New Delhi: Insurance sector in India grew at an impressive 15 per cent compound annual growth rate (CAGR) over the past two decades, with premiums reaching Rs 10.4 lakh crore in FY23, and there is immense potential for growth that remains untapped, industry experts said on Wednesday. Despite the consistent growth, India’s insurance penetration at 4 per cent, which is significantly lower than the global average of 6.8 per cent, and protection gap of $40 billion indicate substantial room for further expansion and development, according to the report by KPMG in India, in collaboration with the Confederation of Indian Industry (CII). Supportive government initiatives and a conducive regulatory
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