Insurance penetration inches up but stays much below global average: Eco Survey

Insurance penetration inches up but stays much below global average: Eco Survey
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India’s insurance penetration, which was at 2.71% in 2001, has steadily increased to 3.76% in 2019, but stayed much below the global average of 7.23%, stated the Economic Survey for 2020-21 released on Friday. The survey also highlighted that the penetration in India was particularly low for the non-life segment.
Insurance penetration is calculated as the percentage of insurance premium to the GDP.
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