GIC 2021 Descriptive Paper | Model / Sample Essay |Increasing Insurance Penetration

Model essay GIC 2021

Model Essay on Increasing Insurance Penetration


Insurance Penetration means ‘Insurance Sector Development’ within a country. It is calculated as percentage of insurance premium to GDP. The penetration takes place in two segments which are non-life insurance segment and life insurance segment. As per report in financial year 2018, the non-life insurance segment was 0.94% and the life insurance segment was 2.82%. Both private and public insurance companies could penetrate 3.76% of the entire population of India as per the report in 2019. This figure is poorer than that of Malaysia, Thailand and China the penetration of which is 4.72, 4.99 and 4.30 percent respectively. On the international … to read more kindly click here