Insurance penetration in India at 3.9 per cent was below the world average of 6.3 per cent in 2013, the Parliament was informed recently. Minister of State for Finance Jayant Sinha said the level of insurance penetration depends on a number of factors like, level of economic development of the country, the extent of savings in financial instruments, and the size and reach of the insurance sector.
In relation to BRICS countries, India’s insurance penetration was better than China and Russia, but well below South Africa, and only a tad lower than Brazil.
