Future of Insurance Sector in India

With Indian insurance industry booming gradually, it’s been turning into one of the most favoured investment destinations for foreigners. Since Indian Compare insurance market opened for private players in 2000, several national and international players competing and increasing operations in the country.

According to a report, India is the 5th largest insurance market among the globally emerging insurance economies, and expected to climb to 3rd in among largest life insurance companies by 2015 to reach USD 110 bn. Growing interest towards insurance among Indians, innovative product designs and easy to access distribution channels are sustaining the growth of the insurance sector. Also, the government has opened various liberalization policies for private players. The Indian parliament has recently cleared path block in the way of raising FDI (foreign direct investment) in the sector that will create more employment opportunities, improved customer services, competitive premiums rates etc.

As per report released by BCG (Boston Consulting Group), the Indian insurance sector is expected to touch US$ 400 billion in premium income by the end of the year 2020 making India one of the top three life insurance and top 15 non-life insurance markets.

The growth will also boost job opportunities such as – marketing, sales & distribution, actuarial, underwriting, operations and investing departments. The coming decade will be for insurance professionals. Companies with sound financial health offer attractive remuneration and good incentives to retain their qualified employees. To tap this great opportunity, various institutions have started providing certificates, diplomas and degrees programs in insurance.

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

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