A STUDY ON ISSUES AND CHALLENGES IN INSURANCE INDUSTRY IN INDIA

A STUDY ON ISSUES AND CHALLENGES IN INSURANCE INDUSTRY IN INDIA
Author(s):
NAGESH .S.O
Keywords:
INSURANCE, PENETRATION, GDP, GROWTH AND ECONOMY
Abstract
The potential and performance of the insurance sector is universally assessed with reference to two parameters, viz., insurance penetration and insurance density. These two are often used to determine the level of development of the insurance sector in a country. Insurance penetration is defined as the ratio of premium underwritten in a given year to the Gross Domestic Product (GDP). The insurance penetration in India, which surged consistently till 2016-17, has slipped since 2017-18 on account of slowdown in life insurance premium as compared to the growth rate of the Indian economy. Life insurance penetration had consistently gone up from 2.15 per cent in 2008 to 4.60 in 2016, before slipping to 4.40 per cent in 2017 and further slipping to 3.40 per cent in 2018.
Article Details
Unique Paper ID: 161378 Publication Volume & Issue: Volume 10, Issue 3 Page(s): 485 - 491
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