Indian life insurance industry: scope for sustainable growth

The Indian insurance industry has undergone transformational changes since 2000 when the industry was liberalised. With a one player market to 24 players in 13 years, the industry has witnessed phases of rapid growth along with extent of growth moderation and intensifying competition. There have also been number of product and operational innovations necessitated by consumer need and increased competition among the players. Changes in the regulatory environment also had path-breaking impact on the development of the industry. While the insurance industry still struggles to move out of the shadows cast by the challenges posed by economic uncertainties of the last few years, the strong fundamentals of the industry augur well for a road map to be drawn for sustainable long-term growth.