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A Study On The Growth Of Indian Insurance Sector
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Book Synopsis A Study on the Growth of Indian Insurance Sector by : N. Kannan
Download or read book A Study on the Growth of Indian Insurance Sector written by N. Kannan and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalisation) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts. With such a large population and the untapped market area of this population Insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20 per cent annually. Together with banking services, it adds about 7 per cent to the country's GDP .In spite of all this growth the statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without Life insurance cover and the Health insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation “Malhotra Committee” was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was Participation of overseas insurance companies with 26% capital. Creating a more efficient and competitive financialsystem suitable for the requirements of the economy was the main idea behind this reform. Since then the insurance industry has gone through many sea changes .The competition LIC started facing from these companies were threatening to the existence of LIC .since the liberalization of the industry the insurance industry has never looked back and today stand as the one of the most competitive and exploring industry in India. The entry of the private players and the increased use of the new distribution are in the limelight today. The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run.
Book Synopsis Indian Life and Health Insurance Industry by : Novi Dewan
Download or read book Indian Life and Health Insurance Industry written by Novi Dewan and published by Springer Science & Business Media. This book was released on 2008-08-29 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: Novi Dewan establishes a status quo of the Indian health and life insurance industry and discusses the best practices for various elements of the marketing mix. She complements secondary research with recent empirical data accentuating the emerging opportunities and challenges in the Indian Insurance Industry by using standardized interviews with opinion leaders and CEOs of several insurers.
Book Synopsis BI Growth in Indian Insurance Sector by : Prithvi Yadav
Download or read book BI Growth in Indian Insurance Sector written by Prithvi Yadav and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The insurance industry is now witnessing new competition in the market (such as risk management, branding, fraud, ROI, operational efficiency, etc.), due to which, insurers find themselves fighting in a larger battlefield. In this competitive world a successful insurer would be the one who is intelligent enough to have the foresight of the market and builds strategies to gain an edge over the competitors. A large pool of customers, increasing per capita income and low insurance penetration in developing countries such as China, India, Brazil, Thailand, make these insurance markets potential high growth candidates. In today's increasingly competitive business environment, Business Intelligence (BI) solution acts as a key factor. To stay ahead of the competition insurance companies require the ability to predict and also respond to the trends in the marketplace. This paper attempts to understand the challenges faced by the Indian insurance industry in view of the presence of multinational insurance companies in India which are equipped with up-to-date BI tools. BI tools applied on data collected from local insurance companies reveal that customer-oriented approach has been lacking. At the same, Indian companies are showing readiness to catch up with the BI era in order to move along with multinational companies. The current study shows the potentiality of the Indian insurance market in context of the global market and the case study applies some BI tools (Decision Tree Analysis and Multinomial Logistic Regression) on the data of an insurance company, availed by a local agent. The results generated by the tools have been validated by comparing them, and thus, it is shown that these tools are much appropriate for analysis of insurance data in a BI environment.
Book Synopsis The Life Insurance Industry in India by : Tapas Kumar Parida
Download or read book The Life Insurance Industry in India written by Tapas Kumar Parida and published by Springer. This book was released on 2016-12-28 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book traces the development and analyses the performance of life insurance industry in India, since inception of this sector, using different business indicators over the years. It discusses the evolution and changing features of the Indian insurance industry in 3 phases: phase I from 1818 to 1956, phase II from 1956 to 2000 (known as the nationalisation period) and phase III post 2000 (called the post reform period). The book also measures the relative efficiency and productivity of the life insurance industry in India for the post-reform period, by employing Data Envelopment Analysis (DEA). Despite the fact that the life insurance sector recorded a compound annual growth rate (CAGR) of 17% in terms of total premiums and 21% in terms of new business premium collections during the post reform period, the insurers continue to grapple with the issue of profitability. Against this background, the book presents results on the factors determining profitability of the life insurance companies using measures of efficiency and competition. By helping regulatory authorities determine the future course of action in the context of entry of foreign insurers and also in establishing a level playing field, the book has important policy implications.
Book Synopsis A Study of Growth of Indian Insurance Industry by : Dr. Renu V.
Download or read book A Study of Growth of Indian Insurance Industry written by Dr. Renu V. and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Having large population and the untapped market of this population, insurance happens to be a very big opportunity in India. Indian Insurance Industry is growing at the rate of 15-20 percent annually. Together with banking services, it contributes about 7% to the country's GDP. However, the penetration of the insurance in the country is very poor compare to other countries. This is an indicator that growth potential for the insurance sector is immense in India. Insurance Industry has now become one of the most competitive and exploring industry in India. With the opening up of the Indian economy, several international leaders in the insurance sector are trying to venture into the Indian insurance industry. The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run. The present paper discusses about the growth of Indian Industry in recent years. It also throws light on the challenges faced by them and suggests measures to meet these challenges.
Book Synopsis An Empirical Study of Investment Pattern of Indian Insurance Companies: A Case Study of Public and Private Insurance Companies by : Dr Manish Dadhich
Download or read book An Empirical Study of Investment Pattern of Indian Insurance Companies: A Case Study of Public and Private Insurance Companies written by Dr Manish Dadhich and published by Book Rivers. This book was released on 2022-05-24 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The perception of college teachers towards life insurance. A case study by : Dr. Balasaheb Chavan
Download or read book The perception of college teachers towards life insurance. A case study written by Dr. Balasaheb Chavan and published by GRIN Verlag. This book was released on 2020-11-10 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (postgraduate) from the year 2020 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: A, , course: Minor Research, language: English, abstract: This study is necessary to understand the position of insurance sector in Latur district and perception of the general public towards insurance industry and its products as compared to other parts of Maharashtra. People residing in rural and urban area; view differently for the same service that has been provided by the insurance company. This difference of thinking or attitude is due to their income level, standard of living, education, knowledge about industry etc. People irrespective of living in any area can have any type of insurance products or service, but generally rural people look towards insurance as investment and urban as protection or safeguard against loss to life or property. So the rural people believe in such product which will give them lump sum amount at the maturity of the policy. But the urban people believe that insurance should protect them or their family after any bad or unfortunate incident happens with them. It means that the Ϯςͮ Minor Research Project / Dr. B. T. Chavan urban people use to take such insurance policies which will provide huge lump sum amount after the loss to life to the remaining family members. Latur district is situated in the south eastern part of Marathwada region of Maharashtra state. Insurance generally operates on the premise of uncertain future and as such its promotion and development depends mostly on the ability of insurers in assessing the real uncertainties of life of the insured. Insurance provides payment for unexpected losses to individual’s family and business firms, allowing their activities to continue smoothly despite unfavorable and unfortunate events. An insurer’s reputation is evaluated mainly on his ability to fulfill his promise when the insured needs it. The life insurance industry also plays an important role in the mobilization of household and corporate savings and promoting investment activity. This industry provides for efficient and productive allocation of capital resources, thus facilitates growth and development of an economy. The life insurance industry in India, with LIC and 23 private sector players, has been playing a major role in performing some insurance functions of Society.
Book Synopsis Growth And Performance Of General Insurance Sector In India by : Fredrick Odoyo
Download or read book Growth And Performance Of General Insurance Sector In India written by Fredrick Odoyo and published by LAP Lambert Academic Publishing. This book was released on 2012-06 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present study pertains to analysis and projection of growth and performance of General Insurance Sector in India. The major focus of the study is to evaluate the role of the Government in regulating the insurance industry and on the growth and performance and marketing strategies. The analysis revealed that the general Insurance penetration in India is very low as compared to international standards in general and in rural sector in particular. Liberalization of this sector has contributed a lot of opportunities for the growth of the rural market. The study found that the employees of the private sector insurance companies are more acquainted with the application of information and communication system than those from public sector firms, and consumers have less choice of products in the absence of tailor-made products to suit different categories of people. The private sector insurance companies are more cost-effective. The study will contribute to enhance the present knowledge in the field of insurance. The study recommends that the insurance regulatory and development authority should give more thrust on quality, service and discipline by insurers and related agencies.
Book Synopsis The Study of Trends in Life Insurance Sector and Growth of ULIPs in India by : Mrunal Joshi
Download or read book The Study of Trends in Life Insurance Sector and Growth of ULIPs in India written by Mrunal Joshi and published by . This book was released on 2015 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently continuous increasing in the contribution of Service Sector in GDP of Indian Economy, Life Insurance Sector is one of most important sector playing its role in the growth of Indian Economy. As Globalisation and Liberalisation has open the doors for foreign companies to enter in to this sector in India, of course through joint venture only, they have identified the potential of the Indian market. Thus numbers of new private companies have started their business in Life Insurance Sector and still numbers of companies are preparing to enter into this sector. IRDA is playing its crucial role in managing all this efficiently in interest of general public.In this scenario, Life Insurance sector has also faced downward growth rate as global melt down during year 2008-09. But now near about all problems have been settled in India and India's insurance sector is zooming to show an unprecedented progressive growth of more than 200% by the period of 2009-10. As Indian Stock market has also achieved stable growth in last more than six months, investment avenues based on it are also performing well afterwards. ULIPs have also shown its increased market-share, in the total insurance business. ULIPs are also well managed by IRDA well, even in terms of ceiling of total charges charged by Insurance companies. IRDA has established detailed guidelines with explanation of the terms used in it. Finally we can say about ULIPs that its performance can be identified by its NAV and its growth, which could be the important variable for the investors for their investment decision.
Book Synopsis Growth of Indian Insurance Industry in the Era of Liberalization by : Venkata Sai Srinivasa Rao Muramalla
Download or read book Growth of Indian Insurance Industry in the Era of Liberalization written by Venkata Sai Srinivasa Rao Muramalla and published by . This book was released on 2020 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: The insurance sector is one of the most promising sectors in India. Overall premiums sustained an average growth rate of 10.62 per cent during the period after liberalization of the sector in 1999 till 2009. This was one of the most steady growth patterns witnessed among emerging economies in Asian as well as global insurance markets. Higher per capita income, domestic savings and availability of more instruments for parking surplus funds has been facilitating the growth in the activities of insurance sector in India. Indian insurance industry with the largest number of life insurance policies in force in the world, the penetration of insurance as a percentage of GDP stood at 5.2 per cent as of March 2009 as against 1.2 per cent in 2000. In the light of these developments in the insurance industry, this paper signifies the issues of growth of Indian insurance sector particularly in the post-liberalization era.
Book Synopsis An Empirical Analysis of Life Insurance Industry in India by : Harpreet Singh Bedi
Download or read book An Empirical Analysis of Life Insurance Industry in India written by Harpreet Singh Bedi and published by . This book was released on 2014 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since inception the Indian life insurance industry passed through many hurdles and hindrances in order to attain the present status. However, the income earning capacity, eagerness and awareness of the general public are the key determinants of the growth of any insurance industry. In the Indian context, the insurance habits among the general public during the independence decade was rare but there was a remarkable improvement in the Indian insurance industry soon after the economic reform era (1991) due to healthy competition from many national as well as international private insurance players. In this paper attempt has been made to analyse the overall performance of Life Insurance Industry of India between pre- and post economic reform era. To measure the current status, volume of competitions and challenges faced by the Life Insurance Corporation of India and to measure the effectiveness of investment strategy of LIC over the period 1980 to 2009. Data were analysed by using T test and Anova. The study reveals that there is a tremendous growth in the performance of Indian Life Insurance industry and LIC due to the policy of LPG. Insurance industry also improved a lot due to the emergence of Private sector and opening up for foreign players. Further there is also a huge change in the investment pattern of LIC. There is a increasing trend toward the investment in Stock market by LIC from 60% to 93% from 1980 to 2009 due to the effective regulation of SEBI and increasing transparency of stock market.
Book Synopsis India's Insurance Sector: Challenges and Opportunities by : Saon Ray
Download or read book India's Insurance Sector: Challenges and Opportunities written by Saon Ray and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: India's insurance sector has been growing dynamically in the last couple of years. Despite the suite of reforms that have been implemented to stoke the sector's growth, it still has a long way to go, as its share in the global insurance market remains abysmally low. In this paper, we analyse the Indian insurance sector and trace its evolution and growth. We also identify the key challenges facing the sector. As underlined in the paper, low penetration and density rates, less investment in insurance products, the dominant position of public sector insurers and their deteriorating financial health are some of the challenges facing the sector. Since India's economic growth depends on how shock-absorbent India's economy is, addressing these challenges assumes importance for developing a sound insurance sector.
Download or read book Indian Insurance written by H. Narayanan and published by . This book was released on 2006 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: Enthused And Encouraged By The Exemplary Success Of Life Insurance Corporation Of India The Government Of India In The Early 1970S Decided To Bring In The General Insurance Industry Also Into The Vortex Of A Nationalised Setup To Provide Comprehensive Insurance Security To The People Of India.How Effectively And Substantially Life Insurance Corporation Of India And The Four Nationalised General Insurance Companies, The Holding Companies Of General Insurance Corporation Of India, Contributed To Redesigning The Socio-Economic Fabric Of Modern India Is A Part Of The Post Independent Economic History Of India.Though These Two Organisations Have Interlaced And Intertwined Their Destiny With That Of India, The Preference Shift In The Indian Markets, New Realities Of The Global Economic Order, And Demands Arising Out Of Multilateral Trade Agreements Have All Left India With No Option Other Than Throwing Open Its Economic And Commercial Policies To Global Competition And Challenges.
Book Synopsis The Indian Insurance Industry by : Tapen Sinha
Download or read book The Indian Insurance Industry written by Tapen Sinha and published by . This book was released on 2004 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Product Portfolio Trends in Indian General Insurance Industry by : Manjit Singh
Download or read book Product Portfolio Trends in Indian General Insurance Industry written by Manjit Singh and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalization has made a profound impact on the Indian insurance industry and has resulted in an overall increase in the awareness of the insuring public about the wide range and choice of insurance products and their prices offered by the competing insurers in the market. Several new and innovative products have been designed, developed and introduced into the market, particularly by private players. All these favorable conditions for the insurance sector, need an evaluation of trends in the product portfolio, to examine the growth and development in the insurance sector in the post-liberalization period. The study aims at examining the emerging trends of each product portfolio in the public sector and the private sector general insurance companies in the post-liberalization era to identify the gaps and to make suggestions to general insurance companies to increase spread penetration by improving their product portfolio performance. The study concludes that the Indian general insurance industry lacks balanced product portfolio performance, as the companies emphasize only few portfolios like motor, fire, health, etc., where the need of the hour is to have a balanced portfolio performance to sustain general insurance penetration. So, the general insurance companies should market their entire portfolio to achieve balanced portfolio performance and increased insurance penetration.
Book Synopsis Does Insurance Development Promote Economic Growth? Evidence from India by : CFA Chopra (Monika)
Download or read book Does Insurance Development Promote Economic Growth? Evidence from India written by CFA Chopra (Monika) and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Insurance as a component of financial system, makes economic activities possible, as well as contributes to the growth of the economy's size, employment, managed assets etc. The current paper examines the relationship between the development of insurance sector and economic growth as well as factors contributing to the growth of insurance sector in India. It studies life insurance density and penetration as well as, non-life insurance density and penetration and links them to GDP growth. Later, demographic factors such as age dependency ratio, urban population growth, life expectancy and adult literate population are checked for explaining insurance density and penetration. Using Granger Causality, cointegration within VECM framework, the study finds long run causality between insurance development and economic growth. Further using ARDL bounds approach, a long run causality between life expectancy and insurance development was found. The study concludes by pointing the role of risk aversion due to life uncertainty in insurance development and importance of insurance development in economic growth, with scope of further research on similar lines by considering the role of insurance and its broader investigations.
Book Synopsis The Growth Of ICICI Prudential Life Insurance CO LTD Since Inception by : Emmanuel Attah Kumah
Download or read book The Growth Of ICICI Prudential Life Insurance CO LTD Since Inception written by Emmanuel Attah Kumah and published by LAP Lambert Academic Publishing. This book was released on 2012 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: The life insurance industry in India grew by an impressive 36%, with premium income from new business at Rs. 253.43 billion during the fiscal year 2004-2005, braving stiff competition from private insurers. This report "The growth of ICICI Prudential Life Insurance Co. Ltd. since inception" in Indian Insurance Industry, finds that the market share of the state behemoth, ICICI, has clocked 21.87% growth in business at Rs.197.86 billion by selling 2.4 billion new policies in 2004-05. But this was still not enough to arrest the fall in its market share, as private players like ICICI Prudential Life Insurance grew by 129% to mop up Rs. 55.57 billion in 2004-05 from Rs. 24.29 billion in 2003-04.Total value of the Indian insurance market (2004-05) is estimated at Rs. 450 billion (US$10 billion). Though the focus of this market research report is on "A STUDY ON THE GROWTH OF THE ICICI PRUDENTIAL LIFE INSURANCE CO LTD., SINCE INCEPTION," it also talks about the market size, market segmentation, and key developments in the market after 1999. The report gives an instant overview of the growth of ICICI Prudential life insurance since inception in the Indian insurance market
