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ACADEMICIA: An International Multidisciplinary Research Journal
Year : 2011, Volume : 1, Issue : 1
First page : ( 81) Last page : ( 86)
Online ISSN : 2249-7137.

A study of growth of indian insurance industry

Ms. Vij Renu*

*Assistant Professor of Management, Baddi University of Emerging Science & Technology, Baddi, Solan,H.P.India

Online published on 21 September, 2017.

Abstract

Having large population and the untapped market of this population, insurance happens to be a very big opportunity in India. Indian Insurance Industry is growing at the rate of 15–20 percent annually. Together with banking services, it contributes about 7% to the country's GDP. However, the penetration of the insurance in the country is very poor compare to other countries. This is an indicator that growth potential for the insurance sector is immense in India. Insurance Industry has now become one of the most competitive and exploring industry in India. With the opening up of the Indian economy, several international leaders in the insurance sector are trying to venture into the Indian insurance industry. The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run. The present paper discusses about the growth of Indian Industry in recent years. It also throws light on the challenges faced by them and suggests measures to meet these challenges.

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Keywords

Insurance Industry, Challenges.

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