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@article{181672,
        author = {VIDHI AGARWAL and Jayendra Raj},
        title = {THE GROWTH OF INDIAN INSURANCE INDUSTRY  IN CURRENT MARKET TRENDS},
        journal = {International Journal of Innovative Research in Technology},
        year = {2025},
        volume = {12},
        number = {1},
        pages = {4929-4936},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=181672},
        abstract = {The insurance sector is essential to the economic growth of every nation. Because it offers some assurance in the case of an unanticipated, loss-causing disaster, a robust insurance industry encourages risk-taking in the economy. Additionally, it offers family members much-needed assistance in the event of a health or life loss. Insurance firms' assets serve as a pool for investments in long-term initiatives like infrastructure development since they are long-term capital. India's insurance sector has expanded in tandem with the nation's economic growth. Numerous insurance firms in the nation are growing their businesses in both the public and private sectors. Over the past few decades, the Indian insurance industry has undergone significant change and has been making a substantial contribution to the nation's economic growth. This industry has changed from being controlled by a single company, Life Insurance Corporation (LIC), to becoming a sector with multiple companies providing a wide range of products that are suited to the demands of the clients. Numerous causes, including demographic changes, technical advancements, economic growth, and heightened consumer awareness of insurance's ability to provide financial security—particularly in the wake of the COVID-19 pandemic—have contributed to the transformation. Despite the suite of reforms that have been implemented to stoke the sector’s growth, it still has a long way to go, as its share in the global insurance market remains low. As we will discuss in the paper less investment in insurance products, the dominant position of public sector insurers and their deteriorating financial health are some of the challenges facing the sector. Since India’s economic growth depends on how shock-absorbent India’s economy is, addressing these challenges assumes importance for developing a sound insurance sector.},
        keywords = {—Insurance, India, Life Insurance, Challenge, Development, Economy},
        month = {June},
        }