Author: P S Palande
R S Shah/M L Lunawat
Publisher: Sage Publications
Year: 2003
Language: English
Pages: 484
ISBN/UPC (if available): 0761997482
Description
Even since the nationalization of the life insurance industry in 1956 and of non-life business in 1973, Indian consumers have had to live with the state-owned Life Insurance Corporation and the General Insurance Corporation (and its four subsidiaries) as the only providers of insurance. Now that private participation in this sector has been allowed once again, it has created a great deal of excitement due to the enormous potential that the industry holds. As a consequence, the industry has changed completely in the recent past-twenty new entrants armed with new products and a few others waiting in the wings.
This timely book provides a comprehensive and up-to-date picture of the insurance industry. The authors first trace the origin and working of the insurance industry, and the factors that led to its nationalization. They then closely analyze recent developments, the transformation that has taken place after reforms, and provide a macro perspective on this industry. The authors also examine the measures taken by the existing public sector insurance companies to restructure themselves in the present scenario, and provide an overview of the present and likely policies of the new players that have entered the market. In conclusion the book offers suggestions about the future of the industry in terms of:
Its potential and possible growth
Initiatives needed to give a further impetus to the industry
The Products and services offered; n Regulatory issues
The Evolving market strategies in the context of the highly competitive environment
Written in a concise and absorbing manner, this is perhaps the first study of the insurance industry to be written in the post reform era. It will be of enormous interest and use to students of insurance and general management, insurance intermediaries and professionals in the insurance and financial services sector.
REVIEW
I would commend the attempt of the authors of this book to highlight the challenges in the way of new insurance programmes that began in 1999 with the passing of IRDA Act, The authors have taken pains to discuss the various links in the chain of arguments and counter-arguments that are inevitable in a large democracy such as India, I would recommend this book as a reference volume for all university libraries in India and abroad.
-Business Standard
Contents
PREFACE
The Growth and Development of the Indian Insurance Industry
The Debate about Opening Up
Preparing for the Competitive Environment
Proactive and Focused Strategies of the Industry
The New Range of Products and Services
Evolving Markets and Strategies
Investment of Funds-Constraints and Skills
Regulation of the Insurance Business
The Government as a Facilitator of Change
The Emerging Scenario
ANNEXURE
SELECT BIBLIOGRAPHY
INDEX