In 2019, over 80 percent of vehicles (excluding two wheelers) in India were covered under motor insurance. Thereby, the motor insurance segment enjoys the highest penetration within the insurance sector of the country. In contrast, 28 percent of adults had a life insurance and 32 percent of lives were covered under an individual, group, or governmental health insurance.
An emerging segment was the crop insurance, which reported a penetration of 27 percent of land in relation to the total cultivated land in 2018. This development was supported by the Pradhan Mantri Fasal Bima Yojana (PMFBY), a government scheme founded in 2016.
Insurance penetration in India in 2018 and 2019, by segment
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BCG. (February 19, 2021). Insurance penetration in India in 2018 and 2019, by segment [Graph]. In Statista. Retrieved November 13, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1222748/india-insurance-penetration-by-segment/
BCG. "Insurance penetration in India in 2018 and 2019, by segment." Chart. February 19, 2021. Statista. Accessed November 13, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1222748/india-insurance-penetration-by-segment/
BCG. (2021). Insurance penetration in India in 2018 and 2019, by segment. Statista. Statista Inc.. Accessed: November 13, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1222748/india-insurance-penetration-by-segment/
BCG. "Insurance Penetration in India in 2018 and 2019, by Segment." Statista, Statista Inc., 19 Feb 2021, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1222748/india-insurance-penetration-by-segment/
BCG, Insurance penetration in India in 2018 and 2019, by segment Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1222748/india-insurance-penetration-by-segment/ (last visited November 13, 2024)
Insurance penetration in India in 2018 and 2019, by segment [Graph], BCG, February 19, 2021. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1222748/india-insurance-penetration-by-segment/
