Insurance penetration, expressed as a percentage of GDP (at current prices) has increased from 0.68 in 2014-15 to 0.98 in 2023-24. (Economic figures were revised using 2013-14 as the base year which has led to recalibration of Insurance penetration figures.) 

Chart 1.2.1Insurance Penetration

Source: RBI: Gross Domestic Product (current prices)
Council Compilation: Gross Domestic Premium Income