Bimaquest

Impact of IRDAI Regulatory Reforms on Insurance Penetration and Growth in India: A Comprehensive Empirical Analysis

Dr. S. Ramesh — 2024-09-30

This study empirically analyzes the impact of the key IRDAI regulatory reforms on insurance penetration and growth in India. Using data from 2012-13 to 2022-23, the research examines the effects of product approval reforms, FDI liberalization, compliance rationalization, digitization initiatives and risk-based supervision on various insurance sector metrics. Employing statistical techniques including panel regression, difference-in-differences, and structural equation modeling, the study finds that IRDAI reforms have significantly boosted new business growth, product innovation, capital inflows, operational efficiency, and the overall insurance penetration and density. The findings provide evidence-based insights for policymakers, and, contribute to the literature on insurance regulation in emerging markets, while highlighting areas for further policy intervention.

Factors Influencing Portability of Health Insurance Policy: A Study in Mumbai City

Mikhail Chopra — 2024-09-30

This study attempted to explore the factors which influence portability of indemnity-based health insurance policies. The researcher used a descriptive research design and collected primary data by surveying 385 Mumbaiker respondents who opted for health insurance policies in Mumbai city. The five portability related factors identified were (i) service quality, (ii) inadequate coverage, (iii) claim related issues, (iv) customization of cover, and (v) lower premium. The most important factor influencing the choice of portability was service quality, followed by inadequate coverage, claim-related customization of cover and lower premium. It was assumed that these five factors should be considered by health insurers who can ensure to retain their policyholders and render the desired customer service promptly and efficiently.

Evaluating the Effect of CSR Initiatives on Achieving Sustainable Development in India

Oscar Kujur — 2024-09-30

Purpose: This research paper aims to investigate the intricate relationship between Corporate Social Responsibility (CSR) initiatives and sustainable development in India, focusing on how CSR efforts impact environmental sustainability, education, and health-care expenditures, as well as renewable energy generation and capacity.

Methodology: This paper explores the effect of CSR contributions on key sustainability measures between 2016 and 2021 using secondary data from credible sources, such as the national CSR website and the government publications. The study uses regression analysis to better understand the relationship between CSR activities and a variety of outcomes, such as renewable energy production (E-RES), CO2 emissions, renewable energy capacity (RECAP), and education and health spending.

Findings: The results show significant positive correlation between CSR initiatives and e-RES, RECAP, education and health-care expenditures, indicating that enhanced CSR efforts contribute to progress in these areas. However, no significant association was found between changes in CSR and CO2 emissions, suggesting that more targeted strategies may be needed to reduce carbon footprint.

Originality: This paper contributes to the existing literature by providing empirical insights into the multifaceted impact of CSR on sustainable development in the Indian context. It highlights the importance of CSR as a catalyst for positive social change while identifying the environmental challenges, especially the shortcomings with regard to carbon emissions.