A Study Of Indian Insurance Sector Challenges And Opportunities

Abstract

Insurance sector in India is one of the growing sectors of the economy. India’s growing consumer class, rising insurance awareness, increasing domestic savings and investments are among the most critical factors that have positively driven the market penetration of the insurance product among its consumer segments. Both the life and non-life insurance in India, which were nationalized in the 1950s and 1960s respectively, which were liberalized in 1990s. Since the formation of IRDA and the opening of the insurance sector to private players in 2000, the Indian insurance sector has witnessed rapid growth. India is among the most promising emerging insurance markets in the world. Notwithstanding the rapid growth of the sector over the last decade, insurance in India remains at an early stage of development. The dynamic growth of insurance buying is partly affected by the changing income of insurance demand. Insurance is a shield which protecctor. The players needs to create awareness in the new rural market and take the pain to understand the needs and demands of the Indian customers. Customer’s satisfaction should be given priority. They should work along with the government in order to grow.