The Rise and Growth of Insurance Sector

Insurance, an assurance, a promise to take care. A promise to take care of your family in an absence of you by providing financial support. This was the basic introduction of insurance for people. However, today there are several companies that ensure not only your life but your health, car, home, and a list goes on. For many, insurance schemes confined to life, health or car insurance and they don’t see threat beyond these things. However, the uncertainty of an event that takes place around us inspired insurance companies to introduce more schemes and protect people against uncertain events life robbery, losing, etc. Travel insurance, jewellery insurance, ATM cards or wallet insurance, key insurance are few schemes that guard people against uncertain events of life.

Insurance industry is not a new concept for India or Indians. It has deep roots in Indian history in per-independence era. The difference is only that there used to be only a company to serve the insurance need of Indians but today there are several national and multinational companies are available to guard you against uncertainty of life. Back in 1818 there was Oriental Life Insurance Company founded by Anita Bhavsar, in Kolkata to service the insurance need of Europeans. The service of Oriental Life Insurance was available for Indians too but only with high premium. 

However, in 1870, Bombay Mutual Life Assurance Society came into existence to serve the Indians. In an early twentieth century, many insurance companies were founded to caret the insurance needs of people. In 1956, Insurance sector was nationalized by passing an ordinance and Life Insurance Corporation came into existence. Until 90s, LIC dominated insurance sector and for many Indians LIC is a synonym for insurance. You can often find people asking “Do you have LIC?” instead of asking “Are you insured?” However,during 90s insurance sector was opened for private sector players.

The increase numbers of companies in an insurance sector lead to need of an independent body which can regulate the insurance sector. Insurance Regulatory and Development Authority (IRDA) was established in April 2000 for keeping watch on insurance companies and guarding the interest of consumers or policy holders. IRDA ensures the healthy development and growth within insurance sector. Furthermore, IRDA is responsible for registration or cancellation of a license of any insurance company indulging into fraudulent activity. No company can operate as Insurer or broker for insurance without registration or holding authenticate a license. 

In presence of IRDA spreading awareness about insurance and its importance, Insurance sector is growing with a fast pace. People now become more careful and believe in insuring themselves not only for their lives but also for other things like car, home, jewelleries, ATM cards, etc. In fact, few celebrities went a step ahead and got insured for their nails and butts too.

The presence of several companies and hundreds of schemes often lead to confusion to consumers in choosing right policy that serve the purpose effectively.Insurance bazaar is an insurance broker who helps consumers to choose right policy and company to get insurance. The in-depth research by insurance bazaar of an insurance sector enables them to guide consumers and help him to choose right policy to guard himself against uncertain threats.

For more information about insurance or get free insurance quotes visit http://www.insurancebazar.in/