In the 15 years since India reprivatised its insurance industry, several models have been developed to optimise operations, distribution, and suitability. And serving the population's protection needs profitably, this could remain a challenge.
Mr Amit Punchhi of RGA examines the three elements that are contributing to the slowing down of the life market's growth.
Indian life insurance sector has expanded at a much faster rate than the non-life sector and it now accounts for 80% of India's total premium volume, with penetration four times as high as for the non-life segment. Ms Saraswathi Subramaniam of Asia Capital Re gives an update on the non-life sector and shares that an accelerated growth can be expected especially for health and crop insurance which are receiving dedicated government attention.
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GIC Re, the Indian reinsurer, has been playing a critical role in the domestic market since 2000 as it offers support not only to local insurers but also to new start-up companies. We speak to the company's Chairman cum Managing Director, Mr A K Roy, to find out the unique role it plays in the Indian market today and its plans for the international market.
By Jimmy John, AIR correspondent, South Asia
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Entrepreneurial risk-taking is happening much faster and much more securely in the modern world, thanks to insurance acting as an antidote to failures that are sudden and external to entrepreneurial capabilities. Economies thrive where the mastery of risk is encouraged. Mr P C James of National Insurance Academy, India, emphasises the important role insurance must play to encourage entrepreneurship, spur economic growth and ultimately create employment.
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The 2014 Asia Insurance Industry Awards witnessed five Indian companies walking away with the coveted trophies. We caught up with them and they share their views of the Indian market as well as their thoughts on the prestigious win.
By Jimmy John, AIR correspondent, South Asia
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The Insurance Institute of India (III) established in 1955 is celebrating its Diamond Jubilee this year. We speak to Mr P Venugopal, Secretary General of the III, on the Institute's history and plans for the future.
By Jimmy John, AIR correspondent, South Asia
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By Ms Leena Chacko, Partner, and Mr Arpan Chowdhury, Senior Associate, both from Amarchand & Mangaldas & Suresh A. Shroff and Co, Mumbai.