New Delhi, May 29 -- Union finance minister Nirmala Sitharaman on Wednesday directed public sector general insurance companies to ensure wider financial protection through more innovative products as general insurance penetration in India remains low at 1% of GDP compared to a global average of 4.2% in 2023. Insurance density has, however, improved steadily, increasing from $9 in 2019 to $25 in 2023, a finance ministry statement said. Sitharaman was chairing the review meeting of public sector general insurance companies (PSGICs) in New Delhi. The finance minister emphasised urgent need for digital transformation across PSGICs to improve service delivery and efficiency. This includes the adoption of AI-driven claim settlement systems, parti...