Insurance industry: Hits and misses

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After more than a decade of being opened up, the insurance industry and its stakeholders have come a long way. But all is not well with the industry. While India is ranked 10th among 88 countries in the global life insurance business and 19th in the global non-life insurance business, the country's insurance penetration is only four per cent of GDP, while its insurance density is $53.20 per capita.

The macroeconomic situation has slowed overall growth in the business, but players are betting on long-term products and increasing awareness about insurance among customers to be game-changers