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.
