Sentences with phrase «insurance penetration»
Insurance penetration refers to the overall percentage of people or businesses in a particular area or population that have insurance coverage. In simple terms, it measures the extent to which insurance is being used within a society. For example, if 70% of the population has some type of insurance, then the insurance penetration rate would be 70%. Full definition
The measure of insurance penetration and density reflects the level of development of the sector.
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There also lies a significant opportunity to improve insurance penetration from its current level of 3.4 % *.
With insurance penetration being very low in the country, our scheme has the potential to empower society through financial security.
The global average insurance penetration is 6.5 per cent and this brings a lot of hope for the Indian insurance companies.
While areas like cattle insurance are seeing good demand in rural areas, dog insurance penetration has been about one to two per cent, according to industry players.
When the sector started, it (insurance penetration in the country) was less than 2 %.
The depth of insurance penetration is dependent on several factors like economic development, savings, and size of the insurance sector.
The purpose of introducing such a product is to give access to life insurance to a larger section of the society, thereby increasing insurance penetration in India.
Insurance penetration level in India stands at 3.9 %, which is below the world average of 6.3 %.
China presents a major opportunity for global insurers as the rapidly growing economy opens up amid low insurance penetration rates, said Manulife's president and CEO.
In his speech, Vijayan said the aim of the project is to ensure that insurance penetration goes up in rural areas.
In its 2012 - 13 annual report, Irda said insurance penetration stood at 3.96 per cent, while insurance density was $ 53.2 for 2012.
India is better than China and Russia in insurance penetration as per the BRICS report, but well below South Africa and little behind Brazil.
The progress in the general insurance industry has kept pace with the nation's nominal gross domestic product (GDP), leading to general insurance penetration staying constant in the range of 0.55 - 0.75 % over the last 10 years.
While insurance penetration is measured as the percentage of insurance premium (in $) to GDP (in $), insurance density is calculated as the ratio of premium (in $) to total population.
Over 25 insurance companies offer over a 100 health plans and yet India stands at a dismal rate of about 18 % when it comes to health insurance penetration.
To increase awareness and deepen insurance penetration, the government should launch a «Jan Bima Yojana» on the lines of a similar programme launched for banking, Insurance Regulatory and Development Authority (Irda) Chairman T S Vijayan said on Monday.
Regulator Irdai has proposed changes in fire and allied policy covers to increase insurance penetration for dwellings, offices, hotels and shops
MTN Ghana has launched «aYo Recharge with Care» to boost insurance penetration among informal workers.
«Economic growth, including greater concentrations of people and wealth in periled areas and rising insurance penetration,» the climate panel noted, «is the most important driver of increasing losses.»
* But Swiss Re says overall insurance penetration in India (percentage of premiums to gross domestic product), which was surging consistently till 2009, has been seeing a gradual decline.
According to the sigma study from global reinsurer Swiss Re, India's insurance penetration fell to 3.3 % in FY15, compared to 3.9 % in FY14.
Those of you who are completely reliant on corporate medical insurance should pay attention to the findings of the Micro, Small and Medium Enterprises (MSME) group medical insurance penetration in India report.
The Indian life insurance penetration surged from 2.15 per cent in 2001 to 4.60 per cent in 2009.
We welcome the finance minister's emphasis on increasing insurance penetration through health insurance and other non-life insurance products.
Yesterday, the Reserve Bank allowed banks to act as brokers for insurers, set up their own subsidiaries and also undertake referral services for multiple companies with the objective to raise insurance penetration in the country.
While poor insurance penetration & insufficient life coverage is prevalent in India, offering tax - benefits for term insurance would be helpful in creating insurance demand would end up in building a strong social security layer for the individuals.
At the same time, insurance penetration across India needs to be improved.
Absence of awareness about insurance, low levels of financial literacy and less number of district level private insurers is what IRDA accounts the low numbers of non-life insurance penetration to.
These measures will surely help higher insurance penetration and aims at providing a safety net of pension scheme to all Indians.
Company officials said that according to estimates insurance penetration is very low and the situation is much worse for pure term
Why is insurance penetration so low?
The ratio of insurance penetration measured as a ratio of premium to gross domestic product (GDP) is about only 3.1 percent of the life insurance for the general insurance in 2013.
On the National Healthcare Protection Scheme proposed in the recently concluded Union Budget 2018 - 19, Srinivasan said, «the new scheme is a game changer and will contribute to insurance penetration going up in a big way.
Launching the scheme, Ravi Vishwanath, Deputy CEO of Tata AIA Life, said «The launch of Navkalyan Yojana will further strengthen our commitment to deepen life insurance penetration in the country and «make Good happen'to economically vulnerable members of the society.»
The primary aim of this scheme is to increase insurance penetration in India and offer financial security to the poor.
For instance, India, counted among the countries with the lowest general insurance penetration and density has a comparatively lower literacy rate (73 %) compared to that of US (99.0 %) and UK (99.0 %).
Numerous senior citizens in India lack the resources to finance treatment which is called as Low Insurance Penetration.
With the help of the data derived from IRDA report 2011 - 12, we tried to delineate where do we stand as a country in terms of insurance penetration and insurance density.
Life insurance penetration in India is about 4.4 percent of the country's gross domestic product in terms of total premiums underwritten annually, according to the insurance regulator.
Global weather - related losses in recent years have been trending upward much faster than population, inflation, or insurance penetration, and faster than non-weather-related events
Insurance penetration, measured as a percentage of premiums to a country's gross domestic product (GDP), has been on a constant drop in India.
* Economic Survey says that the insurance penetration in India has grown from 2.3 per cent (with life 1.8 per cent and non-life 0.7 per cent) in 2000 to 3.9 per cent (life at 3.1 per cent and non-life at 0.8 per cent) in 2013
Insurance companies are gearing up to sell a record number of 30 crore policies through the Pradhan Mantri Suraksha Bima Yojana (PMSBY) this year to increase the insurance penetration level in the country.
Even as motor, home, travel and personal accident covers are increasingly turning indispensible, the fact remains that the insurance penetration level of 0.7 per cent in India is among the lowest in the world.
* Emerging markets like Brazil and China have life insurance penetration of 2.2 (estimated) and 1.6 (provisional) respectively