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India ranks among the world’s top ten insurance markets and is the second largest among emerging markets and developing economies.
It also compared India to BRICS nations (Brazil, Russia, India, China, and South Africa), which currently has 10 countries and is a forum for cooperation among a group of leading emerging economies, says a report released by International Monetary Fund (IMF).
IMF has published its country report on India, providing insights on the countries insurance sector, among other financial institutions. The data is as on March 2023.
India’s insurance penetration is similar to most of them, except for South Africa, which has a significantly higher insurance per capita rate compared to other countries. Compared to neighboring countries like Pakistan, India’s insurance penetration is much higher.
However, India still lags behind advanced East Asian markets like Singapore, Malaysia, and Thailand.
|
Country |
Life Insurance Penetration (In %) |
Life Insurance (Per Capita in USD) |
Non-Life Insurance Penetration (In %) |
Non-Life Insurance (Per Capita in USD) |
Total Insurance Penetration (In %) |
Total (Per Capita in USD) |
|
South Africa |
2.7 |
614 |
8.6 |
149 |
11.3 |
764 |
|
Singapore |
7.4 |
6,074 |
1.8 |
1,152 |
9.2 |
7,563 |
|
Thailand |
3.4 |
235 |
1.9 |
134 |
5.3 |
369 |
|
Malaysia |
3.7 |
432 |
1.3 |
159 |
5 |
592 |
|
Brazil |
2.1 |
184 |
1.9 |
168 |
4 |
352 |
|
India |
3 |
70 |
1 |
22 |
4 |
92 |
|
China |
2 |
255 |
1.9 |
234 |
3.9 |
489 |
|
Saudi Arabia |
0.1 |
14 |
1.2 |
393 |
1.3 |
407 |
|
Iran |
0.2 |
8 |
1 |
40 |
1.2 |
48 |
|
Russia |
0.3 |
47 |
0.6 |
87 |
0.9 |
134 |
|
Pakistan |
0.6 |
8 |
0.2 |
4 |
0.8 |
12 |
|
Egypt |
0.3 |
15 |
0.3 |
14 |
0.6 |
29 |
The IMF also said that in terms of penetration of AUM of insurance, pension and mutual funds with respect to GDP, India has done well among other BRICS nations.
Let’s look at the data here:
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