Agency: According to Swiss Re’s latest Sigma report on global insurance, India’s insurance penetration reached 4.2 percent in the FY ended March 31, 2021, as compared to 3.76 percent in the previous FY.
The insurance penetration is calculated on the basis of the total contribution of insurance sector to the GDP.
In the FY ended March 31, 2021, access to life insurance was 3.20 percent while access to non-life insurance was 1 percent.In the previous FY, access to insurance was 2.82 percent for life and 0.94 percent for non-life respectively.
The average insurance coverage in the global insurance market is 7.40 percent, of which 3.30 percent is for life and 4.1 percent for non-life.
According to the Sigma report of Switzerland, India remains the 11th largest insurance market in the world.The insurance premium earning of Indian insurance industry is $108 billions.
China stands at second position in the global ranking with the premium earning of $655 billions.