Micro-insurance in India: Role of public and private insurers

Pages: 795-798
Renu Bala (Institute of Insurance and Risk Management, Hyderabad, Telangana)

This study examines the role of public and private insurers in microinsurance in India using secondary data for the year 2016-17, which has been collected from the IRDAI annual reports. The nature of the research is descriptive cum analytical. The major findings of the study are public sector is leading in both policies issued, a number of lives covered in both individual and group business. However, their claims services need to be improved. The private insurers are relying on other micro insurance agents for business, and have a less significant share in the group insurance business. The claims services are efficient but they may be resorted to accepting the less risky subject matter of microinsurance.