With a population of 1.3 billion India is the second-most populous country in the world. The national currency is the Indian rupee.

The insurance sector benefits from an expanding population, sustainable economic growth, favorable tax treatments and a growing awareness of the need for insurance, particularly among the younger population. Both life and non-life segments have steadily grown in the last years. The insurance reach is relatively low on the Indian market, paired with a low penetration rate shows that this is an underserved market.