The total insurance penetration, which is the ratio of insurance premium as a percentage of GDP, has increased from 2.32 in 2000-01 to 5.10 in 2010-11, according to IRDA. Life insurance penetration in 2010-11 was 4.40, whereas the non-life insurance penetration has increased from 0.60 in 2009-10 to 0.71 in 2010-11.
As far as the conventional plans of Life Insurance policies are concerned, there is a growth of 11 per cent in policies and 22 per cent in premium according to the Minister of State for Finance.
The Indian health insurance market accounted for 3.2 per cent of the overall insurance industry in 2011-2012. Key factors driving the growth of the health insurance sector are rising healthcare expenditure, increasing disposable income and the rise in the number of people with affluent lifestyles. Though the health insurance market is currently dominated by public-sector companies, the top six private health insurance companies increased their cumulative market share from 17.2 per cent to 29.1 per cent during 2007 to 2011.