Space : Insurance
According to Oxford Dictionary, Insurance is defined as "an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium".
Insurance as an industry is in the growth stage. As per Insurance Regulatory & Development Authority of India [IRDA], there are 28 general insurance companies and 20 life insurance companies in India. The industry has been growing at 15-20% a year. As of 2011-12, the number of individual agents are 2.3 million and 882 corporate agents.
Share of public sector is significantly high with LIC taking up 70% of the life insurance market. The ecosystem is expected to grow larger since the penetration levels are still very low compared to developed economies. Popular insurance companies in India include, Life Insurance Corporation, New India Assurance, Oriental Insurance, United India, ICICI Prudential, HDFC Standard, AVIVA, Bajaj, Cholamandalam, ING Vysya etc.
|
|
Space
Location
Organization
|
|