IRDA member decries low penetration of general insurance

The low penetration of general insurance companies is a major concern, said M Ramaprasad, member, Insurance Regulatory and Development Authority.

Speaking at a meeting organised by the National Insurance Academy, Pune, he said the non-life penetration was 0.7 per cent of the gross domestic product, a very low number. “The stagnant rate of penetration in non-life insurance is an issue,” he said. Read more