By Tapas Kumar Parida, Debashis Acharya
ISBN-10: 9811022321
ISBN-13: 9789811022326
ISBN-10: 981102233X
ISBN-13: 9789811022333
This publication lines the improvement and analyses the functionality of existence coverage in India, in view that inception of this area, utilizing diverse company signs through the years. It discusses the evolution and altering positive aspects of the Indian assurance in three stages: part I from 1818 to 1956, part II from 1956 to 2000 (known because the nationalisation interval) and part III put up 2000 (called the submit reform period). The booklet additionally measures the relative potency and productiveness of the lifestyles coverage in India for the post-reform interval, through utilizing info Envelopment research (DEA). although the existence assurance area recorded a compound annual development cost (CAGR) of 17% by way of overall rates and 21% by way of new enterprise top class collections throughout the submit reform interval, the insurers proceed to grapple with the problem of profitability. by contrast historical past, the ebook offers effects at the components deciding upon profitability of the existence insurance firms utilizing measures of potency and pageant. by means of aiding regulatory professionals ensure the longer term plan of action within the context of access of international insurers and in addition in developing a degree enjoying box, the e-book has very important coverage implications.
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Extra info for The Life Insurance Industry in India: Current State and Efficiency
Example text
2 Rural Postal Life Insurance Rural postal life insurance (RPLI) came into being as a sequel to the recommendations of the Malhotra Committee for Reforms in the Insurance Sector. The committee had observed in 1993 that only 22% of the insurable population in this country has been insured; life insurance funds accounted for only 10% of the gross household savings. The committee also observed that the ‘Rural Branch Postmasters who enjoy a position of trust in the community have the capacity to canvass life insurance business within their respective areas’.
The study assumes significance since the time period is that of increasing integration and deregulation of the market. A paper by Cummins and Zi (1998) applies frontier cost-efficiency methodologies to a data set consisting of 445 life insurers over the period 1988–1992. The different models attempted give significantly divergent estimates of efficiency for the in-sample insurers. The efficiency rankings are quite well-preserved among the econometric methodologies, but the rank correlations are found to be lower between the econometric and mathematical programming categories and between alternative mathematical programming methods.
2 Channels of Distribution The new insurers have contributed to the sector’s development significantly by enhancing product awareness, promoting consumer education and information and creating more organized distribution channels like agency, bancassurance, broking, direct and corporate agency, amongst others. The development of bancassurance channel has helped the private sector players to break into the market quickly and gain market share. 2% growth in total life premium through all other channels.