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Insurance Regulatory and Development Authority of India (IRDAI): Annual Report for 2018-19 released

  • IASbaba
  • December 23, 2019
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Insurance Regulatory and Development Authority of India (IRDAI): Annual Report for 2018-19 released

Part of: GS Prelims and GS Mains III- Economy

In News

  • Some of the highlights of the released report are:
  • Life insurance penetration for 2018 was 2.74%, slightly lower than the 2.76% of 2017. Insurance penetration is measured as the ratio of premium (in US$) to GDP (in US$).
  •  Life insurance penetration increased from 2.15% in 2001 to 4.60% in 2009, and has thereafter showed a generally decreasing trend.
  • The insurance density of the life insurance sector in 2018 was $55 (same as previous year). Insurance density is measured as the ratio of premium (in US dollars) to the total population

Do You Know?

  • The IRDAI is an autonomous, statutory body established under Insurance Regulatory and Development Authority Act, 1999
  • It is tasked with regulating and promoting the insurance and re-insurance industries in India.
  • Its headquarters is in Hyderabad, Telangana and is a 10-member body including the chairman, five full-time and four part-time members appointed by the government of India.

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