The total penetration of insurance (premium as percentage of GDP) has increased to 5.2 per cent in 2011 from 2.3 per cent in 2001, said the report titled `India Insurance ? Turning 10, Going on 20`.
In addition, there has been a surge in insurance coverage due to availability of more products like better term plan, ULIPs, whole life, maximum NAV guarantee, auto assistance, disease management and wellness, it said.
The number of life policies had increased nearly 12- fold over the past decade and health insurance nearly 25?fold.
Progress has been made with emergence of multiple channels like bancassurance, broking, corporate agency, direct and auto dealers to complement the existing third party agency and in?house salaried sales force, ICICI Prudential Life Insurance Managing Director and CEO Sandeep Bakhshi said.
Along with the emergence of multiple channels, the distribution reach has also gone up, nearly 6?fold for life, and 1.5 times for non?life, evolving the Indian market from a monopoly to a competitive one, he said.