Liberalizing India’s Insurance Sector: Challenges and Opportunities

In comparison with BRICS economies (and developed countries), India lags in terms of insurance penetration and density.India’sinsurancedensityin2017is$73,whereasSingapore’sdensityis$4,749andtheUS’insurancedensityis$6,706.Globally, India’s share in the insurance market was 2.0 per cent during 2017. India isranked 10th among the 88 countriesin the life insurance business and 15th in global non-life insurance markets.