Page 521 - ES 2020-21_Volume-1-2 [28-01-21]

148 Economic Survey 2020-21 Volume 1

and 3.88 per cent for the non-life segment in 2019. Although the penetration is lower in India for
both, it is particularly low for Non-life insurance as compared to other countries (Figure 17).

4.52 The insurance density in India which was US$ 11.5 in 2001 reached to approximately US$
78 in 2019. The comparative figures for Malaysia, Thailand and China in 2019 were much higher
at US$ 536, US$ 389 and US$ 430 respectively. Density for Life insurance is US$ 58 and Non-
Life insurance is much lower at US$ 19 in 2019 in India (Table 12 and 13). Globally insurance
density was US$ 379 for the life segment and US$ 439 for the non-life segment respectively
in 2019. United States has particularly high insurance density in the Non-life category. India
has extremely low insurance penetration as compared to global average and other comparable
countries (Figure 18).
Table 12: Penetration and Density in Life Insurance

Particulars 2013 2014 2015 2016 2017 2018 2019

Insurance Penetration (in percent) 3.10 2.60 2.72 2.72 2.76 2.74 2.82
Insurance Density (in USD) 41.0 44.0 43.2 46.5 55.0 55.0 58.0

Source: SwissRe, Sigma various issues
Table 13: Penetration and Density in Non-Life Insurance

Particulars 2013 2014 2015 2016 2017 2018 2019
Insurance Penetration (in percent) 0.80 0.70 0.72 0.77 0.93 0.97 0.94

Insurance Density (in US$) 11.0 11.0 12.0 13.2 18.0 19.0 19.0

Source: SwissRe, Sigma various issues
Figure 17: Insurance Penetration in 2019 (in per cent)

Source: SwissRe, Sigma various issues
Note: # Data relates to financial year