Cheer up India and cheer up, insurance industry. In the life insurance markets, India has gone up from 10th position to 9th position in the ranking.

Life insurance Industry comes a long way since its completive entry in the year 2000. At that moment, India was at the 20th position and accounted for only 0.5 percent of the world premium.

In this ten-year-journey of progress, its share has increased to 2.4 percent. And, in the meantime, India overtakes the countries like, Spain, the Netherlands, Switzerland, Sweden, Belgium, Ireland, Australia and Canada.

Even, in just one year, the global premiums rise up by 1.1 percent to $4.06 trillion - an improvement over 2008 when global premiums shrank 3.6 percent. While in 2009 life premiums fell 2 percent to $2.33 trillion, non-life premiums remained flat at $1.73 trillion.

If it’s to be believed Swiss Re, insurance grew faster than GDP in most countries. The credit and stock markets already recovered in 2009. Now, it’s the time for the insurance industry to restore its capital base.

According to the report by Swiss Re, India’s life insurance industry grew 10 percent to Rs. 2,73,604 crore (inflation adjusted). Whereas United States that has seen the biggest drop in market share and the premium has come down to 21 percent from 29 percent in the last ten years.