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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 |
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 (2022-23) stands at 4 wherein the life insurance category accounts for 3 and the non-life category accounts for 1. According to the IRDAI report India ranks at 25th position globally as compared to our neighbors in the Asia Pacific region with Taiwan leading with 11.4 (global rank 18), South Korea at 11.1 (global rank 19), and Singapore at 9.2 (global rank 20) respectively. India; needs rigorous insurance awareness to reach the 7% global average of insurance penetration.