A Study on Public Sector and Private Sector Insurance in India

Abstract

India’s insurance sector has been growing rapidly in the last decade. Different reforms have been implemented to stoke for the sector’s growth. But still has a long way to go, as its share in the global insurance market remains very low. It provides a link between the present and the future. Today India is one of the fastest growing economies of the world. According to the World GDP Ranking 2024 list, India is the fifth largest economy in the world. India is also fifth largest life insurance market in the world’s emerging insurance markets growing at a rate of 32-34% each year. Over the past nine years, the insurance sector has attracted substantial foreign direct investment amounting to nearly US$6.5 billion (Rs.54,000 crore), driven by the government’s progressive relaxation of overseas capita flow regulations. Insurance Industry is a growth-oriented industry. The life insurance sector in India has seen an array of changes in the past one decade. The economic scenario which emerged after globalization, privatization and liberalization has thrown a new challenge before the insurers. The present study is basically discussed regarding growth of private sector and public sector insurance of India, market share of public sector and private sector insurance and overall position of India’s public sector and private sector insurance.