India to boost general insurance industry

The government along with the industry will prepare a road map for improving penetration of the general insurance in the country, which is less than one per cent, a senior official said. “The general insurance penetration rate is low. It is 0.7 per cent. The road map is to be prepared by all of us”, Financial Services Secretary D K Mittal said. He was speaking to reporters after meeting of the representatives of the general insurance industry with Finance Minister P Chidambaram. The basic agenda of the meeting was to work out ways to increase penetration of non-life insurance and promote financial inclusion. From Gulftoday