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Monetary Management and Financial Intermediation 145

insurance. Globally, insurance penetration was 3.3 per cent for the life segment and 4.1 per cent
for the non-life segment in 2020.

Table 15: Penetration and Density in Life Insurance in India

Particulars 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Insurance
Penetration 3.40 3.17 3.10 2.60 2.72 2.72 2.76 2.74 2.82 3.20
Insurance Density 49.0 42.7 41.0 44.0 43.2 46.5 55.0 55.0 58.0 59.0
Source: SwissRe, Sigma various issues
Note: Insurance Penetration in per cent and Insurance Density in US$

Table 16: Penetration and Density in Non-Life Insurance in India

Particulars 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Insurance 0.70 0.78 0.80 0.70 0.72 0.77 0.93 0.97 0.94 1.00
Penetration
Insurance Density 10.0 10.5 11.0 11.0 12.0 13.2 18.0 19.0 20.0 19.0
Source: SwissRe, Sigma various issues
Note: Insurance Penetration in per cent and Insurance Density in US$

4.48 The insurance density in India increased from $11.5 in 2001 to $78 in 2020. In 2020,
density for Life insurance in India is $59 and Non-Life insurance is $19, much lower than global
standards. Globally, insurance density was $360 for the life segment and $449 for the non-life
segment respectively in 2020 (Table 17 and 18).

Table 17: International Comparison of Insurance Penetration (in per cent)
2019 2020
S.No. Country*
Life Non-Life Total Life Non-Life Total
America

1 USA 2.9 8.5 11.4 3.0 9.0 12.0
2 Canada 3.1 4.6 7.7 3.5 5.2 8.7
3 Brazil 2.3 1.8 4.0 2.3 1.8 4.1
4 Mexico 1.1 1.3 2.4 1.2 1.4 2.6
Europe-Middle East-Africa
5 France 6.0 3.2 9.2 5.1 3.5 8.6
6 Germany 2.6 3.7 6.3 2.8 4.0 6.8

7 Italy 6.2 2.2 8.3 6.3 2.3 8.6
8 Netherlands 1.6 7.6 9.2 1.5 8.1 9.6
9 Spain 2.2 2.9 5.1 1.9 3.2 5.2
10 Sweden 5.4 1.8 7.2 5.8 1.8 7.6
11 Switzerland 4.3 4.1 8.4 4.3 4.1 8.4
12 UK 8.0 2.3 10.3 8.8 2.3 11.1