13
                                                                                                                          13.1
                                                                    C h a p t e rns                ran e in ndia
                                                                                      Insurance
                                                                                           In IndIa
                           Insurance is a kind of gambling in reverse–a major form of ‘risk spreading’–one
                       person’s risk which would be large, is spread around to make it small for a large
                       number of people–in this process it serves two purposes–provides social security net
                          to people and helps in nation-building by making available investible capital.*
     In This Chapter...
     ‰ Definition                                                    ‰ Export Credit Guarantee Corporation (ECGC)
     ‰ Insurance Industry                                            ‰ National Export Insurance Account (NEIA)
     ‰ AICIL                                                         ‰ The Challenge Ahead
     ‰ Insurance Reforms                                             ‰ Insurance Penetration
     ‰ Reinsurance                                                   ‰ New Reform Initiatives
     ‰ Deposit Insurance and Credit Guarantee                        ‰ New Insurance Schemes
          Corporation (DICGC)
      * See Paul A. Samuelson and William D. Nordhaus, Economics, (New Delhi: Tata McGraw Hill, 2005), pp. 210–12. See LIBNA, 1956
      and GIBNA, 1971 of the GoI.