Irdai said in 2023-24, the country's insurance penetration was at 3.7% per cent as compared to 4% in 2022-23.
The insurance penetration for the life insurance industry marginally declined from 3% in the previous year to 2.8 % during 2023-24.
The insurance penetration for the life insurance industry marginally declined from 3% in the previous year to 2.8 % during 2023-24.
The penetration with respect to the non-life insurance industry remained the same at 1% during 2023-24 as in 2022-23.
There were 26 life insurers, 25 general insurers, eight standalone health insurers, 12 reinsurers and foreign reinsurance branches, and two specialised insurers, registered as on March 31, 2024.
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