Low Insurance Penetration
- Insurance penetration is measured by Premium as a percentage of GDP.
- We will come to know about the potential when we compare the difference in penetration level in India with other countries of the world.
Life Insurance Penetration for the year 2013-14
|
Country
|
Penetration (%)
|
|
Taiwan
|
14.50
|
|
South Africa
|
12.70
|
|
Hong Kong
|
11.70
|
|
Japan
|
8.80
|
|
United Kingdom
|
8.80
|
|
Finland
|
8.70
|
|
South Korea
|
7.50
|
|
Denmark
|
6.90
|
|
Switzerland
|
5.30
|
|
Singapore
|
4.40
|
|
India
|
3.10
|
Source: Swiss Re, Sigma 03/2014
The penetration level in India for the year 2013-14 is about 21% of Taiwan, 24%
of South Africa and 26% of Hong Kong. The above figures show that there is tremendous
potential available in India to match the figures of Asian and other countries of
the world.
