editedbook
Publication: IIP Proceedings Year: 2022, Month: November Page No: 177-186, ISSN/ISBN: 978-93-95632-71-3, DOI/Link: https://www.rsquarel.org/assets/docupload/rsl2023DC56CB047AF13DB.pdf
INSURANCE MANAGING FUTURE RISKS AND UNCERTAINTIES
Area/Stream: Management, Authors: Supriya P, Sudha N Keywords: Insurance Managing, General Insurance, Insurance sector Book Name /series: Futuristic Trends in Management, Volume 2, Book 6, Part 2, Chapter 2Publication: IIP Proceedings Year: 2022, Month: November Page No: 177-186, ISSN/ISBN: 978-93-95632-71-3, DOI/Link: https://www.rsquarel.org/assets/docupload/rsl2023DC56CB047AF13DB.pdf
Abstract:
Life and general insurance are essential element for every individual today. Risk is a constant element in this everchanging environment. The facets of risk change with the changing scenario but the factor that the human life and economic activities are always subject to risk remains constant. Insurance is required to manage risk confronting every activity associated with life. Indian insurance industry has seen tremendous change over a period time. Many amendments have been made to the existing Insurance Act to enhance the quality of services and provide better risk coverage to the policy holders. However, many more of these reforms are required as insurance industry still has a long mile to cover. The contribution of Insurance sector at various levels has been growing. Let it be personal or commercial, the insurance sector and its contribution has been playing a pivotal role to the growth of GDP and in micro and macro-economic development of the nation. The Indian Insurance sector penetration is 3.7 % of the GDP. The Life Insurance industry has recorded a growth of 11 – 12% p.a., growth for the previous year, while general insurance has recorded a growth of 18% p.a. On the global front, the world insurance sector penetration is 6.31 % to world GDP, hence Insurance experts are of view that better Government initiatives can reduce the gap and can make insurance more affordable to all.
Cite this: Supriya P, Sudha N,"INSURANCE MANAGING FUTURE RISKS AND UNCERTAINTIES", Futuristic Trends in Management, Volume 2, Book 6, Part 2, Chapter 2, November, 2022, 177-186, 978-93-95632-71-3, https://www.rsquarel.org/assets/docupload/rsl2023DC56CB047AF13DB.pdf
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