General insurance penetration in India FY 2014-2023

Published by Sandhya Keelery, Aug 30, 2024

The insurance penetration across India at the end of the financial year 2023 stood at one percent.  Compared to the global average of four percent, India's insurance penetration is significantly low. Insurance penetration is the ratio of insurance premiums to the gross domestic product of the country.

General insurance penetration across India from financial year 2014 to 2023

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Release date

May 2024

Region

India

Survey time period

FY 2014 to FY 2023

Supplementary notes

India's financial year begins in April and ends in March. For example, FY 2023 started in April 2022 and ended in March 2023.

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