Insurance industry: Saviour for all

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Updated: August 12, 2016 12:07:38 PM

While the share of life insurance in household financial savings has declined over the last four years...

While the share of life insurance in household financial savings has declined over the last four years — from a peak of 2.9% of GDP in FY10
to 1.7% in FY14 — the industry still contributes significantly to government financing. It has subscribed to around 20% of outstanding government securities and helped deepen the capital markets — the insurance industry accounts for 8% of total market capitalisation of the National Stock Exchange. The government is also keen on increasing insurance penetration, as evident from the insurance cover provided as part of the Pradhan Mantri Jan Dhan Yojana and the range of new insurance insurance schemes announced in this year’s Budget.

 

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