Maharashtra, Tamil Nadu lead states pack in insurance penetration

Maharashtra and Tamil Nadu have retained their top two positions in terms of general insurance premium collection and penetration, while Karnataka has replaced Gujarat at the third place in 2014-15 fiscal.

According to the data from General Insurance Council, Maharashtra was at top with total premium collection of Rs19,336 crore and insurance penetration of 1.15 per cent. Tamil Nadu was second with premium collection of Rs 8,238 crore while insurance penetration was at 0.84 per cent.

Karnataka toppled Gujarat in 2014-15 in terms of general insurance penetration. The penetration in Karnataka stood at 0.98 per cent against Gujarat’s 0.71 per cent.

Gujarat with a premium collection of Rs 6,306 crore lost it out to Karnataka, with a premium income of Rs 6,847 crore, as the third largest non-life insurance market for the reporting period.

This is also against the fact that the Karnataka economy at Rs 7,02,131 crore in 2014-15 was smaller than of Gujarat’s which stood at Rs 8,85,000 crore.