Abstract

http://ssrn.com/abstract=792166
 
 

Citations (1)



 
 

Footnotes (57)



 


 



The Indian Insurance Industry: Challenges and Prospects


Tapen Sinha


Instituto Tecnológico Autónomo de México (ITAM) - Division of Actuarial Science, Statistics and Mathematics; Nottingham University Business School

September 2005


Abstract:     
This paper begins with an overview of the Indian insurance market in Section II, which highlights the phenomenal growth experienced recently, in line with the country's improving economic fundamentals. Section III benchmarks the Indian insurance market against other regional counterparts. By comparing growth, penetration, density and other insurance variables, it can be shown that, whilst India is still an underdeveloped insurance market, it has a huge catch-up potential. Section IV presents a necessary overview of the historical development of the sector, but the relevance to the current marketplace is not lost, as the original 1938 Insurance Act still forms the backbone of present insurance regulation. A more detailed dissection of current regulatory issues is offered in Section V. Sections VI and VII discuss issues in the life and non-life insurance sectors respectively. Developments with far-reaching implications, like the proliferation of bancassurance as an alternative distribution channel and the move to allow non-life insurance companies greater freedom in pricing their products, are looked at in detail. Finally, Section VIII summarises the potential and pitfalls of rural insurance in India. Even though there is strong potential for expansion of insurance into rural areas, growth has so far remained slow. Considering that the bulk of the Indian population still resides in rural areas, it is imperative that the insurance industry's development should not miss this vast sector of the population.

Number of Pages in PDF File: 84

Keywords: Indian insurance industry, analysis, prospects

JEL Classification: G11, G22, G3

working papers series


Download This Paper

Date posted: September 15, 2005  

Suggested Citation

Sinha, Tapen, The Indian Insurance Industry: Challenges and Prospects (September 2005). Available at SSRN: http://ssrn.com/abstract=792166 or http://dx.doi.org/10.2139/ssrn.792166

Contact Information

Tapen Sinha (Contact Author)
Instituto Tecnológico Autónomo de México (ITAM) - Division of Actuarial Science, Statistics and Mathematics ( email )
Rio Hondo #1 Col. Tizapan San Angel
C.P. 01000 Del. Alvaro Obregon
52 55 5628 4088 (Phone)
52 55 5628 4086 (Fax)
Nottingham University Business School ( email )
Jubilee Campus
Wollaton Road
Nottingham, NG8 1BB
United Kingdom
Feedback to SSRN


Paper statistics
Abstract Views: 10,166
Downloads: 2,397
Download Rank: 2,525
Citations:  1
Footnotes:  57

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo8 in 0.250 seconds