Insurance Industry in India
This chapter starts with an analysis of evolution of insurance in India which is essential because insurance in India commenced with a de-regulated environment (or private firms), moved to a regulated/government owned environment and finally completed a full circle with de-regulation in the year 2000. The next sub-chapter discusses the dynamic market environment for insurance in India, in lieu of the changing regulations, de-tariffing of the general insurance industry and discussions about increase in foreign-equity cap. This sub-chapter examines the environmental factors from the insurer’s point of view, de-tariffing and its consequences, the porter’s 5 forces analysis, the kind of change and trajectory that the industry is expected to undergo, the type of internationalization strategy that a foreign player must pursue. The next sub-chapter details the role of the authority/regulator in shaping and promoting the business environment and enlists the statutory functions of the IRDA (the regulator). The final sub-chapter examines the Indian Market as-is vis-à-vis other markets; the Asian and Global Insurance markets illustrating market value, market value forecast, premium share of the total market across geographies and categories, insurance penetration, insurance density and competitive landscape comparisons.
KeywordsInsurance Market Life Insurance Insurance Industry General Insurance Insurance Sector
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