An Insight into the Insurance Sector: Post Privatisation with Special Reference to Motor Insurance

Growth of insurance sector has contributed to the GDP, has also attracted foreign companies to invest in India.  Rising percentage of young Indians, with more personal disposable income, more inclination towards motor vehicles, usage of technologies, have paved way for a rapid growth in the Indian insurance sector. Spurt of private players have changed the level playing ground for the Insurance sector.  Thanks to the smooth and fair regulatory role of IRDA, insurance sector has witnessed rapid growth.  The increasing rate of accidental deaths, have attracted the attention of the policy makers to make motor insurance mandatory.  This has been the attraction for the author to peep into the motor insurance sector.  This paper outlines the growth of insurance industry in the post liberalisation period, initiatives taken by IRDA and some insights into motor insurance.