National Insurance Awareness Day is annually observed on 28th June to raise awareness about Insurance which offers a layer of protection to guard in various situations and about the benefits of investing in an insurance plan. The day also serves as a reminder to people to check if all their insurance payments (or renewals) are up to date.
Insurance is a legal agreement (financial tool) between two parties – the insurer (Insurance Company/provider) and the insured (Policy holder), also known as insurance coverage or insurance policy, in which the insurer provides financial coverage for the losses of the insured that s/he may bear under certain circumstances.
Evolution of Insurance in India:
Note: The minimum paid-up equity capital of insurance companies is Rs.100 Crore. If the application is made for the business of Reinsurance, there must be documentary evidence proving that the paidup capital of the business is at least Rs. 200 crore.
i. As per the Economic Survey 2022-23 released on January 31, 2023, the Insurance penetration in India has risen from 2.7% (in 2000) to 4.2% (in 2020) and was 3.2% in 2021.
Note: Insurance penetration is measured as the percentage of insurance premiums to Gross Domestic Product (GDP)
ii. In 2021, the total global insurance premiums rose by 3.4% in real terms, with the non-life insurance sector witnessing a 2.6% rise.
iii. In the life insurance segment, global premium growth registered a projection of 4.5%.
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