Growth and Development of Insurance in India

The Indian industry has seen sea change activities after economic liberalisation in Insurance sector in India. The changes brought new insurance companies, new products, price differentiation, and improvement in claim settlement, broken the monopoly of government companies and policy holders are protected by statue. The performance of Insurance companies has been improved in terms of premium and claim settlement. It has also created job opportunities in insurance sector. The economic reforms in Indian Insurance are really to be a boon for the Industry. The business of most of the insurance companies has been increasing significantly in the last ten years. The overall performances of all the private insurance companies are very satisfactory and they need to continue this pace to penetrate their market more and more Opening of the market and insurance sector for the private and foreign players has definitely brought in noticeable changes in the insurance industries in India. It has challenged the hegemony of LIC in life insurance and the GIC and its subsidiaries in the non-life insurance sector. Against this backdrop present per purports to examine the growth and development of insurance sector in India.