Life insurance growth to double in five years

Management consultancy firm McKinsey has forecast that India’s life insurance industry will double in the next five years from $40 billion to $80-100 billion in 2012. This growth would improve the level of insurance penetration from 5.1% of gross domestic product to 6.2% in 2010-2012. India’s life insurance market has grown rapidly over the past six years, with new business premiums growing at over 40% per year.