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India's insurance penetration, premium per person up marginally in FY18: Swiss Re

The report said that India was still reeling under the impact of demonetisation and the GST tax reform

July 06, 2018 / 21:15 IST
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The share of insurance premiums in India’s gross domestic product (called insurance penetration) saw a marginal increase to 3.69 percent in FY18 from 3.49 percent a year ago. According to the Swiss Re sigma report, insurance density or premium per person stood at $73 for FY18 versus $59.7 in the previous year.

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Among segments, life insurance penetration rose slightly from 2.72 percent in FY17 to 2.76 percent in FY18. Non-life penetration was at 0.93 percent in FY18 compared to 0.77 percent a year ago.

This is, however, much lower than the global average. The world average for insurance penetration is 6.13 percent while world average insurance density is $650. While the government schemes have aided a growth in the insurance penetration and density, India’s numbers are much lower than the Asian average too.