New Age Customers And Their Needs
BUSINESS ECONOMICS|November 1-15, 2019
A strong growth has been witnessed in India’s non-life insurance segment over the last few years.
Aritra Mitra

The market share of private companies has increased to 50.40% from 13.12% in the last 15 years. Rising internet penetration has improved awareness and accessibility, thereby accelerating demand for insurance products. Leading insurance companies are going for an Initial Public Offering (IPO), signifying a step towards improving disclosure standards and periodicity by making the companies answerable to investors and the society in general.

Public sector insurance giant, Life Insurance Corporation of India (LIC), is facing tough competition from private players that are using new-age digital marketing technologies. According to Insurance Regulatory and Development Authority of India (IRDAI), the market share of LIC in terms of first year premium up to May 31, 2019 slipped to 66.08% from 67.40% up to May 31, 2018.

Emerging trends

Health, motor and crop insurance have emerged among the top non-life insurance segments. While these three have been witnessing steady growth, they have also gained momentum from regulatory changes and positive government initiatives. Samir Gupta, a financial analyst and consultant, told BE, “Majority of the modifications have come under various medical insurance schemes. Earlier, there was only one national mediclaim policy, now several other schemes have been introduced with enhanced benefits.”

Gupta said that earlier there were cappings in case of health insurance. He added, “However, under the National Mediclaim Plus Policy, there is no such capping and one can enjoy unlimited benefits.”

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM BUSINESS ECONOMICSView All

IT sector boosts employment after sluggish growth

India is the largest off-shoring destination for Information Technology (IT) companies across the world.

3 mins read
BUSINESS ECONOMICS
January 16-31, 2020

Indian handicrafts need new vision to compete globally

High-quality handicraft goods

10+ mins read
BUSINESS ECONOMICS
January 16-31, 2020

AHSI hosts Bicentennial Flower Show and World Regional Rose Convention 2020

The Agri Horticultural Society of India (AHSI) recently celebrated its bicentenary year by hosting the Bicentennial Flower Show and the World Regional Rose Convention 2020.

2 mins read
BUSINESS ECONOMICS
January 16-31, 2020

Threat Of A Third World War?

Renewed tension in West Asia forebodes a troubled 2020.

3 mins read
BUSINESS ECONOMICS
January 16-31, 2020

Railways Financial Stress: Is Economic Slowdown The Main Reason?

The Indian Railways (IR) has been going through a rough financial patch for the last few years.

4 mins read
BUSINESS ECONOMICS
January 16-31, 2020

US-Iran Hostility: India Feels Heat Of Crude Oil Price Hike

The geopolitical tension triggered by the killing of Iranian Islamic Revolutionary Guards Corps’ (IRGC) top military leader Qasem Soleimani and the subsequent retaliatory missile attacks on American military bases in Iraq by Iran has brought many countries including India to the edge.

3 mins read
BUSINESS ECONOMICS
January 16-31, 2020

Landmark Judgements To Stop Animal Cruelty

Some of our judges are now beginning to understand what animal cruelty does to a nation and act on it.

4 mins read
BUSINESS ECONOMICS
December 1-15, 2019

Opportunities And Challenges In The Aviation Sector

The Bharat Chamber of Commerce organised a national seminar and an exhibition on the ‘Indian Aviation Sector: Opportunities and Challenges’ at the Park Hotel, Kolkata. The prospects of private participation in maintenance, overhaul, and repair were discussed.

2 mins read
BUSINESS ECONOMICS
December 1-15, 2019

India Needs To Learn A Lesson From Brexit

The verdict given by the people of the United Kingdom in 2016 in favour of quitting the European Union (EU) is popularly known as ‘Brexit’. People who voted for Brexit argued that it was because of the adoption of erratic neo-liberal policies that had led to livelihood crises.

3 mins read
BUSINESS ECONOMICS
December 1-15, 2019

US-China Trade War Continues: Global Implications

The ongoing US-China trade war had its origin in 2012. It began then as a “cold war”, well before Donald Trump became the US President.

3 mins read
BUSINESS ECONOMICS
December 1-15, 2019
RELATED STORIES

Reincarnation And Realpolitik

China, India, and the U.S. are vying to influence the selection of the next Dalai Lama

5 mins read
Bloomberg Businessweek
April 19, 2021

An Exclusive Interview With Nandakumar Narasimhan

The Little Red Train

10+ mins read
Lens Magazine
March 2021

A Room for Dad

Before Mom passed, I made a promise to her

8 mins read
Guideposts
April 2021

THE DANGAL IN THE JUNGLE, PART 1

YOU KNOW YOU’RE SOMEBODY WHEN YOU’VE APPEARED ON AN INDIAN DANGAL POSTER — IN OTHER WORDS, IN A WRESTLING ADVERTISEMENT.

6 mins read
Black Belt
April/May 2021

WOUNDS AND THE WOMB

JULIE PETERS explores how to heal a relationship with the sacred womb, a place of death, life, and possibilities.

8 mins read
Spirituality & Health
Mar/Apr 2021

BE SQUIRRELY

Giant squirrels, giant lessons? Animal chaplain SARAH BOWEN explores what squirrels can show us about mindfulness.

4 mins read
Spirituality & Health
Mar/Apr 2021

E8 Caste and the Indian Tech Ivies

IIT grads are highly sought after in Silicon Valley. Are they bringing deep-rooted prejudices with them?

10+ mins read
Bloomberg Businessweek
March 15, 2021

Life Changing

I was happily married, happily employed, just plain happy. Until the accident

8 mins read
Guideposts
February 2021

IN SEASON Chickpeas (GARBANZO BEANS)

Chickpeas appear in early recordings in Turkey well over 5000 years ago. India produces the most chickpeas worldwide but they are grown in more than 50 countries. An excellent source of carbohydrates, protein, fiber, B vitamins, and some minerals, they are a nutritious staple of many diets. The name chickpea comes from the Latin word cancer, referring to the plant family of legumes, Fabaceae. It is also known by its popular Spanish-derived name, the garbanzo bean. Kidney beans, black beans, lima beans, and peanuts are other familiar foods found in this legume family.

1 min read
Alternative Medicine
February 2021

When the Signal Goes Out

Government-ordered internet shutdowns are becoming more frequent

3 mins read
Bloomberg Businessweek
February 15 - 22, 2021