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The Birla Institute of Management Technology (BIMTECH) recently released the India Insurance Report- Transforming Indian Insurance- Series II, which found that the general insurance premium is expected to surpass Rs. 3,91,216 crores by 2030. The report focuses on various topics, such as demographic changes, customer behavior, financial literacy, leveraging AI and ML, wellness insurance, digital transformation, VR, AR, and Blockchain adoption, IoT, and parametric insurance. According to Dr Abhijit K. Chattoraj, the report suggests achieving the goal of “Insurance for All by 2047” by implementing Risk-Based Capital (RBC) by 2024-25 and increasing digital usage among customers.
