Insurance In India: Changing Policies and Emerging Opportunities

Even since the nationalization of the life insurance industry in 1956 and of non-life business in 1973, Indian consumers have had to live with the state-owned Life Insurance Corporation and the General Insurance Corporation (and its four subsidiaries) as the only providers of insurance. Now that private participation in this sector has been allowed once again, it has created a great deal of excitement due to the enormous potential that the industry holds. As a consequence, the industry has changed completely in the recent past-twenty new entrants armed with new products and a few others waiting in the wings. This timely book provides a comprehensive and up-to-date picture of the insurance industry. The authors first trace the origin and working of the insurance industry, and the factors that led to its nationalization. They then closely analyze recent developments, the transformation that has taken place after reforms, and provide a macro perspective on this industry. The authors also examine the measures taken by the existing public sector insurance companies to restructure themselves in the present scenario, and provide an overview of the present and likely policies of the new players that have entered the market. In conclusion the book offers suggestions about the future of the industry in terms of: Its potential and possible growth. Initiatives needed to give a further impetus to the industry. The Products and services offered; n Regulatory issues. The Evolving market strategies in the context of the highly competitive environment. Written in a concise and absorbing manner, this is perhaps the first study of the insurance industry to be written in the post reform era. It will be of enormous interest and use to students of insurance and general management, insurance intermediaries and professionals in the insurance and financial services sector.