Expanding the Penetration Frontier in Indian Insurance Sector Through Cooperatives, Mutuals and Community-Based Organizations

Abstract

Globally Mutuals and cooperatives play significant role in garnering insurance business. The global mutual and cooperative premium income in 2014 was 1.29 USD trillions. The global mutual and cooperative market registered a growth of 29.6% during 2007-14.The market share during the same period grew by 27%. However, the contribution of Cooperatives and Mutuals in Indian Insurance market is pathetic largely due to unfavourable regulatory provisions. The paper throws light on the decline of Cooperatives and Mutuals in insurance business in India, the regulatory provisions and the role played by some community based organizations.