Volume : 1, Issue : 1, June - 2012

Trends and Challenges in Indian Insurance Industry

Dr Mahalaxmi Krishnan

Abstract :

Insurance Industry is not an exception to the changes that are taking place in the Indian Economy due to globalization and liberalization processes. The industry has opened up and there are more players in the field particularly in the private sector. The global giants have tied up with Indian Insurance companies and offer a variety of services and products to the Indian consumers. Simultaneously, the awareness among the Indian people has gone up mani–fold which is at once a challenge and an opportunity for the players in the insurance sector. To be globally competitive, insurance sector will have to focus on producing world class products and services at affordable prices. It has to necessarily reposition itself in terms of right strategies and competitiveness. This paper focuses on the insurance sector, its emerging challenge and transformations in the international arena. Rural insurance is a big challenge and should be looked upon as an opportunity. Success of the insurance industry will be measured by the extent of its rural penetration.