India’s insurance sector is transforming at a rapid pace and gaining centrality in the macroeconomic dynamics of the country. What shape and form it will acquire by 2030 is linked to the nature of timely and vital intervention by both the policy makers and participants in the financial industry. India is the 2nd largest InsurTech market in the APAC region. The IRDAI is pursuing various regulatory reforms toward achieving the objective of “Insurance for All.” The Insurance industry has witnessed major growth in the past few decades. With the introduction of new products and plans, it has not only helped consumers by providing financial protection but also contributed to the nation’s economy. The Industry is poised for radical evolution in times to come due to changes in the overall economic environment.
This book presents the first comprehensive review of all major government-supported health insurance schemes in India and their potential for contributing to the achievement of universal coverage in India are discussed.
Property and casualty insurance is a smart investment that can help you and your family in the event of an unforeseen accident in your home or on your property. Fire insurance in India is a critical component of risk management for businesses and property owners, providing financial protection against damages caused by fire-related incidents. Property insurance is a type of P&C insurance coverage that makes the insured whole in relation to losses and damages to personal or business property, such as a home, car, or office. Property insurance also provides a safeguard from significant monetary loss if an event occurs with physical damage, injury, or loss of living expenses. P&C insurance can help individuals and businesses manage the financial risks associated with owning property and engaging in activities that have the potential to cause harm to others. It can provide peace of mind and help ensure that policyholders have the financial resources they need to recover from unexpected losses.
Liability insurance is a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy. Liability insurance has become a much talked about subject and is receiving well deserved attention of the people both on the supply and demand side in India and also worldwide. Events and legislations in the recent past have kept this area in the limelight thanks to the media coverage and some significant legal pronouncements. Liability insurance market is less crowded. There is a dearth of technically talented and trained resources to deal with all aspects of underwriting and claims of this insurance. Liability insurance is a general term to describe different types of insurance coverage that helps protect you or your business. Demand for liability insurance is bound to grow in the times to come.
Catastrophe insurance is different from other types of insurance from a business standpoint. It is difficult to estimate the total potential exposure to, and cost of, an insured loss, especially since a catastrophic event often results in an extremely large number of claims being filed at the same time. These catastrophes have had a severe impact on the entire economy and social lives. No country in the world is an exception to the rule of nature. So is India. India is a country that is highly vulnerable to major catastrophes. Rapid industrial development and urbanization coupled with effects of climate change has aggravated the disasters. No specific natural disaster policy is sold in India. It is part of regular fire insurance that covers damage to the property. India is witnessing a shift in climate patterns in various parts of the country. From this perspective, catastrophe risks such as natural disasters or acts of God pose a severe risk to insurance companies.
Digital technology is a new force that is driving massive changes in the insurance sector. Digital insurance companies, otherwise known as InsurTech companies, are transforming the digital insurance landscape by offering ground-breaking insurance products through innovations. As digital transformation continues to change the way businesses operate and offer products and services to their customers, insurance industry is also getting reshaped by technology. While shopping for insurance policies, customers are looking for a personalised experience. Insurers are able to harness the results of AI to customize unique experiences for customers. For insurers, the changing landscape of insurance has led to a flurry of technological advancements in the industry. New digital technologies are changing the way customers interact with insurers.
India’s Insurance industry is one of the premium sectors experiencing upward growth. This upward growth of the insurance industry can be attributed to growing incomes and increasing awareness in the industry. An Insurance programme for large industrial establishments, substantial risks like Petrochemicals, Power, Energy, Steel and Oil & Gas Industry requires a specialized and customized Insurance policy. Large size privately funded projects in the infrastructure sector demand evolving new approaches in introducing insurance products for Mega project risks to suit their and the project financiers' specific insurance needs. Mega Risk policies are mainly reinsurance-driven and provide unique customization of risks to cover all the risks under single Insurance comprehensively.
The bancassurance partnership represents a significant step towards providing accessible and comprehensive insurance solutions, helping increase insurance penetration in the country. The bancassurance tie-up with Insurers aligns with the commitment to provide comprehensive financial solutions under one roof and deliver unparalleled value to the customers. Bancassurance is not a type of insurance but a sales channel for the selling of insurance products through banks. It is common in much of the world today and growing in acceptance in the India. For banks and insurance companies, bancassurance can be a profitable enterprise. For consumers it can be convenient, although it may discourage comparison shopping and limit their access to expert advice. An insurance company develops a product line for bank customers as part of their collaboration, which is then distributed through bank branches. Insurance policies are processed and administered by the insurance company.The partnership offers a wide range of insurance solutions to meet diverse consumer needs
Jagendra Rana graduated in LL.B from University Studies in Law, University of Rajasthan, Jaipur in 1980 with a Fellowship from Insurance Institute of India Mumbai in 1992. Jagendra Rana is an insurance veteran with a versatile experience of General and Life Insurance. He has been a CEO of a Broking firm and Corporate Head of training in a General Insurance Company. He carries with him over 40 years of experience in the Insurance Industry at various top positions. He was conferred with the S.K. Desai Memorial Award for his Research Papers two times by III Mumbai in 2011 & 2019. He was also a resource person in the International Seminar on Insurance Frauds conducted by Osmania University, Hyderabad. He has authored 54 books so far on Mythology, Spirituality, Motivation, Management, Marketing, Life Insurance & Non-life Insurance.
India started its economic reforms in 1991 and has seen huge incremental benefits – greater openness, higher growth and substantial poverty reduction. India is now the world's sixth largest economy and has seen major transformation in many parts of the economy and the country. But with new opportunities have come new challenges which are now being tackled. Seminal reforms such as GST and IBC are transforming the economic landscape of the country. India's infrastructure deficit is being addressed at a faster pace and the ease of doing business is being tackled on a war footing with India's global rankings showing huge improvements. But yet more needs to be done as the aspirations of India's young population are huge. India is also in the midst of a huge demographic transformation which if taken advantage of can propel India to even higher levels of growth. The benefits of India's demographic dividend and a huge domestic market puts it in an advantageous position to become a $9 - 10 trillion economy by 2030. However, our economic growth is contingent on improving competitiveness, attracting more investment, creating enough employment opportunities to absorb the growing population and overcoming the challenges of exclusion and inequitable access due to multiple deprivations of class, caste and gender — all of which require disruptive approaches to find solutions. Unfortunately, there is no single silver bullet, no one action that will fix all the problems that we face currently. Rather, we need to act on several fronts. The Modi’s Vision 2030” was initiated with a view to chart out an agenda of reforms and programmes in 10 inter-connected areas that will help drive India to its goals of shared prosperity by 2030 and a more competitive economy rising to become the third largest in the world. This report, encompassing ten underpinning chapters, identifies the challenges of tomorrow, points to key choices ahead, and recommends not just “what” needs to be reformed, but “how” to undertake the reforms. Policy consistency and coordination is essential if we are to achieve inclusive growth and significantly reduce unemployment. Productivity and investment-led transformation can inject new dynamism into the economy and ensure future growth, employment, and prosperity. This would enable the economy to gain the momentum it needs to become the global economic centre and become a magnet for investments. In the last 91 years, FICCI has played an active role in the progress and development of the Indian economy, representing not just the voice of industry but also being an active partner in the development agenda of the government. By 2030, India should transcend a new era of transformation and FICCI will continue to contribute to the building of a “New India”. We are confident that you will find this report insightful and engaging and look forward to your feedback and suggestions.
