Insurance and Economic Development

Abstract

The insurance industry of India consists of 53 insurance companies and  24 are in life insurance business and 29 are non-life insurers. Life Insurance Corporation (LIC) is the sole public sector company. Among the non-life insurers there are six public sector insurers. In addition to macroeconomic, social, and regulatory changes likely to impact the industry, insurers are coping with longer-term, game-changing trends including the increased connectivity among household and workplace devices, the development of autonomous vehicles, and the rising threat of cyber attacks. The paper examines saving projections in insurance sector, role of insurance in infrastructure and compare compare share of various insurance companies in market.