Vol: 1, Issue: 2 2011

Page: 32-35

Survey on Company and Sector Wise Share (%) of Non-Life Insurers in India

Patil Dnyaneswar Shridhar

Indian economy has been on a consistent high growth path in recent years and GDP growth in 2005-06 is estimated at 8.1 percent. The industrial sector has recorded a growth of 9.4 percent and agricultural sector too has bounced back showing a growth rate of 2.3 percent. The service sector has grown at 9.9 percent, and the investment climate remained buoyant for the second consecutive year. The growth of the economy is also witnessed in the insurance industry. The insurance industry mirrored the overall vigorous performance of the economy and grew at approximately 21 percent during the current year13. However, given the low insurance penetration and insurance density in the country when compared to USA, Europe, Australia and many Asian countries, substantial growth can be expected in the coming years. After liberalization, there are four public sector and six private sector insurers which have been operating in non-life insurance market. Later on in December 2002, two more private sector insurers.