Question
What is the approximate contribution of the non-life
insurance sector to India’s GDP?Solution
• The non-life insurance sector in India contributes around 1% of GDP (FY2022 and FY2023 data). • In comparison, life insurance has a larger share, around 3.2% of GDP, making it the dominant segment in insurance penetration. • Globally, the average non-life insurance penetration is about 4%, so India’s 1% indicates room for growth in this sector. • Despite being smaller than life insurance, the non-life sector is stable and vital to India’s financial system.
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