General insurance penetration, expressed as a percentage of Gross Domestic Product (GDP), has moved from 0.70 in 2011-12 to 0.73 in 2012-13.
The maiden yearbook on Indian Non-Life Insurance Industry by General Insurance Council said that insurance density (per capita spend on insurance) has increased to Rs 571 in 2012-13 from Rs 158 in 2003-04. Insurance penetration was 0.62 in 2003-04.
In terms of premiums, the Gross Direct Premium Income (GDPI) has grown from Rs 17,357 crore in 2003-04 to Rs 69,070 crore in 2012-13. Motor insurance segment accounts for the largest share of GDPI (46%), followed by health insurance (26%) and property (fire and engineering) insurance (14%).
With respect to the number of employees in the industry, the yearbook said that while the average number of employees per office has decreased from 17 in 2003-04 to 12 in 2012-13, the average number of policies handled per office has increased from 10,420 to 13,635 during the same period. Among the channels of distribution, individual agents followed by direct business contributed the maximum percentage of total GDPI.
Though motor insurance has been growing at a healthy pace, the yearbook showed that less than half of the total two wheelers and taxis plying on Indian roads are insured. As of March 31, 2011, only 27% of registered two wheelers, 29% of registered taxis and 73% private cars, were insured. This is despite the fact that third-party motor insurance (covering the liability of third party during accidents and other incidents) is mandatory in India.
The maiden yearbook on Indian Non-Life Insurance Industry by General Insurance Council said that insurance density (per capita spend on insurance) has increased to Rs 571 in 2012-13 from Rs 158 in 2003-04. Insurance penetration was 0.62 in 2003-04.
In terms of premiums, the Gross Direct Premium Income (GDPI) has grown from Rs 17,357 crore in 2003-04 to Rs 69,070 crore in 2012-13. Motor insurance segment accounts for the largest share of GDPI (46%), followed by health insurance (26%) and property (fire and engineering) insurance (14%).
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During this period, the number of policies issued by the industry have seen a big jump. It increased from 47.7 million in 2003-04 to 109.5 million in 2013-13. In the four-year period ending 2012-13, the number of customer complaints decreased by 58% from 186,615 to 78,927.
With respect to the number of employees in the industry, the yearbook said that while the average number of employees per office has decreased from 17 in 2003-04 to 12 in 2012-13, the average number of policies handled per office has increased from 10,420 to 13,635 during the same period. Among the channels of distribution, individual agents followed by direct business contributed the maximum percentage of total GDPI.
Though motor insurance has been growing at a healthy pace, the yearbook showed that less than half of the total two wheelers and taxis plying on Indian roads are insured. As of March 31, 2011, only 27% of registered two wheelers, 29% of registered taxis and 73% private cars, were insured. This is despite the fact that third-party motor insurance (covering the liability of third party during accidents and other incidents) is mandatory in India.