annual report 2009-10 - IRDA

ANNUAL REPORT 2009-10TABLE 2INSURANCE PENETRATION AND DENSITY IN INDIALife Non-Life IndustryYear Density Penetration Density Penetration Density Penetration(USD) (% age) (USD) (% age) (USD) (% age)2001 9.1 2.15 2.4 0.56 11.5 2.712002 11.7 2.59 3.0 0.67 14.7 3.262003 12.9 2.26 3.5 0.62 16.4 2.882004 15.7 2.53 4.0 0.64 19.7 3.172005 18.3 2.53 4.4 0.61 22.7 3.142006 33.2 4.10 5.2 0.60 38.4 4.802007 40.4 4.00 6.2 0.60 46.6 4.702008 41.2 4.00 6.2 0.60 47.4 4.602009 47.7 4.60 6.7 0.60 54.3 5.20Insurance density is measured as ratio of premium (in US Dollar) to total population.Insurance penetration is measured as ratio of premium (in US Dollars) to GDP (in US Dollars).Source: Swiss Re, Various Issues.I.2.9 The insurance density of life insurance sectorhad gone up from USD 9.1 in 2001 to USD 47.7 in2009. Similarly, insurance penetration of life sectorhad gone up from 2.15 per cent in 2001 to 4.60 percent in 2009.I.2.10 The penetration of non-life insurance sector inthe country remains near-constant for the last 9 yearsat around 0.60 per cent. However, there is a marginalincrease in density, which has increased from USD2.4 in 2001 to USD 6.7 in 2009.13