Life insurance spending up 5.4 times since liberalisation

Insurance premiums as a percentage of GDP stands at 4.1%, comparable with the US at 4%

The average Indian now spends 5.4 times as much on life insurance compared with seven years ago when the industry had yet to be opened up for private participation. The finding was revealed in the course of an insurance roundtable discussion organised by the Life Insurance Council, the apex body of the life insurance companies.