Insurance Sector in India:  Growth and Career Opportunities

Pooja Jain; Sanjeev Seth

Authors

Pooja Jain Nirmal International Education and Research Group, India
Sanjeev Seth Business Press India

Keywords:

Insurance, Risk Cover, Industrial Growth

Abstract

Risks, the uncertainty about the future of something, be it be Business, Project, Life, Property, or anything, has always been there and so is there the fear of not meeting the intended goal for which they exist. Transferring the risk to a different party has been there as a good strategy of risk handling. This strategy brought to us the concept of ‘Insurance’ in which, the ‘Insurer’ assures the monetary coverage to the ‘Insurance owner’ in case the ‘Insured Artifact’ is adversely impacted under ‘Given Conditions’. Insurance has now grown into a mature industry worldwide and in India it has many formal bodies regulating and promoting it as a huge market.

This paper highlights some areas of the Insurance Market and its emerging future in India in terms of economy and career opportunities.

References

Anish Raj, Prasad Joshi (). Changing Facts of Insurance Industry. Infosys White Paper, URL:infosys.com/industries/insurance/white-papers/documents/changing-face-insurance-industry.pdf

DFS, Govt. of India (2019). Public Sector Insurance Companies in India. URL: https://financialservices.gov.in/insurance-divisions/Public-Sector-Insurance-Companies

IRDA (2019). List of General Insurers. URL: https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo264&mid=3.2.10

IRDA (2019). List of Life Insurers. URL: https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo129&mid=3.1.9

Economics Times (2019). URL: https://economictimes.indiatimes.com/industry/banking/finance/insure/life-insurance-companies-register-11-4-growth-in-premium-income-in-fy20/articleshow/75406448.cms?from=mdr

Research and Markets, PRNewswire (2019). India Life Insurance Market Report, Forecast to 2023 - Increasing Rural Income and Improving Infrastructure Expected to Drive Growth. URL: https://www.prnewswire.com/news-releases/india-life-insurance-market-report-forecast-to-2023---increasing-rural-income-and-improving-infrastructure-expected-to-drive-growth-300966218.html