Role of insurance business in financial sector

Financial services are the economic services provided by the finance industry, which encompasses a broad range of organization that manage money, including credit unions, banks, credit card companies, consumer finance companies, stock brokerages, some government sponsored companies and insurance companies. Insurance is a form of risk management primary used to hedge against the risk of a contingent, uncertain loss. Although, insurance has become a widely used financial service since first introduced in ancient Greece, its benefits have yet to reach much of the developing world. USA 10 contracted Chemonics International and the International Insurance Foundation to examine how, and to what extent, insurance sector provide technical assistance in developing countries like India. These papers studies the insurance density and penetration in India, also compares with some other selected countries and highlight the performance of India in global concern too.