The insurance sector is in its 17th year after the sector was opened to private players. While it has undergone a sea change in terms of growth and new products, many old issues remain.
Penetration
Insurance penetration, measured as a percentage of premiums to a country's gross domestic product, which had been continuously dropping between 2010 and 2014, picked up slightly in calendar 2015. However, at 3.44%, the penetration figure is the second lowest since 2005-06.
