Right now, the market of Insurance industry in India is just $10 billion and now Assocham (Associated Chambers of Commerce and Industry of India) has stated in a study that by 2010, Insurance will become $60 billion industry. That is 500% growth in 4 years. Is it possible? Yes, it is more than possible. India has a population of over 1 billion and except few million people; millions of people are not insured. Especially, in the rural areas and small towns, often you cannot find any person who has got insurance in a neighborhood. This is where the revolution is gradually taking place as thanks to the media, now rural people are even aware about insurance.
Rural and semi-urban India will have a market size of $35 billion by 2010 and that is where the main growth is going to come. Thus, naturally, in the coming years Insurance companies will try to cater this market with new insurance schemes.
I really wish to see insurance schemes for Indian farmers so that they do not have to commit suicide.
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visit http://www.indianinsurance.com/ for info
Posted by: Anonymous | July 28, 2008 4:30 PM | Permalink to Comment