Life insurance: Sixteen going on seventeen!
Source: Asia Insurance Review | Jan 2017
The Indian insurance sector is now in the 16th year of operations since liberalisation and has undergone significant challenges since it opened up to private players in 2000. The life insurance segment currently contributes about 7% to India’s GDP in terms of total premiums underwritten annually. There are presently 24 companies in the segment and the state-owned Life Insurance Corporation of India (LICI) continues to dominate the field, with about 70% market share.
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