India, World’s Top Ranked Country in Terms of Life Insurance Density: WEF

The World Economic Forum (WEF) in its latest report reveals that, India is the world’s top ranked country in terms of life insurance density.

The WEF report shows that, India ranked 40th in terms of overall financial development globally, but it is better than many other larger economies like United States, United Kingdom, Japan and China in case of life insurance density.

According to WEF, India is followed by China, Japan, US and UK among the top-five countries in case of life insurance density. While in case of non-life insurance density, India ranked 3rd after China & United States and it is ahead of countries such as Germany, France, Japan and the UK.

With the increase in household incomes, Indian insurance sector is expected to see a substantial growth in 2012. A recent empirical research of WEF has found that, there is a strong positive relationship between development in insurance sector and the economic growth of a country.

Source: The Economic Times