<ul><li>India's insurance penetration has continued to decline, falling to 4% in 2022-23 from 4.2% in 2021-22.</li><li>However, insurance density in India has seen a slight increase, reaching $95 in 2023-24 compared to $92 in the previous year.</li><li>Non-life insurance density rose from $22 to $25, while life insurance density remained stable at $70.</li><li>Despite this slight improvement, India still lags behind the global average of 7% insurance penetration and $889 insurance density.</li></ul>

India’s insurance penetration dips, but density inches up

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