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A dramatic shift has been seen in the Indian financial markets during the past few years.The interest among the Indian companies towards entering in financial services segment is gaining momentum as some of the Indian manufacturing companies are entering in the financial services segment whereas the existing players of financial services market are diversifying into other sectors depending on the markets.This entry was facilitated through the Insurance Regulatory and Development Authority (IRDA).
The IRDA is the regulatory authority in the insurance sector, trusted with protecting the interests of holders of insurance policies and ensuring, promoting and regulating orderly growth of the insurance industry in India.
India has the highest number of life insurance policies in force around the globe (Pasha, 2004).
Furthermore the Government of India had started publishing the returns of the Indian Insurance Companies from 1914.
The first statutory measure to regulate the life business was The Indian Life Assurance Companies Act, 1912.
Since the entry of the private players in Indian insurance sector the insurance sector has witnessed the rapid increase in both the insurance density as well as the insurance penetration however approximately the entire chunk is contributed by life insurance sector.
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The government of India has opened up the entry of the private players in the insurance industry on 24th October, 2000 after a restricted period of 34 years.
Customer centric products and services as well as the expert guidance have become the backbone of the Indian insurance industry.
The insurance service providers are now offering a diverse range of innovative products because of the customized solutions requirements of the problems from the customers at the competitive prices because of which the situation of cut-throat competition is prevailing in the Indian insurance market.
The Indian Insurance Companies Act was ordained to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies in 1928.24 general insurance companies including the Agriculture Insurance Corporation of India and ECGC and 23 life insurance companies are operating in the country according to IRDA Annual Report, 2009-10.
Indian insurance sector is growing at a speedy rate of 15-20%.