India's insurance penetration drops to 3.7% of GDP in FY24

India's insurance penetration fell to 3.7% of GDP in FY24, down from 4.2% during the Covid peak. Life insurance penetration decreased to 2.8%, while non-life insurance remained steady at 1%. Despite the decline in penetration, per capita premium rose slightly from $92 to $95. The life insurance sector grew by 6.1% in premium income, while non-life insurance saw a 12.8% increase, driven by health and motor insurance. The insurance industry's total investments reached Rs 67.6 lakh crore, up 12.6% from the previous year. Public sector insurers held a 69.5% share, while private insurers accounted for 30.5%.