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Insurance density, along with insurance penetration, is a key measure used to assess the level of development of a country’s insurance sector. It is the ratio of premiums collected by insurance companies to the population of the country. Written usually in dollar terms, it refers to the premium per capital. India’s insurance density in 2021 is $91 ($69 for life insurance and $22 for general), which is lower than the global average of $874. In terms of life and general insurance coverage, India still lags behind advanced economies such as the US and Canada, Advanced EMEA (Europe, Middle East and Africa) and Advanced Asia Pacific (Japan, Korea, Australia, New Zealand, Singapore and Taiwan).
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