India’s life insurance density is $46.5 and general insurance density is $13.2
Despite the fact that insurance is a necessity, many Indians largely value it as an optional product, which they tend to easily ignore. Considering the growing emphasis on financial inclusion in the country, things might change in the future. We spoke to some experts to understand how micro-insurance can help improve insurance penetration.
Insurance is one of the most vital sectors in India’s financial inclusion plan and yet it is one of the most ignored product lines in the country. According to the Economic Survey 2018, the insurance penetration or the ratio of premium underwritten to the GDP was 3.49 percent in 2016-17 while other Asian countries such as China and Malaysia had higher insurance penetration rate of 4.77 percent while Thailand boosted of 5.42 percent. On the other side, India’s life insurance density is $46.5 and general insurance density is $13.2 as against a global average of $353 and $285.3, respectively. These numbers only speak of the immense potential of the insurance sector, which is why IBEF notes that the segment is expected to reach $280 billion by 2020 – but why is it lagging behind currently
This story is from the September 2018 edition of Entrepreneur magazine.
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This story is from the September 2018 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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