Analytical Study of General Insurance in India

Abstract

There is a striking difference between developed and developing nations in terms of general insurance penetration and density. It was highest for United States in 2008. It was very closely followed by Switzerland. In fact, General insurance density and penetration both has always been high for these two countries. In this way, these two countries can be regarded as the world leader in general insurance industry. General insurance penetration has not shown much change over the years. For developed countries the average General insurance penetration for 2008 was 3.40 while that of developing nations was just 2.90. Also, there have been no major changes in these values since 2001.  Among developing countries, South Africa and Taiwan are fast gaining momentum. Russia is also a close competitor in terms of general insurance penetration. In the Indian sub-continent, it is Sri Lanka that has shown the maximum general insurance penetration and density. India is the next in the rank.