Explanation:

• India has extremely low insurance penetration as compared to global average and other comparable countries.
• In India, Insurance penetration which was 2.71 per cent in 2001 has steadily increased to 3.76 per cent in 2019. 
• In contrast, insurance penetration in Asia, i.e., Malaysia, Thailand and China was 4.72, 4.99 and 4.30 per cent respectively in 2019. 
• As of 2019, the penetration for Life insurance in India is 2.82 per cent, the penetration for Non-Life insurance is much at 0.94 per cent. 
• Globally insurance penetration was 3.35 per cent for the life segment and 3.88 per cent for the non-life segment in 2019. Although the penetration is lower in India for both, it is particularly low for Non-life insurance as compared to other countries.