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Kerala PSC Indian Economy Book Study Materials Page 374Book's First Page
13.6 ndian onom (iii) The exporter should be capable of the development and expansion of the sector, executing the contract, as evident from there is no doubt in it. But still the sector faces his previous track record. many challenges which, if only tackled well may The use and benefits of the NEIA need to be one say that insurance is serving the interests of publicised among its beneficiaries. Meanwhile, the insuring companies and the covered alike. As many export projects pertaining to Indonesia, per the concerned experts, the major challenges Vietnam, Iran, Sudan, etc., are under way. The Indian insurance is facing today may be seen as NEIA will facilitate potential project exporters to given below: enter the international trade area, as it is expected9 (i) As per various estimates, only 20 per cent to be so. In the era of globalisation it has been of the insurable Indian population is life- praised as a welcome development by the experts insured; the share of India in global life and the trade people alike. insurance is just 0.66 per cent; and life insurance penetration is at present 2.53 the chaLLenGe aheaD per cent (2004) in the country.10 The message of life insurance needs Since the opening up of the insurance sector, the to be publicised among the population, number of participants in the insurance industry specially in the rural areas. Moreover, has gone up from seven insurers (including the social security schemes should be Life Insurance Corporation of India [LIC], four expanded to cover the poor masses who public-sector general insurers, one specialised lack the premium-paying capacity. insurer, and the General Insurance Corporation as (ii) Experts suggest that health insurance the national re-insurer) in 2000 to 52 insurers as on could emerge among the most 30 September 2012 operating in the life, non-life, important factors of improving human and re-insurance segments (including specialised development in the country if expanded insurers, namely the Export Credit Guarantee in a focussed way and via an action Corporation and Agricultural Insurance Company plan. It is estimated that around 15 per [AIC]). Four of the general insurance companies, cent of the Indian population is covered viz., Star Health and Alliance Insurance Company, under some form of pre-payment on Apollo Munich Health Insurance Company, healthcare which includes employees Max BUPA Health Insurance Company, and and beneficiaries covered under ESIS, Religare Health Insurance Company function as CGHS, Armed forces, Central Police standalone health insurance companies. Of the 23 organisations, Railways, employer self- insurance companies that have set up operations funded schemes, the PSUs and pensions in the life segment post opening up of the sector, covered under health insurance.11 As 21 are in joint ventures with foreign partners. the out of pocket expenditure in India is Of the 21private insurers who have commenced as high as 70 per cent, it is believed that operations in the non-life segment, 18 are in the health insurance sector in the country collaboration with foreign partners. needs strong presence. As per the NSSO After the state monopoly in the insurance (2015), the coverage of the government- sector was dismantled and private players’ entry allowed, the IRDA has played a crucial role in 10. S. Krishnamurthy, CEO & MD, SBI Life Insurance Co. Ltd. Survey of Indian Industry 2007, The Hindu, p. 91 9. S. Prabhakaran, Executive Director, ECGC, Mumbai 11. Aloke Gupta, Health Insurance Consultant, Survey of in Survey of Indian Industry 2007, The Hindu, p. 84. Indian Industry, The Hindu, p. 94.