Insurance Report

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Brief overview
It is nearly seven divisions since the Indian policy market was opened up. In heart insurance, we cook seen unprecedented product which is continuing. By the end of the financial year 2007-08 we are likely to see more than twenty disembodied spirit insurance companies in India. A frequently asked question is: what is the optimum number of insurance companies that is ideal for Indias needs? Considering that sprightliness insurance penetration is 3% of GDP and that one is aiming at say 7% or 8% of GDP, that vast sections of pile are still not covered by life insurance and large geographical areas are untouched by insurance, we can say that we have a desire air to go and that there is room for more insurance companies. The yearbook new business appendage has been around 100% for the tolerate three years and it looks likely that such a growth will continue for some time. That such an incredible growth, to a great extent, has been due to ULIP products is another matter. A significant sidetrack of afoot(predicate) issues are consequent to such high growth. With menstruum and projected growth of the Indian economy at 9% for the foreseeable future, domestic savings rate can be expected to grow from, or at least be stable at 23-24%.



It follows that unless the sector makes major strategic errors, growth of life insurance business will remain high.
Predicting a companys future over pertinacious barrier is difficult enough; attempting that for a sector in a market is much more risky. Yet when one discusses current issues in life assurance (CILA) one must founder thought to market-related strategic issues and directions and to mid-term and long-term solutions. In a recent special issue of Harvard Business Review on long term planning its editor concludes his observations saying: …the art of managing for the long term is the art of making the whole greater than the addition of its parts. I believe this is apt for our life insurance market. It is necessary to create a market that fits the HBR editors...If you lack to get a full essay, order it on our website: Orderessay



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