IRDAI Annual Report 2022-23: India’s Insurance Penetration Drops to 4% in 2022-23

Current Context: According to the IRDAI Annual Report 2022-23, India's insurance penetration dropped to 4% in 2022-23. This is a slight decrease from the 4.2% reported in the previous year.

• The report also highlights several other key findings, including:
• The life insurance industry continued to dominate the market, accounting for 72% of total gross premium income.
• The non-life insurance industry grew at a faster pace than the life insurance industry, with a growth rate of 14.2% compared to 9.3%.
• Health insurance was the fastest-growing segment of the non-life insurance industry, with a growth rate of 25.3%.

Question:

Q.1 What was the insurance penetration rate in India in 2022-23?
a. 3%
b. 4%
c. 5%
d. 6%