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Select Year
Year
Life
% of GDP
Non Life
% of GDP
| Year | Total | Life | Non Life |
|---|---|---|---|
| 2001-02 | 2.71 | 2.15 | 0.56 |
| 2002-03 | 3.26 | 2.59 | 0.67 |
| 2003-04 | 2.88 | 2.26 | 0.62 |
| 2004-05 | 3.17 | 2.53 | 0.64 |
| 2005-06 | 3.14 | 2.53 | 0.61 |
| 2006-07 | 4.8 | 4.1 | 0.6 |
| 2007-08 | 4.7 | 4 | 0.6 |
| 2008-09 | 4.6 | 4 | 0.6 |
| 2009-10 | 5.2 | 4.6 | 0.6 |
| 2010-11 | 5.1 | 4.4 | 0.71 |
| 2011-12 | 4.1 | 3.4 | 0.7 |
| 2012-13 | 3.96 | 3.17 | 0.78 |
| 2013-14 | 3.9 | 3.1 | 0.8 |
| 2014-15 | 3.3 | 2.6 | 0.7 |
| 2015-16 | 3.44 | 2.72 | 0.72 |
| 2016-17 | 3.49 | 2.72 | 0.77 |
| 2017-18 | 3.69 | 2.76 | 0.93 |
| 2018-19 | 3.7 | 2.74 | 0.97 |
| 2019-20 | 3.76 | 2.82 | 0.94 |
| 2020-21 | 4.2 | 3.2 | 1 |
| 2021-22 | 4.2 | 3.2 | 1 |
| 2022-23 | 4 | 3 | 1 |
| 2023-24 | 3.7 | 2.8 | 1 |
Insurance penetration demonstrates a country's constant progress in the insurance sector. In simple words, insurance penetration is the ratio of premium collected (in US dollars) to GDP (in US dollars).
The overall insurance penetration in India (2023-24) stands at 3.7 wherein the life insurance category accounts for 2.8 and the non-life category accounts for 1.
In 2024, IRDAI and GIC launched several initiatives including Bima ASBA, and Bima Trinity (Sugam, Vahaak, and Vistar) to generate insurance awareness and penetration in India. These moves by the governing bodies are taking India towards 'Insurance For All By 2047'.