New Delhi, Jan 29 - Crop, motor and health insurance policies majorly enabled the non-life insurance sector to log 33% growth in 2016-17, the Economic Survey 2017-18 said on Monday.
According to the Survey, tabled in Parliament on Monday by Finance Minister Arun Jaitley, during 2016-17, the Gross Direct Premium (GDP) of non-life insurers (within India) was Rs 130.97,000 crore, registering 33% growth (highest ever since 2000-01).
Crop insurance, motor sales, health insurance and others helped the industry report this growth.
On the other hand, the life insurance industry recorded a premium income of Rs 418,000 crore as against Rs 367,000 crore in the previous financial year, registering a growth of 14.04%, the Survey said.
As regards the spread of insurance in the country, the Survey said the insurance penetration which was 2.71% in 2001, increased to 3.49% in 2016 (life 2.72% and general or non-life 0.77%).
Insurance penetration is defined as the ratio of premium underwritten in a given year to the gross domestic product (GDP).
The insurance density in India, which was $11.5 in 2001, has increased to $59.7 in 2016 (life 46.5 and general 13.2).
Insurance density is defined as the ratio of premium underwritten in a given year to the total population (measured in US$ for convenience of international comparison), the Survey said.