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PSU insurance cos should make more products to improve reach
Hindustan Times Noida
|May 29, 2025
Union finance minister Nirmala Sitharaman on Wednesday directed public sector general insurance companies to ensure wider financial protection through more innovative products as general insurance penetration in India remains low at 1% of GDP compared to a global average of 4.2% in 2023.
NEW DELHI:
Insurance density has, however, improved steadily, increasing from $9 in 2019 to $25 in 2023, a finance ministry statement said.
Sitharaman was chairing the review meeting of public sector general insurance companies (PSGICs) in New Delhi.
The finance minister emphasized the urgent need for digital transformation across PSGICs to improve service delivery and efficiency.
This story is from the May 29, 2025 edition of Hindustan Times Noida.
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