The Indian insurance industry has traveled a long way ever since businesses were regulated tightly & concentrated by few insurers of the public sector. Ever since the IRDA (Insurance Regulatory and Development Authority) Act came into force in 1999, India gave freedom to public sector insurance industry, making it an immensely competitive industry.
The insurance industry lost its exclusivity. The launch of new developments in the insurance industry saw many new international insurers entering the market. It also gave way to propagation of innovative goods & channels for distribution & the supervisory values rising.
Indian per capita revenue is likely to grow up to more than 6% in coming 10 years & with developing awareness, the Indian insurance rate is estimated to rise at a striking rate in India.
Till recently, only 20% of the Indian population is covered by different schemes of life insurance. It is also seen that the healthcare penetration rate as well as schemes of non-life insurance in Indian insurance market are well under the worldwide levels. These aspects show vast potential of the Indian insurance industry.
Smart marketing, new products & persistent circulation have enabled hatchling private insurance companies to approach Indian consumers much sooner than expected. People of India, who had always seen life insurance as a tax saving tool nowadays are unexpectedly moving towards the private insurance agencies & snapping up innovative products which are on offer.
An overall growth has taken place in the Indian insurance market. All this is becoming possible by large amounts of advertising campaigns being made by insurance players. The expansion scope is considered to be almost unlimited as most players are focusing on big towns and cities - excluding Life Insurance Corporation (LIC) where attempts are being made to tap rural markets too.
For further information about Insurance Industry, read the report "Indian Insurance Industry Forecast (2007-2009)" published by RNCOS at: http://www.rncos.com/Report/FM004.htm
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Future of Indian Insurance Industry-Completely Insured
