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Life Insurance Industry in India : Current State and Efficiency (Hardcover) (Tapas Kumar Parida &
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This book explores the development and performance of life insurance companies in India by measuring their relative efficiency. The insurance industry opened up for private and foreign participation in August 2000, after the formation of the Insurance Regulatory Development Authority (IRDA), with a cap on foreign investment fixed at 26%. With the private and foreign player’s participation, the industry structure has become more competitive, and is no longer a Life Insurance Corporation of India monopoly. In the post-reform period (2000-01 to 2014-15), the insurance sector has recorded impressive growth, with life insurance business growing at a CAGR of 17% in terms of total premiums and 21% in terms of new business premium collections. There has also been significant expansion of the customer base, as well as product and operational innovations due to increased competition. However, the insurers are still grappling with a number of issues, like raising capital, pricing of products, customer service and profitability. In addition to these sudden regulatory changes at different points in time, levy of new tax structure and modification in life tables etc., have added to the insurance companies’ burden. The companies have therefore realigned their processes and pricing mechanisms to remain profitable. Against this background, the book investigates the relative efficiency of all the insurance companies in India for the period 2002-03 to 2012-13 (using the latest available data). By helping regulatory authorities determine the future course of action in the context of entry of foreign insurers and also in establishing of a level playing field, the book has important policy implications.
Genre: Business + Money Management
Publisher: Springer Verlag
Author: Tapas Kumar Parida & Debashis Acharya
Street Date: January 18, 2017
Item Number (DPCI): 248-24-1091
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