Life insurance penetration dipped in 2007: Economic Survey

Chennai: Life insurance penetration in India dipped in 2007, first time since the sector was opened up for private players a decade ago, said the country's Economic Survey for 2008-09 released here Thursday.

"The life insurance penetration in India increased from 1.77 percent in 2000 to 4.1 percent in 2006, before declining to 4 percent in 2007," the survey tabled in parliament by Finance Minister Pranab Mukherjee said.

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Similarly the general insurance penetration rose from 0.55 percent in 2000 to 0.6 percent in 2006. It remained at the same level in 2007, the survey said.

It added that the total premium underwritten by the industry in the life segment grew from 156,076 crore in 2006-07 to 223,053 crore in 2008-09.

The life insurance density, which is premium per capita, stood at $40.4 in 2007 as against $33.2 in 2006 and $7.6 in 2000, the survey added.
Source: IANS