A Decade since the First Microinsurance Regulations in India

Abstract

This study examines the evolution and growth of the commercial insurers’ microinsurance coverage in India using the exploratory research method. It also summarizes the regulatory intent to promote the microinsurance sector. There has generally been an increase in the premium collected, the number of lives covered as well as in the number of agents employed. While the majority of the market share has remained with the public sector right from the beginning, private insurers also have been contributing to the overall growth in every sphere and aspect in recent years. The IRDAI has been aware of the constant developments in the insurance industry and have attempted to reactively and proactively address the issues arising from the previous regulations. The impact of these changes on growth of microinsurance has inspired and led to the scope for the present research.