Country-Wise Insurance Penetration Data (2010-2018)
The dynamic graph shows the Insurance penetration data over the years for the selected country. The data provides the penetration rate for both life and non-life insurance.
Last updated on 08-07-2020
Year
Country
Total
Life
Non Life
2010
India
5.1
4.4
0.7
2011
India
4.1
3.4
0.7
2012
India
4
3.2
0.8
2013
India
3.9
3.1
0.8
2014
India
3.3
2.6
0.7
2015
India
3.4
2.7
0.7
2016
India
3.49
2.72
0.77
2017
India
3.69
2.76
0.93
2018
India
3.71
2.74
0.97
Last updated on 08-07-2020
Insurance Penetration - Analysis For Developing Countries
Insurance penetration is the ratio between the gross insurance premium in $US and GDP in $US for the same period. It tells us about the contribution of the insurance industry in the country’s GDP.
To get a view on India’s insurance penetration position, we compare it with other developing nations like Brazil, South Africa, Russia, Malaysia, Pakistan, PR China, Sri Lanka and Thailand.
By comparing the GDP of these countries and the penetration ratio, we can compare the overall position of the insurance industry. It seems that South Africa has a relatively higher insurance penetration (12.98% in 2018), but GDP remains low throughout as compared to other countries.
The reasons for low penetration in these nations is mainly due to the mobilisation of funds in savings, capital market etc and there is low income, high inflation and lack of awareness.
Growth in GDP of Pakistan and Sri Lanka was more than that of Russia but the insurance penetration remained below Russia.
Brazil, on the other hand, has the lowest growth in GDP. Still, its insurance penetration is high than other developing nations.
