The last decade has been kind to the insurance sector in India. Overall, insurance penetration in India reached 3.69 per cent in 2017 from 2.71 per cent in 2001. Gross premiums written in India reached Rs 5,78,000 crore ($82.8 billion) in FY19, with , Rs 4,08,000 crore ($58.5 billion) from life insurance and Rs 1,69,000 crore ($24.3 billion) from non-life insurance. Enabling policy reforms, increasing adoption of technology, positive demographics changes and education have contributed to this growth. Going forward, the Indian insurance industry is expected to continue growing at a strong clip, reaching a market size of Rs 19,56,920 crore ($280 billion) by FY2020. The insurance industry is critical to the economic development and growth of a country. It boosts risk taking while at the same time securing growth. Additionally, since the assets under management of insurance companies represent long-term capital, they also act as a pool in which to invest in long-term projects such as infrastructure development.