However, the report also pegged the GWP potential to be Rs 4.8 lakh crore by 2025 if higher penetration level is achieved during this period.
Currently, market size of general insurance is at Rs 70,000 crore from Rs 12,000 crore top line industry in 2001-02.
The report, which provided three scenarios of growth figures for the industry, also noted that the industry would require Rs 10,000-Rs 15,000 crore of capital infusion in case higher GWP of Rs 4.8 lakh crore was achieved by 2025.
"In this scenario (Rs 4.8 lakh crore of GWP by 2025), the additional capital infusion will be Rs 10,000-15,000 crore primarily driven by significantly higher volume and growth," the report said.
The FICCI report also said that rapid increase in healthcare spend and formalisation and corporatisation would lead to new opportunities in this space.
In the corporate segment; globalisation, organised retail and infra speding will translate into significant opportunities for the sector, especially in the SME segment.
However, it pointed towards risks arising from volatile and uncertain macroeconomic environment in the near-term along with talent crunch in the industry.