The COVID-19 pandemic has resulted in increased insurance penetration in India, according to data from Swiss Re.
The global reinsurer’s sigma report on world insurance indicated that India’s insurance penetration grew from 3.76% in FY20 to 4.2% in FY21. Both life and non-life insurance segments registered increases in the 12-month period, Times of India reported.
Life insurance penetration improved from 2.8% to 3.2%, while non-life penetration increased from 0.94% to 1%.
The COVID-19 crisis, particularly the deadly Delta variant wave that swept through India around May, has driven demand for medical and life insurance. Swiss Re’s survey showed that between