Press Information Bureau
Government of India
Ministry of Finance

26-August-2011 17:25 IST

Growth in Insurance Sector

  The annual average growth of life insurance industry in terms of total insurance premium is 17.18% for the period 2007-08 to 2010-11.The annual average growth of general insurance industry in terms of Gross Direct Premium is 15.92% for the period 2007-08 to 2010-11.

  The growth in insurance sector is internationally measured in terms of insurance penetration (percentage of insurance premium to Gross Domestic Product) and insurance density (per capita premium determined in US$) of Indian insurance industry.  The details are as under:

                               Insurance Penetration (Premium as % of GDP)

                             Insurance Density (Premium per capita in INR)

      

  Note:  Insurance density is converted to INR(1 US$ = 45.7695 INR).

  Source:  IRDA

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Lok Sabha today.

 

DSM/SS/sl

Insurance penetration and density rise, indicating strengthened premium mobilization and expanded per capita insurance coverage across life and non life. The release reports strong average premium growth in life and general insurance for 2007-08 to 2010-11 and highlights insurance penetration (premium/GDP) and insurance density (per capita premium) as the principal metrics. IRDA data for 2005-2009 show increasing penetration and higher per capita premiums across total, life and non life categories, signaling expanded premium mobilization and broader per head insurance coverage.