Insurance Regulatory and Development Authority of India (IRDAI): Annual Report for 2018-19 released
Part of: GS Prelims and GS Mains III- Economy
- 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.