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Asian Journal of Research in Banking and Finance
Year : 2018, Volume : 8, Issue : 3
First page : ( 9) Last page : ( 17)
Online ISSN : 2249-7323.
Article DOI : 10.5958/2249-7323.2018.00014.7

Changing Landscape of Indian Insurance Industry

Varghese Mevi*, Haresh R**

*Research Scholar, Department of Commerce, Christ University, Bengaluru, Karnataka, India. mevivarghese@gmail.com

**Assistant Professor, Department of Commerce, Christ University, Bengaluru, Karnataka, India. haresh.r@christuniversity.in

Online published on 31 March, 2018.

Abstract

The insurance industry is the most attractive in the economy. Insurance is depicted a social instrument to lessen the danger of life and property. Insurance is paid low in most developing markets in contrast with industrialized nations. Indians are yet to get used to financial protection and investment in products whose future is expected to undergo a lot of changes. The insurance business is as of now the fifteenth biggest in the world market; with add up to a premium of US$22.09 billion in 2016. One of the prominent outcomes of privatization of insurance industry is the innovation of products satisfies the needs of various sections of the population. The business basically stands at a basic point of its development. IRDA is continuously regulating and making changes in the way insurance business is happening in India keeping up the pace with global needs. The Insurance industry changes are majorly on technology which can make consumer experience simpler and creates growth opportunities for insurers. This paper understands growth strategy of insurance, scope, current performance and developed products. The government's choice to list five state-owned general insurance agencies is additionally encouraging any expectations of a developing advertise. The article appears to enrol the driving variables for the development of Indian insurance Industry in the future.

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Keywords

Insurance Industry, Development, Privatization, IRDA, Regulations.

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