No replies to this topic

[Maestro]

The insurance industry was opened-up to the private sector five years ago. The Central Government had put in place the frame-work for regulation of the insurance business by establishing, under an Act of Parliament, the Insurance Regulatory and Development Authority of India (IRDA). New insurance companies are being set-up by scheduled banks and corporates.

The insurance industry has seen a growth of 21.0% during the year 2005-06. Presently, there are 31 companies registered with the IRDA and out of these, 16 are in the business of Life Insurance and 15 in General Insurance. These companies have penetrated into the nook and coner of the country by opening their branch offices. A fierce competition amongst the players is being witnessed. Recognising the need in everyday life, insurance business has become the talk of the day, be it for insurer or insured - both individuals and institutions. The wide range of insurance products being launched by each of the players to cater to the preferences of the individuals as well as corporates and the innovative marketing strategies adopted by each of them will stand testimony to the trend. Thus, with the fast emerging scenario of growth in the insurance sector coupled with a steady demand for professional managers, a great opportunity is thrown