Global Insurance Summit 2008 – Trends, Strategies & Opportunities September 15, 2008

The India Insurance Market despite having a highly elaborate history spanning almost two centuries, has come of age only in the last 50 years after the formation of the Life Insurance Corporation (LIC) of India in 1956 and the entry of private companies into the market in 2000.
Traditionally the Indian Insurance Market had centered on the life insurance until recently, a host of other insurance policies covering a diverse range of issues and objects like medical insurance, accident insurance, fire insurance, automobile insurance and other policies which fall under the category of general insurance are being provided by various private insurance companies.

The insurance sector in India has a full circle from being an open competitive market to nationalization and back to a liberalized market again. Thus, India's market is currently the fifth largest in Asia. Thus the Indian insurance sector has been transformed since the insurance regulatory Development Authority (IRDA) Act of December 1999 opened the way of liberalization and reforms.

Since opening of the sector to private players, there has been a marked increase in the volume of business and the number of products on offer thus there was an increase in the premium of both life and non-life insurance. Therefore, looking ahead, fresh reforms and market development in the pipeline are set to fuel rapid growth in the insurance sector and are attracting further interest from new players, including international companies. Thus, the ever increasing population of the country will ensure constant boom in the India Insurance Market in the distant future.

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