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Financial soundness of life insurers in India
Department of Commerce, Government College, Sampla, District Rohtak, Haryana, India.
Research Article
International Journal of Science and Research Archive, 2023, 08(01), 330-352.
Article DOI: 10.30574/ijsra.2023.8.1.0063
Publication history:
Received on 08 December 2022; revised on 16 January 2023; accepted on 19 January 2023
Abstract:
Financial sector is an integral part of economy; an effective financial system helps to grow productivity and economy. Insurance is a constituent of Indian financial system, which is working for risk mitigation, mobilization of savings and transfer of surplus to deficit economic units. Insurance industry in India has grown exponentially over the years and there are opportunities for further growth too, growth in insurance industry not only comes from customer focus and market offerings, but also from better capabilities and presentation of financial position of the insurers. After amendment in IRDAI regulations, 23 private and foreign companies have been allowed to carry on life insurance business along-with Life Insurance Corporation of India; therefore, it has become essential to understand, whether life insurance industry is financially solvent, operationally sound and have adequate capital base, so the present study has been undertaken vide which six life insurance companies comprising one from public and five from private sector have been selected on the basis of their highest market share, further these companies are occupying lion’s share of the life insurance business in India, to arrive at the framed objectives their financial position have been tested using CARAMEL Model and its’ constituents have been tested using two tailed ANOVA.
Keywords:
Financial System; Productivity; Mitigation; Insurers; Rapid liquidity
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Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
