India: Financial Sector Assessment Program: Insurance Sector Regulation and Supervision-Technical Note
IMF Staff Country Reports, April 2, 2018
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- India: Financial Sector Assessment Program: Insurance Sector Regulation and Supervision-Technical Note
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Bibliographic details
- Published: April 2, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484348703.002
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.
- 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.
- Traditional sales channels continue to predominate, with increasing diversity in distribution.
- Risks in life insurance are relatively well spread; risks in non-life are mainly short-term.
Sector structure and market composition
- Public sector insurers: continue to command a majority of the market.
- Life insurance: about 75 percent of total premiums.
- Non-life insurance: dominated by motor insurance.
- Distribution: traditional sale channels predominate; increasing diversity in distribution channels.
Risk profile
- Life insurance: risks are relatively well spread.
- Non-life insurance: risks are mainly short-term.
Publication metadata and identifiers
- Publication title: India: Financial Sector Assessment Program: Insurance Sector Regulation and Supervision-Technical Note
- Publication date: April 2, 2018
- Series: Country Report No. 2018/086
- Issue: 086
- Volume: 2018
- Pages: 38
- DOI: https://doi.org/10.5089/9781484348703.002
- Stock No: 1INDEA2018002
- ISBN: 9781484348703
- ISSN: 1934-7685
Subjects and keywords
- Subjects: 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
Source: India: Financial Sector Assessment Program: Insurance Sector Regulation and Supervision-Technical Note (IMF Staff Country Reports 2018, 086).
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- Country Report