scholarly journals A study on Growth and Development of Insurance in India- An Empirical Study

2016 ◽  
Vol 5 (9) ◽  
Author(s):  
Nagaraj . ◽  
Sandeep . ◽  
Issac . ◽  
M. V. Bharamagoudar
Keyword(s):  
Hong Kong ◽  
Life Insurance ◽  
Insurance Industry ◽  
Secondary Data ◽  
Asian Countries ◽  
Insurance Sector ◽  
Study Results ◽  
Insurance Density ◽  
Risk Situation ◽  
Negative Growth

The present paper aims to analyse the growth, density and penetration trends of Insurance both in India and Other Asian Countries. The study was conducted using secondary data available in various journals and magazines published by authorised institutes such as Insurance Institute of India (III), Insurance Regulatory and Development Authority of India (IRDA), Institute for Global Insurance Education (IGIE) and National Insurance Academy (NIA). The study results revealed that growth of insurance in Non-life was found to be significant (12.55 %) which was highest among south Asian countries, conversely in case of Life insurance India has registered negatively at second position (-4.65 %) next to Hong Kong which was highest with negative growth -9.0 %. In case of Total insurance the growth in total insurance was positive and significant (1.67 per cent) in the Japan country, which in case of other country was founded to negative (Hong Kong, Japan and Taiwan) and non-significant (India and South Korea) countries. Further, the study also focused to study the Insurance Density (Insurance Density is calculated as the ratio of premium to population) over a period of 13 years, results revealed that the density of insurance over a period time was found to be increasing from 11.5 USD to 55 USD. This figure is self explanatory which reveals the positive and increasing growth in insurance density in India. However, since from 2010 the density for Life was found to be decreasing with declining trend, whereas Non-Life insurance density was found to be positive and increasing trend. The study also assess the growth of Insurance industry in India, the results revealed that, giant player of insurance in India, LIC has also shown negative growth of -41.55 per cent in 2014-15 where compared to 2013-14 which was only -6.17 per cent. Hence the study suggests that policies should re-formulate / restructure to ensure better security among insurance industry and its stoker holders.This kind of change not only secures individuals during risk situation but also helps greater population to cover under appropriate risk policies and other risk mitigating measure for both Life and Non-Life Insurance policy holders. All these changes can boost the economy by increasing Foreign Direct Investment (FDI) channels so that insurance sector can contribute better to improve the countries income.

scholarly journals Growth of Indian Life Insurance Density and Penetration

2017 ◽  
Vol 16 (1) ◽  
pp. 1-20
Author(s):  
R Sivarama Prasad ◽  
R S NSharma
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Private Life ◽  
Insurance Sector ◽  
Life Insurers ◽  
Life Insurance Industry ◽  
Insurance Density ◽  
The Government ◽  
Set Up ◽  
Indian Insurance

The Government of India nationalized insurance industry in 1956 on 19th Januaryleading to the amalgamation of154 Indian, 16 non-Indian Insurers and 75 provident societies, in total 245 Indian and foreign insurers, to form the Life Insurance Corporation of India. The Life Insurance Corporation of India, a public sector corporation, enjoyeda monopoly in the business for four decades until the entry of private life insurers with foreign joint ventures having 26% Foreign Direct Investment(FDI).As per one of the major recommendations of Sri R N Malhotra committee, on 19th April 2000, Insurance Regulatory and Development Authority was set up by the Government of India through the passing of an act of the Parliament. The IRDA aimed to promote insurance and protect the insured. Since its formation, the IRDA has been proving itself successful in promoting orderly growth and development in Indian Insurance sector. This study is an attempt to study life insurance density and penetration in Indian life Insurance industry toassess the growth in theexpansion of life insurance business in India. An analysisis made, and some conclusions are drawn with the help of growth percentages and trend calculations

scholarly journals Life Insurance Sector Development and Economic Growth of India in the Changing Policy Regime

2019 ◽  
Vol 1 (1) ◽  
pp. p34
Author(s):  
P K Mishra ◽  
Javaid A. Mir
Keyword(s):  
Economic Growth ◽  
Life Insurance ◽  
Insurance Industry ◽  
Labour Productivity ◽  
Growth Strategy ◽  
Policy Regime ◽  
Indian Economy ◽  
Insurance Sector ◽  
Insurance Density ◽  
Almost All

The changing economic scenario of the Indian economy posed new challenges to almost all the sectors of the economy, and the insurance sector is no exception. The introduction of insurance sector reforms not only eliminated the monopoly of life insurance sector, but opened up the insurance windows to the private players which increased the competition in many folds, especially since 2000. The reforms brought an overall increase in insurance penetration as well as insurance density in the country. As a result, the insurance industry is today more efficient and exerts considerable positive impacts on the growth of the Indian economy. The insurance sector contributes to a rise in labour productivity through efficient investments, and also generates productive employment opportunities. In this context, this paper examines dynamics of the relationship between the development of life insurance sector and the real economic growth in the changing policy regime in India, and provides the evidence of the positive and significant relationship between them. Therefore, it is suggested to prioritize the focus on the further development of the sector may be through the implementation of prudent policies to increase rural penetration of life insurance in India. Also, the inclusive growth strategy in the country can be effectively mobilized to enhance the development of the life insurance sector.

IndiaFirst Life Insurance: Planning Next-Level Growth by Corporate Entrepreneurship

2021 ◽  
pp. 097226292110109
Author(s):  
Amarpreet Singh Ghura ◽  
Abhishek
Keyword(s):  
Human Resource ◽  
Life Insurance ◽  
Insurance Industry ◽  
Corporate Entrepreneurship ◽  
Business Leader ◽  
Insurance Sector ◽  
Human Resource Policies ◽  
Life Insurance Industry ◽  
Customer Delight ◽  
Annual Premium

IndiaFirst Life Insurance (IFLI) became the 23rd entrant in India’s life insurance industry by launching its operations in November 2009 (IndiaFirst Life Insurance, 2015). IFLI went on to break-even within 6 years of its inception by declaring maiden profits in FY 2015–2016 (IndiaFirst Life Insurance, 2015). The company stated its vision as—‘To become a Life Insurance and Pension business leader that provides significant value to all its stakeholders enabling a true customer delight’ (IndiaFirst Life Insurance, 2015). In order to implement its vision, IFLI worked its human resource policies and processes around the ‘Employees First’ approach (IndiaFirst Life Insurance, 2015). These processes had helped IFLI to become the fastest-growing company in the life insurance sector, and it was ranked 12th amongst the private insurers in terms of market ranking in individual annual premium equivalent for FY 2016–2017 ( Times of India, 2017). The company aimed to become a top 10 life insurance provider in the next few years in India in terms of retail premium business ( Times of India, 2017).

scholarly journals A Study on Impact of FDI on Selected Private Sector Insurance Companies in India

2017 ◽  
Author(s):  
C.K. Hebbar ◽  
Meenakshi Acharya
Keyword(s):  
Private Sector ◽  
Negative Impact ◽  
Insurance Industry ◽  
Secondary Data ◽  
Insurance Companies ◽  
Insurance Markets ◽  
Insurance Sector ◽  
Previous Level ◽  
The Impact ◽  
Indian Insurance

India is one among the most promising emerging insurance markets in the world. Indian insurance sector was liberalised in 2001. The insurance industry in India has undergone transformational changes over the last 15 years. In July 2014, the Cabinet Committee on Economic Affairs (CCEA) approved 49% FDI in insurance from the previous level of 26%. This paper aimed at examining the impact of FDI on the performance of selected private sector insurance companies. The study is based on secondary data and it is a descriptive study. This paper found that FDI had a significant positive as well as negative impact on areas which were studied in the paper.

scholarly journals Financial analysis of the South African life insurance sector - An empirical decomposition of economic value added

2016 ◽  
Vol 9 (3) ◽  
pp. 903-926
Author(s):  
Paul Alagidede ◽  
Takalani Mangenge
Keyword(s):  
Life Insurance ◽  
Asset Management ◽  
Financial Analysis ◽  
Insurance Industry ◽  
Economic Value ◽  
Value Added ◽  
Principal Component ◽  
Economic Value Added ◽  
Value Drivers ◽  
Insurance Sector

This article examines the determinants of economic value added (EVA) in insurance industries. It addresses the key components of EVA, the value drivers that are more important in managing economic value and the combination of these value drivers that best explain EVA as a group. The study covers the life insurance sector in South Africa, specifically focusing on the big five companies: Discovery Holdings, Liberty Holdings, MMI Holdings, Old Mutual plc, and Sanlam Ltd for the period 2004-2014. Variance and principal component analyses are used to identify the main drivers of EVA. Five main drivers were prominent, namely: underwriting, asset management, costs, opportunity cost and strategic investments. The implications of the results for best practice in the insurance industry are discussed.

scholarly journals Denmark

2020 ◽  
Vol 20 (252) ◽  
Author(s):  
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Nordic Countries ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Eu Member States ◽  
Work Related ◽  
Pension Schemes ◽  
High Penetration ◽  
The Eu

Denmark’s insurance sector is highly developed with a particularly high penetration and density in the life sector. Traditionally, work-related life insurance and pension savings are offered as a combined package, and life insurance companies dominate the market for mandatory pension schemes for employees. The high penetration explains the overall size of the insurance sector, which exceeds those of peers from other Nordic countries and various other EU member states. Assets managed by the insurance industry amounted to 146 percent of the GDP at end-2018, compared to 72 percent for the EU average.

Impact of Foreign Direct Investment in India on Insurance Industry

2018 ◽  
Vol 6 (7) ◽  
pp. 65 ◽  
Author(s):  
Krunal Soni
Keyword(s):  
Foreign Direct Investment ◽  
Life Insurance ◽  
Direct Investment ◽  
Capital Investment ◽  
Insurance Industry ◽  
Dynamic Environment ◽  
Insurance Sector ◽  
Private Participation ◽  
Overall Performance ◽  
Insurance Business

The study concluded that increase in foreign direct investment (F.D.I.) is optimistic move for the future of Indian Life Insurance Sector, since this sector need huge amount of capital investment which can be done effectively only through increase in FDI and it enhance overall performance of insurance sector. Parliament has passed Insurance Laws (Amendment) Bill, 2015. It was first passed in LokSabha on 4 March 2015 and later in RajyaSabha on 12 March 2015, which will become an Act when the President signs it. The bill aims to bring improvements in the existing laws relating to insurance business in India. The bill also seeks to remove archaic provisions in previous laws and incorporate modern day practices of insurance business that are emerging in a changing dynamic environment, which also includes private participation. The insurance sector in India has a great potential even during the downtrend and FDI flow is expected to rise in the mere future.

E-commerce and portfolio allocations: A study on the Indian life insurance customers

2020 ◽  
Vol 1 (1) ◽  
pp. 36-46 ◽  
Author(s):  
Rajeev Kumar Ranjan ◽  
Shoaib Alam Siddiqui ◽  
Nitin Thapar ◽  
Shyam Singh Chauhan
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Personal Selling ◽  
Minimum Cost ◽  
Online Marketing ◽  
Insurance Companies ◽  
Purchase Behavior ◽  
Outcome Variable ◽  
Insurance Sector ◽  
The Impact

The paper attempts to find the impact of technology on the purchase behavior of consumers for insurance products. With the use of technology and e-commerce the adoption of insurance products had undergone a transformation. With the entry of private players the insurance sector has become very competitive (Jampala & Rao, 2005). With increased competition the life insurance industry is adopting innovative marketing practices to tap a larger market; the companies therefore are developing their capabilities of access-based penetration, distribution and sale to customers. The advances in technology have changed the way insurance products were marketed in India. Apart from the traditional agency channel, the companies are also exploring alternative channels like brokers, rural channels, online marketing, and e-commerce, etc. The personal selling based channels are the new innovative methods offering an effective reach at a minimum cost. To analyze the consumer purchase behavior the study used two-way ANOVA to determine the effect of two nominal predictor variables on a continuous outcome variable. The results of the study will assist the life insurance companies in improving their operations and efficiency.

Ordnungspolitische Weichenstellungen für die anstehende Reform der Riester-Rente

2020 ◽  
Vol 69 (3) ◽  
pp. 239-249
Author(s):  
Axel Kleinlein
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Service Providers ◽  
Insurance Industry ◽  
Financial Service ◽  
Mandatory Retirement ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurance Industry

Abstract The Riester pensions today face two main problems: First, life insurance industry in Germany faces the problem of inadequate solvency. Therefore, there is a need that we take the Riester pension not as a sole part of the life insurance sector and open it to the whole sector of financial services. Second, the previous regulation of the Riester pension is causing problems. Particularly the guarantee forces mandatory retirement with a life insurance company and the requirement of capital preservation. Therefore we have to review these two guarantee aspects. It is also important to limit costs and to simplify the funding system. The concept of the “Basisdepot-Vorsorge” solves these problems while it is based on promoting precisely those who want to save up for their retirement during their active career, no matter what kind of financial service is included in the accumulation or decumulation phase. To include all different financial service providers creates the needed economical competition to ensure better products for the Riester-Rente.

Market Micro Structure of Indian Life Insurance Industry: A General Trend Analysis

2016 ◽  
Vol 3 (1) ◽  
Author(s):  
Tanu Dhingra
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Graphical Analysis ◽  
Insurance Premium ◽  
First Year ◽  
Micro Structure ◽  
Life Insurance Industry ◽  
Risk Management Process ◽  
Insurance Density ◽  
New Policies

In 1991, Indian economy was liberalized in a big way. In this financial liberalization, our study is focused on ascertaining trends due to structural reforms affected in the life insurance industry. The present study explains the concept of market micro structure. It also elaborates upon the concept of insurance from three perspectives and incorporates the risk management process. The main emphasis of the study is to ascertain the growth trends of variables peculiar to life insurance industry. The study reveals a growth and graphical analysis of life insurance penetration, life insurance density, new policies issued, first year premium and total life insurance premium and shows that insurance industry has been on a growth path as all the above mentioned variables have shown a consistent rise.

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