Insurance penetration stays low as operating costs rise faster than premiums: McKinsey
India's insurance penetration is at 3.7 per cent of GDP, which is below the global average. While life insurance premiums grew, the number of individual policies sold declined in recent years. The Insurance Regulatory and Development Authority of India is examining changes to improve affordability and transparency in distribution costs. Constraints on insurance growth now relate more to product relevance and trust rather than access.
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