Rs 47,000 crore.

Motor insurance would continue to remain the largest category, contributing over 40 percent of industry premiums, Assocham said in a statement.

"India will be one of the fastest growing markets in Asia and globally – next only to China among major markets," it said.
India will become the third largest car market globally by 2020, with over 70 lakh cars sold annually, driving growth in motor insurance, Assocham said. Besides, total expenditure on healthcare will be Rs 20 lakh crore, creating significant opportunities for coverage through health insurance.

"The health insurance segment will grow the fastest and account for close to 30 percent of total industry premiums by 2015," Assocham secretary general DS Rawat said.  Within health insurance, the government sponsored health schemes will grow the fastest while retail will emerge as the largest opportunity, he said.

Further, with increase in infrastructure spending, there would be opportunities for insuring these projects as well.

In the next 5-year Plan beginning April 2012, investment is infrastructure sector involving road, port, railway and power is envisaged at USD 1 trillion.

(Agencies)