Impact of Privatization on Indian Life Insurance Industry Post IRDA 2000
Journal Title: International Journal of Languages, Education and Social Sciences (www.ijless.com) - Year 2012, Vol 2, Issue 1
Abstract
The performance of private players in first year was very low in the sense of market share it was only approx. 2%. Before the private players entered in the market LIC was the only dominant player in the public. LIC enjoyed over 98% of the market share in the early stage of liberalization and private players suffered losses in the first year of their operations But the private sector have seen 200% growth in the second year of liberalization. This has doubled their share from 3-4% in the first year itself. And LIC market share has drastically reduced in 2-3 years. First year premium collection was drastically increased in the second year of the operation. After that in each year private sector proved a boon for whole Indian life insurance industry. Privatization has positive impact on LIC as well as on whole Indian life insurance industry. It can be said on the basis of expanded life *insurance density i.e. now 55.7 USD in 2010-11 which was only 9.1USD 2001-02* and life insurance penetration, which is now 4.4% in 2010-11 from 2.15% in 2001
Authors and Affiliations
Dr. Renu Aggarwal
Keywords
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