United India Insurance officials at an industry summit argued that insurance penetration in India remains very low even while the real estate sector grows. The key figures shared were under 1% non-life (general) insurance penetration and around 2.7% life insurance penetration. The officials linked low penetration to limited public awareness—especially awareness of home insurance—and described insurance as a trust-based financial risk transfer mechanism.
What happened (summit claims and product details)
United India Insurance officials said awareness and demand for insurance, including home insurance, have not kept pace with real estate growth. The officials also described how insurance operations and sales channels work in practice.
Key points shared by United India Insurance at the summit
The summit discussion included the following points:
Insurance penetration remains very low: non-life (general) insurance penetration is under 1%, and life insurance is around 2.7%.Urban presence is visible but awareness is limited: insurance is seen in urban areas and is connected with large projects such as infrastructure and industrial plants, but awareness of home insurance among the general public is still limited.Product range: United India Insurance said it offers over 200 retail and commercial insurance products, including home, cyber, health, event, and wedding insurance.Expansion channels: the officials said expansion happens through micro-offices, insurance agents, and brokers.Insurance for All by 2047: the officials referenced the Insurance Regulatory and Development Authority of India’s initiative “Insurance for All by 2047”.