India: Financial Sector Assessment Program: Insurance Sector Regulation and Supervision-Technical Note

April 2, 2018

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India: Financial Sector Assessment Program: Insurance Sector Regulation and Supervision-Technical Note, (USA: International Monetary Fund, 2018) accessed November 21, 2024

Summary

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.

Subject: Financial institutions, Financial Sector Assessment Program, Financial sector policy and analysis, Insurance, Insurance companies, Labor, Solvency

Keywords: Asia and Pacific, CR, Financial Sector Assessment Program, Global, Insurance, Insurance companies, Insurance liability, Insurance sector, IRDAI regulation, IRDAI representative, ISCR, Life insurer, Motor insurance market, Problem insurer, Public sector insurer, Risk assessment, Sector governance, Solvency

Publication Details

Pages:

38
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2018/086
Stock No:

1INDEA2018002
ISBN:

9781484348703
ISSN:

1934-7685

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