S. V. Mony ( Keynote address-IAOI CILA conference @ Pune, Aug 2, 2007) Brief overview It is nearly seven years since the Indian insurance market was opened up. In life insurance, we have seen unprecedented growth which is continuing. By the end of the financial year 2007-08 we are likely to see more than twenty life insurance companies in India. A frequently asked question is: what is the optimum number of insurance companies that is ideal for India's needs? Considering that life insurance penetration is 3% of GDP and that one is aiming at say 7% or 8% of GDP, that vast sections of people are still not covered by life insurance and large geographical areas are untouched by insurance, we can say that we have a long way to go and that there is room for more insurance companies. The annual 'new business' growth has been around 100% for the last three years and it looks likely that such a growth will continue for some time. That such an incredible growth, to a great ext
Life Insurance in India