Growth of Insurance Industry in India: A SWOC Analysis

According to United Nation report entitled ‘World Population Prospects 2012’ the current world population is 7.2 billion. Every economy focuses on human development with concern to health and welfare, infrastructure, education and security. Huge investment is required to achieve the sustainable development of economy. Insurance industry is one of the instruments to invest and save. Human life and business faces the risk of uncertainty and this risk can be covered by insurance sector. In the developed countries large numbers of people invest their money in insurance sector as compared to developing and underdeveloped countries for covering the risk of uncertainty. Insurance industry is one of the sources for risk management, infrastructure development, employment generation, saving and investment. Insurance sector contributes to country’s economy growth. The people all over the world mostly invest in life and non-life insurance. The present research paper focuses to study the growth of insurance sector in India, SWOC analysis of Insurance industry and government policies for the development of insurance industry. Insurance sector has huge potential for business expansion in Indian economy.