Subject category:
Strategy and General Management
Published by:
IBS Research Center
Length: 8 pages
Data source: Published sources
Topics:
Indian insurance industry; English insurance laws; Malhotra committee; Insurance Regulatory and Development Authority; Bombay Mercantile Life Assurance Society; Indian Life Insurance Corporation Act; Life Insurance Corporation of India; life insurance market in India; Global insurance majors; Public-sector life insurance company; Life insurance business In India; Insurance agents; Private insurance players; Comprehensive Insurance Amendment Bill; Department of Economic Affairs
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Abstract
Until the mid-1990s, the Indian insurance industry was characterised by a single government insurer only. However, with the liberalisation of the Indian financial sector, India's insurance industry had undergone a drastic change with the entry of various private life insurance companies. Private life insurance companies in India had gained a foothold due to their highly customised products and aggressive marketing strategies. Moreover, a law had already been proposed which would increase the foreign investment in an Indian insurance firm from 26% to 49%. This would enable private insurance companies to attract more foreign investment and upgrade their products and technologies. However, the private life insurers in India had to face several challenges in selling their products in the Indian insurance market. The major reason was their tough competition with the Life Insurance Corporation of India, which was the major player in the Indian insurance sector. Therefore, it remained a moot point whether these private life insurance players would be able to overcome the challenges and maintain their growth momentum in the coming years.
Subject category:
Strategy and General Management
Published by:
IBS Research Center
Length: 2 pages
Data source: Published sources
Topics:
Indian insurance industry; English insurance laws; Malhotra committee; Insurance Regulatory and Development Authority; Bombay Mercantile Life Assurance Society; Indian Life Insurance Corporation Act; Life Insurance Corporation of India; life insurance market in India; Global insurance majors; Public-sector life insurance company; Life insurance business In India; Insurance agents; Private insurance players; Comprehensive Insurance Amendment Bill; Department of Economic Affairs
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Abstract
Until the mid-1990s, the Indian insurance industry was characterised by a single government insurer only. However, with the liberalisation of the Indian financial sector, India's insurance industry had undergone a drastic change with the entry of various private life insurance companies. Private life insurance companies in India had gained a foothold due to their highly customised products and aggressive marketing strategies. Moreover, a law had already been proposed which would increase the foreign investment in an Indian insurance firm from 26% to 49%. This would enable private insurance companies to attract more foreign investment and upgrade their products and technologies. However, the private life insurers in India had to face several challenges in selling their products in the Indian insurance market. The major reason was their tough competition with the Life Insurance Corporation of India, which was the major player in the Indian insurance sector. Therefore, it remained a moot point whether these private life insurance players would be able to overcome the challenges and maintain their growth momentum in the coming years.
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Subject category:
Strategy and General Management
Published by:
IBS Research Center
Length: 2 pages
Data source: Published sources
Topics:
Indian insurance industry; English insurance laws; Malhotra committee; Insurance Regulatory and Development Authority; Bombay Mercantile Life Assurance Society; Indian Life Insurance Corporation Act; Life Insurance Corporation of India; life insurance market in India; Global insurance majors; Public-sector life insurance company; Life insurance business In India; Insurance agents; Private insurance players; Comprehensive Insurance Amendment Bill; Department of Economic Affairs