India's insurance penetration declines for second consecutive fiscal year

India's insurance penetration dipped to 3.7% in FY24. Life insurance penetration declined to 2.8%, while non-life insurance remained at 1%. Global insurance penetration rose to 7% in 2023. Life insurance premium income grew 6.1%, led by the private sector. Non-life insurance saw a 12.8% increase, driven by health and motor insurance.