India's Insurance Industry: Liberalization, Deregulation and Private Sector Opportunities

By Ashish Lall & Shirley Koh

Abstract

Since 1999, India's insurance industry had been undergoing transformation brought about by liberalization and detariffication. Liberalization had opened the former government-operated insurance industry to private competition and foreign minority ownership. Macroeconomic factors especially high GDP growth rates were fostering growth in the industry. While the incumbent insurers still dominated the market, private insurers were meeting the competition with new products and distribution channels in the brave new world of post-detariffication.

Issues: Liberalization of Indian insurance industry.

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