Business Performance of Private Life Insurance Players in India
The insurance industry in India has witnessed many radial transformations during the last about Two Hundred years of its inception. Both the life insurance as well as the general insurance companies was nationalized by the government in the years 1956 and 1972 respectively. Financial reforms started in 1991 after adopting LPG policy by Indian government. In 1999, IRDA has been set up to regulate insurance sector. In 2000, Indian insurance market has been opened up for insurance players from all over the world with localized partnership.26 FDI in insurance sector was allowed in 2000 and increased to 49 in 2015. 1 public life insurance LIC and 23 private companies are registered life insurers in India. The private players have 6156 offices in India and captured some 27 market share of total premium already by the year 2014 15. The entry of those foreign players in the Indian insurance industry has denatured the nature of competition and also enlarged customer consciousness. In this research paper, an attempt is made to measures the business performance of private life insurance players in India.
Insurance Industry, LIC, IRDA, FDI, Market Share, Business Performance
Dr.Harish M. Chandarana