At 3.7%, insurance penetration a cause for concern
Despite making improvements in the last two decades, the performance of the insurance sector is still way below than in other Asian economies.
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Despite making improvements in the last two decades, the performance of the insurance sector is still way below than in other Asian economies. This was revealed by the recently-released Economic Survey. Two key indicators – Insurance Penetration and Insurance Density – used to assess the performance and potential of the insurance peg India’s growth much below Malaysia, Thailand, and China.
According to the survey, insurance penetration in India increased to 3.76 per cent in 2019 from the 2.71 per cent in 2001. However, it was much lower than Malaysia, Thailand, and China’s, which clocked 4.72, 4.99 and 4.30 per cent, respectively in 2019.