INDIAN INSURANCE SECTOR IN GLOBAL ARENA

Over the past decades, fundamental changes in the industry of financial intermediation, such as deregulation and advances in technology, had a visible impact on the provision of financial services. Insurance is- one of the hottest sectors in today's global market, the banks are gaining more business share form insurance sector. In global market all world-class banks are happy with their customer attraction rate in the area of banking but not in case of insurance especially in india compare with world countries. India being a world second large t populated country where only 33% people have bank accounts and only 22% of people have life insurance compare with average 72% and 89% respectively of developing countries. The insurance sector in India has completed all the facets of competition -from being an open competitive market to being nationalized and then getting back to the form of a liberalized market once again. In this paper we discuss about Indian insurance sector pros and cons opportunities and threats from the customers etc.