India, April 23 -- The Government of India has issued a release:
Key Takeways
Insurance penetration is defined as gross premiums written for direct life and non-life insurance business as a percentage of GDP.
The two main types of Insurance:
Growth of Insurance Premium
FY 2020-21
FY 2024-25
Growth
Total Premium Income
8.30
11.90
43.37 %
Life insurance premiums
6.30
8.86
40.63%
Non-Life insurance premiums
2.02
3.10
53.46%
An insurance premium is the amount paid by an individual or business to obtain an insurance policy. The premium varies across policyholders, as it is determined by several influencing factors, such as age, area of residence, nature of employment, medical ail...