Insurance penetration in India is low, particularly for general insurance, which includes motor, health, property and liability covers. General insurance is colloquially referred to as non-life, a reflection of its poor-cousin status compared to the larger life insurance sector. It is important, however, that more people buy general insurance. People buy less general insurance because they don’t know where to buy from, products are not adequately tailored to their needs, and regulation does not require them to buy these insurance covers compulsorily. In China, motor insurance, professional indemnity, health insurance, public liability insurance, work-related injury insurance and environment liability covers are mandatory for segments most exposed to these risks.

Source: Mint April 15, 2018 21:11 UTC