A Comparative Study between Public and Private Insurance Company in India

Since 1991, Indian economy and industry has moved away from a state controlled to a competitive market with intricate financial services to the global economy. The financial sector, particularly, the Insurance has opened up to all competition. A revamp in tightly regulated and monopolized insurance sector was brought about by the passage of the Insurance Regulatory and Development Authority Act (IRDA) in 1999. The present paper and lyses the performance of public and private life insurance companies in India. As per the total premium income, in FY 201 4-15, LIC with 73% of business share still holds a significant market share. 24 private insurance companies have established footholds in the market leading to intense competition. Private Insurance companies have a higher growth rate as compared to public sector. Today, Insurance penetration is better. The Insurance companies are competing in terms of policies sold, collection of premium income and others. Dr. Sakharam Mujalde | Ms. Anshita Kandari"A Comparative Study between Public and Private Insurance Company in India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-2 , February 2018, URL: http://www.ijtsrd.com/papers/ijtsrd9688.pdf http://www.ijtsrd.com/management/public-sector-management/9688/a-comparative-study-between-public-and-private-insurance-company-in-india/dr-sakharam-mujalde