Insurance in India likely to cross 4% this year

Mumbai February 16: Government s policy of insuring the uninsured has gradually pushed insurance penetration in the country and proliferation of insurance schemes are expected to catapult this key ratio beyond 4% mark by the end of this year, reveals the ASSOCHAM.Despite the gentle rise in insurance penetration which is the percentage of insurance premium with reference to the Gross Domestic Product (GDP), it is still far below the global average, according to the paper titled Insurance penetration in India, by the Associated Chamber of Commerce and Industry of India (ASSOCHAM).The insurance penetration has started its northward journey is evident from the fact that it has increased from 3.3% in 2014 to 3.44% in 2015 on the back of various insurance schemes launched by the government, adds Assocham.