A Study on The Growth of Indian Insurance Sector

Abstract

The Insurance region in India governed through Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalisation) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and different associated Acts Life Insurance was the first to be nationalized in 1956. Life Insurance Corporation of India was formed by consolidating the operations of various insurance companies. The study is based on secondary data related to growth of insurance sector over a period of time, Major developments and Government Initiatives of Insurance Industry and to analyse the present scenario of Insurance industry

The insurance industry of India has 57 insurance companies 24 are in the existence insurance business, while 34 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the only public zone organisation. There are six public quarter insurers in the non-lifestyle’s insurance section. In addition to those, there may be a sole countrywide re-insurer, specifically General Insurance Corporation of India (GIC Re).