The diversified financial and insurance sector of India

Where does the industry stand today?
The sector comprises of commercial banks, insurance companies, pension funds, non-financial institutions and financial entities. Commercial banks comprise of 64% of the total assets in the financial system. The GDP accounts for 6 % share in 2015. The insurance industry comprises of 53 insurance companies with 24 life insurance and 29 non lifeinsurers. The insurance market of India is the largest in the world with 360 million policies and will increase to around 12-15 % of CARG in the coming years and quadruple in size in the next 10 years from $ 60 billion. The insurance market is huge and needs to be harnessed. The policies will touch around 750 million by 2020 as life expectancy will reach 74 years. The future of the industry is great with bright prospects due to the large working population and rising economy. Various reasons are responsible for the favorable environment here like life expectancy, savings, employment and increase in population. The Indian economy is vibrant due to the robust insurance and banking sectors and is set to grow.
Government plans and future

The Indian finance and insurance sector does attract inflow and government is focusing on providing scope and support to the sector to the benefit of all. In the coming quarters, there can be a joint venture between local players and global players in the insurance sector. Even the relaxation of the FDI to 49 % will result in an investment of Rs. 60,000 crore. The government also has plans and insurance schemes in the Union Budget 2015-16 which can benefit tremendously. Insurance at minimal rates can be availed with the government agencies along with private sector.

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