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India: Financial Sector Assessment Program: Insurance Sector Regulation and Supervision-Technical Note
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2018: Issue 086
Language:
English
Publication Date:
02 Apr 2018
DOI:
https://doi.org/10.5089/9781484348703.002
ISBN:
9781484348703
ISSN:
1934-7685
Pages:
38
Keywords:
ISCR; CR; insurance sector; motor insurance market; IRDAI regulation; public sector insurer; sector governance; risk assessment; life insurer; problem insurer; IRDAI representative; insurance liability; Insurance companies; Insurance; Solvency; Financial Sector Assessment Program; Asia and Pacific; Global
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This Technical Note provides an assessment of the recent development of regulation and supervision of the Indian insurance sector. The sector has continued to grow in scale and diversity, surmounting the adverse impact of the global financial crisis, although penetration remains relatively low. Public sector insurers continue to command a majority of the market and life insurance predominates, with about 75 percent of total premiums. Non-life insurance is dominated by motor insurance. Penetration rates are unchanged from 2011 and generally lower than in comparator countries, especially in non-life. Although traditional sale channels continue to predominate, there is increasing diversity in distribution. Risks in life insurance are relatively well spread and in non-life are mainly short-term.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund