An Analysis of the Evolution of Insurance in India

57 Pages Posted: 26 Apr 2005

See all articles by Tapen Sinha

Tapen Sinha

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

Abstract

With over a billion people, India is fast becoming a global economic power. With a relatively youthful population, India will become an attractive insurance market over the next decades. This paper examines the Indian insurance industry. It starts by examining the details of the regulatory regime that existed before independence. This is important because the culmination of the Insurance Act of 1938 became the backbone of the current legislation in place. It highlights the importance of the rural sector - where the majority of the Indians still live. It shows how the recent privatization is playing out in the market. Based on recent economic estimates, the paper provides projections of segments of the market for 2025.

Keywords: India, insurance sector, deregulation, efficiency, projection

JEL Classification: G22, G23, G28

Suggested Citation

Sinha, Tapen, An Analysis of the Evolution of Insurance in India. Available at SSRN: https://ssrn.com/abstract=706141 or http://dx.doi.org/10.2139/ssrn.706141

Tapen Sinha (Contact Author)

Chennai Mathematical Institute ( email )

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Nottingham University Business School ( email )

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Instituto Tecnológico Autónomo de México (ITAM) - Division of Actuarial Science, Statistics and Mathematics ( email )

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