Level of insurance penetration to increase in India – what’s the effect...

Level of insurance penetration to increase in India – what’s the effect on the GIS industry?

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I've previously written about the importance of 'location' in the insurance industry so you'll be possibly interested in this new development which will increase the amount of insurance purchased in India, and therefore impact on GIS usage.

The Indian Reserve Bank (central bank) have now agreed after a 2 year discussion that Indian banks can enter the insurance market, either as bancassurers or as agents.

The move looks set to increase the level of insurance penetration in India.

Insurance penetration in India stood at 3.96 per cent of gross domestic product in 2012, down from 4.10 per cent in 2011 (Compared to UK 13%.LATAM 2.9%,

Read more here 'RBI allows banks to sell multiple insurance products as brokers'