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.

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