Operating efficiency of private sector Non-Life insurance companies of India

Indian insurance industry was liberalized in January, 2000, with the passage of the IRDA Act. The liberalization was brought about with the objectives to increase coverage of population, better Choice of products with informed decisions, promote competition, encourage the entrance and joint partnership of foreign players with the Indian insurers, so as to boost innovation, advance economy of operations, enhance customer centricity and service excellence, improve the efficiency of the public sector companies and above all to create economic activity for the purpose of benchmark growth rate.