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Trends of Microinsurance in India
Aug 2010, Mukherjee, P.
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Developing a strategic perspective towards microinsurance
This Focus Note aims to capture the overall trends in the Indian microinsurance industry.
In recent years, India has achieved an insurance density of US$46.6 and an insurance penetration of 4.7 percent. Yet, 90 percent of the Indian population, and 88 percent of the Indian workforce are still excluded from any kind of insurance cover. Microfinance in India has largely been driven by credit products, and microinsurance has remained a secondary choice for financial inclusion. Recently, however, the following important developments have taken place in the Indian microinsurance sector:
- Evolution of microinsurance legislation;
- Development of life microinsurance, health microinsurance and various kinds of agricultural insurance.
India’s microinsurance sector continues to be driven by supply-led interventions. Moreover, insurance providers still seek government subsidies and donor funding to achieve financial viability rather than designing market-led, sustainable schemes. Hence, a strategic perspective towards microinsurance together with innovations in technology and assessment of client demand holds the key to the future of microinsurance in India.
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