Aggressive moves in general insurance

The non-life insurance industry has registered an impressive 16% compounded annual growth rate in the past 10 years, much higher than India’s gross domestic product (GDP) growth rate. The share of non-life insurance premium to total insurance premium has accordingly risen to 21% compared to 18% a decade ago. But penetration as a percentage of GDP remains low at 0.8%. Considering the penetration levels in other BRIC nations (Brazil, 1.7%; and China, 1.3%), India has a lot of ground to cover. This increase is important not only for this industry—research shows that there is a robust causal relationship between insurance penetration and economic growth.

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