The General Insurance (GI) Council is eying a 2.5% non-life insurance penetration by 2030 along with a target of premium collection of Rs 4 lakh crore by FY25. Presently the premium collection is standing at Rs 2 lakh crore.
In FY19, non-life penetration stood at 0.97%. GI Council has also launched an awareness and education campaign – Faayde Ki Baat.
Though the penetration (non-life) in this period has increased from about 0.5% of GDP (in 2000) to ~1% of GDP (presently), this is far below the Asian penetration of 1.85% and global penetration of 2.8% to GDP.
AV Girija Kumar, Chairman, GI Council, said, “The idea is to help deepen the reach of personal lines of business of non-life insurers and focus on smaller towns.”
