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.