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NEW DELHI: SBI General Insurance has launched an awareness campaign on road safety, aiming to bring in behavioural changes towards road safety.

The company said there were over 1.51 lakh accident-related deaths in India in 2019 as per a report. This, it added, was an alarming number that raised concerns and it is imperative people follow traffic rules and regulations to avoid accidents.

The insurance firm said it will create awareness through a series of comic strips, short videos and stickers. The campaign kick-started earlier this week and will run till 17 January, marking the Road Safety Awareness Week in India.

Shefali Khalsa, head of brand and corporate communications, said, the campaign intends to spread awareness about road safety by engaging with millions of Indians through digital platforms. The purpose of the campaign is to encourage people to exercise caution on roads and adhere to traffic rules.

According to the India Brand Equity Foundation, a government export promotion agency for the distribution of and sale of Indian products internationally, in India, the overall market size of insurance was estimated at $280 billion in 2020. The life insurance industry is expected to expand at a CAGR of 5.3% between 2019 and 2023 and the country's insurance penetration was pegged at about 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%. In terms of insurance density, the country's overall density stood at $78 in FY21.

In the first half of FY22, the life insurance industry recorded a growth of 5.8% compared with 0.8% in the same period last year. In September 2021, new premiums of life insurers registered 22.2% growth in September 2021, up from 2.9% in September 2020.

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