Role of Insurance in Economic Development of India
Insurance sector in India is one of the most booming sectors of the economy and is growing at the rate of 15 20 percent per annum. In India, insurance is a flourishing industry, with several national and international players competing with each others. Indian insurance companies offer a comprehensive range of insurance plans. The insurance industry of India consists of 53 insurance companies of which 24 are in life insurance business and 29 are non life insurers. Among the life insurers, Life Insurance Corporation is the sole public sector company. Apart from that, among the non life insurers there are six public sector insurers. In addition to these, there is sole national re insurer, namely, General Insurance Corporation of India. Due to the growing demand for insurance, more and more companies are now emerging in the Indian insurance sector.