Insurance penetration in India 2018-2019, by segment

Published by Sandhya Keelery, Aug 30, 2024
In 2019, over 80 percent of vehicles (excluding two wheelers) in India were covered under motor insurance. Thereby, the motor insurance segment enjoys the highest penetration within the insurance sector of the country. In contrast, 28 percent of adults had a life insurance and 32 percent of lives were covered under an individual, group, or governmental health insurance.
An emerging segment was the crop insurance, which reported a penetration of 27 percent of land in relation to the total cultivated land in 2018. This development was supported by the Pradhan Mantri Fasal Bima Yojana (PMFBY), a government scheme founded in 2016.

Insurance penetration in India in 2018 and 2019, by segment

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Release date

February 2021

Region

India

Survey time period

2018 and 2019

Special properties

* excluding two-wheelers.

Supplementary notes

Data on life, health, and motor insurance as of 2019. Data on property and crop insurance as of 2018.

Penetration as number of lives/things covered in relation to total number of adults or things.

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