A Comprehensive Study of Prospects of Custome...

A Comprehensive Study of Prospects of Customer Oriented Insurance Scheme in Chhattisgarh

Author Name : Amritanjali Singh , Dr. R. P Agrawal

DOI: https://doi.org/10.56025/IJARESM.2023.1192328

ABSTRACT It is widely known that the insurance sector is important for the macroeconomic growth of an economy. One of the first references to the significance of insurance activities in macroeconomic development can be found in the UNCTAD proceedings, which state that "a sound national insurance and reinsurance market is an essential attribute of economic progress" (UNCTAD, 1964). India's insurance market has been expanding quickly, and relative to other countries, overall insurance premiums are rising quickly. The Indian insurance industry has grown at a compound annual growth rate (CAGR) of 16.5% over the last 17 years or so.Even in comparison to other nations, the insurance penetration and density for FY2017–18 stood at 3.69 percent and USD 73, respectively (IRDAI, 2019). These poor penetration and density statistics highlight the significant insurance gap and uninsured character of broad swaths of India's population. The household budget is subject to severe restrictions, adverse selection, moral hazard, and affordability concerns are among the explanations given for such low penetration rates. The researcher examines the development of the insurance industry in Chhattisgarh and identifies the issues it is now facing in this article.