In 2012, it was at 14th position.
The study showed insurance penetration in India fell to 3.9 per cent in 2013 compared to four per cent in 2012.
India’s life insurance penetration was 3.1 per cent, while in non-life insurance it was 0.8 per cent.
Insurance density stood at $52 (about Rs 3,120) compared to $53 (about Rs 3,180) in 2012.
In the world average too, both insurance penetration and density saw a fall.
Globally, premiums written in the global insurance industry grew by 1.4 per cent in real terms to $4,641 billion in 2013 after a 2.5 per cent increase in 2012, said its latest sigma study.
Insurance penetration refers to premiums as a percentage of GDP, whereas insurance density (measured in $) refers to per capita premium or premium per person.
The slowdown was primarily due to weakness in the life sector in advanced markets.
Global life premiums were up only 0.7 per cent in 2013, with weak sales in North America and the advanced Asian markets offsetting a strong performance in Western Europe, Oceania and most emerging markets.
Non-life premiums grew by 2.3 per cent, also less than the previous year, as growth slowed in the advanced and emerging markets.
Overall profitability in the life and non-life sectors improved, despite
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