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Insurance Sector In India

Insurance is one of the fund based financial services which provides risk coverage facilities to the human beings. Realising the vast potential in Indian market, foreign insurance companies started entering into India and even banking organisations (SBI, ICICI, etc.) also showed much interest in insurance business, this is being attributed to global technology and conversions of services as a result of which Indian Insurance market registered highest growth in the Asian region even though Indian’s share of global insurance premium is less 0.5% (1998) than that of US 24.2 percent and Japan 21 percent.

The private players from India and abroad are well aware that only 25 percent of the insurable population have been covered by insurance by existing companies which includes that Indian insurance market has potential enough to exploit. In this process IRDA has so for granted registration for 12 private life insurance companies and 9 general insurance. If the existing public sector insurance companies are included, there are currently 14 insurance companies in the life side and 13 companies in general insurance business.

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Insurance sectors in India has been classified into Public Sector Insurance and Private Sector Insurance.

The Public sector Insurance consists of the Life Insurance and General Insurance.

The Life Insurance consists of the Life Insurance Corporation Of India (LIC) and the Postal Life Insurance while the General Insurance consists of the National Insurance, New India Assurance Corporation, Oriental Fire And General Insurance Corporation and the United India Insurance Corporation.

Also, the Private Sector Insurance in India consists of the Life Insurance and the General Insurance.

Insurance Sector In India Insurance Sector In India Reviewed by Blog Editor on Saturday, December 02, 2017 Rating: 5

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