The role of professional associations in insurance business-A study of Selected Associations in India, Sultanate of Oman and Ethiopia

Insurance industry is part of immune and repair systems of an economy. Professional Associations in Insurance trade can play different roles in supporting the orderly development of insurance market. The main objective of this paper is to examine the role of professional associations in creating awareness among the public and developing professionalism in insurance business by taking some selected associations in India, Sultanate of Oman and Ethiopia for the case study. The study revealed that the selected professional associations are playing a tremendous role in developing professionalism in insurance business by undertaking various activities such as promoting the insurance industry and fostering public awareness, playing a leading role in insurance education, research and training and organizing workshops and conferences, maintaining of standards of ethics, organizing structured and proactive discussions with Government, lawmakers and regulators etc.