September 30, 2011
The insurance sector in India has completed all the facets of competition –from being an open competitive market to being nationalized and then getting back to the form of a liberalized market once again. The history of the insurance sector in India reveals that it has witnessed complete dynamism for the past two centuries approximately. http://www.bharatbook.com/detail.asp?id=210211&rt=Insurance-Products-in-India.html
The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries. ” market analysis reports ”
The concept of insurance is intimately related to security. Insurance acts as a protective shield against risk and future uncertainties. Traditionally, a risk-averse behavior has been a characteristic feature of Indians who preferred a low & certain disposable income to a high & uncertain one.
Insurance is a federal subject in India. The insurance sector has gone through a number of phases and changes. Since 1999, when the government opened up the insurance sector by allowing private companies to solicit insurance and also allowing foreign direct investment of up to 26%, the insurance sector has been a booming market. However, the largest life-insurance company in India is still owned by the government.
With the advent of a host of liberalization measures taken up by the Government of India in 1991, the insurance sector has expanded radically. The issue of licenses to private companies is seen as a major cause of such an expansion. It activated healthy competition between the various players (both public and private) who started emerging with new policies and ideas. Travel Insurance is a product of such a situation.
India insurance is a flourishing industry, with several national and international players competing and growing at rapid rates. Thanks to reforms and the easing of policy regulations, the Indian insurance sector been allowed to flourish, and as Indians become more familiar with different insurance products, this growth can only increase, with the period from 2010 – 2015 projected to be the ‘Golden Age’ for the Indian insurance industry.
Table of Contents:
Insurance in India
Insurance Regulatory and Development Authority – IRDA
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