The India specialty insurance market size reached USD 9.00 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 16.50 Billion by 2033, exhibiting a growth rate (CAGR) of 6.20% during 2025-2033. Increasing cyber threats, rising demand for parametric insurance, growth in infrastructure projects, regulatory support for innovative policies, expanding healthcare needs, and the surge in tailored risk management solutions for businesses and individuals are expanding the India specialty insurance market share.
Report Attribute
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Key Statistics
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Base Year
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2024 |
Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 9.00 Billion |
Market Forecast in 2033 | USD 16.50 Billion |
Market Growth Rate 2025-2033 | 6.20% |
Growing Demand for Cyber Insurance
The India specialty insurance market growth is driven by an increase in demand for cyber insurance due to the increasing frequency of cyberattacks and data breaches. With the rapid digitization of businesses and the rise of e-commerce platforms, organizations are prioritizing data protection and risk management. Notably, India's Security Operations Center (SOC) was opened in Bengaluru on August 12, 2024, by Kyndryl, the biggest provider of IT infrastructure services worldwide. Using artificial intelligence, including machine learning and integrated automation systems, this SOC provides superior protection and all-encompassing support across the cyber threat lifecycle. In addition to offering incident response and cyber threat intelligence, the facility works around the clock and connects with Kyndryl's global network of cybersecurity specialists. Regulatory mandates on data privacy and compliance are further driving the need for comprehensive cyber insurance policies. Insurers are offering customized coverage for financial losses, legal liabilities, and reputation management. This trend is expected to grow as businesses seek to mitigate risks associated with ransomware attacks, phishing scams, and other cybersecurity threats.
Expansion of Parametric Insurance Solutions
Parametric insurance is gaining traction in the Indian specialty insurance market, especially in sectors such as agriculture and climate risk management. For instance, India's first parametric insurance policy based on the Air Quality Index (AQI) was launched on February 25, 2025, by Go Digit General Insurance Limited and K.M. Dastur Reinsurance Brokers. Approximately 6,200 daily wage construction workers in the Delhi-National Capital Region (NCR) will be shielded from revenue loss as a result of government-imposed construction bans brought on by extreme air pollution thanks to this creative approach. When AQI levels rise sharply and work stoppages occur, the project tackles the financial vulnerability these workers confront. Unlike traditional insurance, parametric models offer payouts based on predefined triggers such as weather patterns or seismic activity, providing quicker and more efficient claim settlements. This innovation is particularly beneficial for farmers and infrastructure developers facing unpredictable weather conditions. Insurers are leveraging advanced data analytics and satellite technology to create precise models for risk assessment. With climate change increasing the frequency of natural disasters, the adoption of parametric insurance is expected to expand significantly in the coming years, which, in turn, is positively impacting the India specialty insurance market outlook.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on type, distribution channel, and end user.
Type Insights:
The report has provided a detailed breakup and analysis of the market based on the type. This includes Marine, Aviation and Transport (MAT) (marine insurance and aviation insurance), political risk and credit insurance, entertainment insurance, art insurance, livestock and aquaculture insurance, and others.
Distribution Channel Insights:
A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes brokers and non-brokers.
End User Insights:
A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes business and individuals.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Types Covered |
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Distribution Channels Covered | Brokers, Non-Brokers |
End Users Covered | Business, Individuals |
Regions Covered | North India, South India, East India, West India |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
Key Benefits for Stakeholders: