PENETRATION OF INSURANCE SECTOR IN INDIA

Abstract

This paper deals with an overview of the Indian insurance market, which highlights the phenomenal growth experienced recently in line with the country’s improving economic fundamentals. B comparaing growth, penetration, density and other insurance variables, it can be shown that, whilst India is still an underdeveloped insurance market, it has a huge catch-up potential. It has a necessary overview of the historical development of the sector, but the relevance to the current marketplace is not lost, as the original 1938 Insurance Act still forms the backbone of present insurance regulation. A more detailed dissection of current regulatory issues is offered in issues in the life and non-life insurance sectors respectively.