In the last two decades, the Indian insurance market has grown significantly. A number of factors have contributed to this phenomenal growth, including increased awareness and access to insurance products, economic development, and government policies that have supported the growth of the industry. An increase in disposable incomes and a growing middle class have also led to greater demand for insurance products.
In the late 1990s and early 2000s, the Indian insurance market was primarily dominated by state-owned companies such as the Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC), and a limited number of private players.
However, in the year 2000, the government opened up the insurance sector to private companies and foreign investment, which led to an increase in the number of insurance providers and a wider range of products for consumers.
Foreign Direct Investment (FDI) in the Indian insurance industry has been allowed since 2000, with a cap of 26%. In August '15, the Indian government increased the FDI limit from 26% to 49%.
This move was made to provide insurance companies with access to more capital, which is expected to help them expand their operations and to offer more products to customers.
FDI in the insurance sector has helped bring in more capital, technology, and expertise to the Indian insurance market.
Foreign companies brought with them a wealth of experience and expertise in underwriting, risk management, and product development, which improved the overall quality and efficiency of the Indian insurance market. They also introduced new distribution channels and technology platforms, which helped in expanding the reach of insurance products to more people, particularly in rural areas.
Diese Geschichte stammt aus der January 2023-Ausgabe von Beyond Market.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der January 2023-Ausgabe von Beyond Market.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
PRUDENT PRACTICES
Banks worldwide navigate a complex balancing act, steering economies toward growth while safeguarding financial stability through thoughtful management of interest rates and credit risks
RETAIN ROULETTE
Inexperienced investors spin the market wheel, chasing dizzying valuations and risking a bubble burst
UNRAVELED THREADS
Bangladesh's crisis disrupts global textiles, offering India a potential opportunity, but production constraints limit its gains
PASSING THE BATON
Succession planning helps ensure uninterrupted leadership
RISKY BUSINESS?
SEBI's efforts to protect retail investors from derivatives market risks could inadvertently dampen market volumes
INFLATION-PROOF YOUR CHILD'S FUTURE
Inflation might be stealing your child's future, but children's mutual funds can be their superhero
EMBRACE UNCERTAINTY, SAYS MARKS
Howard Marks urges investors to embrace uncertainty, long-term thinking, and focus on controllables, shunning in his memo “The Folly of Certainty”
IMPORTANT JARGON
70% OF INDIVIDUAL INTRADAY TRADERS IN THE EQUITY CASH SEGMENT MAKE LOSSES, FINDS SEBI STUDY
AN ASCENT T'O NEW HEIGHTS
The IMF predicts India's economy to reach 55 trillion by 2047, driven by various economic indicators showing positive growth and government initiatives
CARRY TRADE CRASH: GLOBAL MARKETS REEL
Japan’s Policy Shift Sends Shockwaves Through Global Markets, Including India, as Yen Carry Trade Disintegrates