Volume : 5, Issue : 9, SEP 2019

A COMPARATIVE STUDY OF INSURANCE IN PRIVATE SECTOR AND PUBLIC SECTOR IN INDIA

B. LALITHA SUBHANAM, LT.CDR.DR. I. NAGARAJAN, DR.K.PADMAVATHY

Abstract

Since 1991, the Indian economy and industry have moved away from a state-controlled to a competitive market with integrating financial services to the global economy. The financial sector, particularly, the Insurance has opened up to all competition. A revamp in tightly regulated and monopolized insurance sector was brought about by the passage of the Insurance Regulatory and Development Authority Act (IRDA) in 1999. The present paper analyses the performance of public and private life insurance companies in India. As per the total premium income, in FY 2014-15, LIC with 73% of business share still holds a significant market share. 24 private insurance companies have established footholds in the market-leading to intense competition. Private Insurance companies have a higher growth rate as compared to the public sector. Today, Insurance penetration is better. The Insurance companies are competing in terms of policies sold, collection of premium income and others.

Keywords

COMPARATIVE, LIFE INSURANCE, PRIVATE SECTOR, PUBLIC SECTOR.

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