Online insurance space to hit Rs 600 bn premium revenues in 5 years

Launched in 2015, RenewBuy ranks among the top two online insurance aggregators

The nascent online insurance segment is expected to grow exponentially over the next 5 years and touch almost Rs 600 billion on the back of expanding digital ecosystem.

Currently, the domestic online insurance space is a miniscule 2-3 per cent of the total insurance premium collection of Rs 3 trillion annually.

“Over the next 5 years, the net insurance premium revenue is pegged at Rs 6 trillion, of which the onlne insurance space is expected to comprise 10 per cent or about Rs 600 billion,” online insurance aggregator RenewBuy CEO Balachander Sekhar told Business Standard.

He claimed the growth in