Insurance Management

Insurance, as we all know, means being covered or protected against any hazards of life. It provides a safety net to both individuals and enterprises. The insurance industry is fast developing and many insurance companies are entering both life and non-life segments. With a boom in the insurance industry, there has been an increasing need for skilled professionals in the sector. A few years ago there were no professional courses dedicated to insurance, but now the scenario has changed and insurance companies along with the academic institutes have started offering specialized courses at the post-graduation level. The current scenario of the insurance sector is a very rosy one. Hardly 22 percent of the insurable population enjoys the protected umbrella of insurance, and rural market still remains largely untapped. As against only one life insurer and four general insurance companies in 2000, there are, at present, forty plus life and general insurance companies vying for a piece of the insurance cake. This is proof positive of the fact that there is vast un-chartered and under-covered territory and there is an unlimited scope for growth in this field in the country.

Indian Scenario
According to Associated Chambers of Commerce (ASSOCHAM) a growth of over 200 per cent is likely to be seen in Indian insurance business by 2010. At present insurance sector is booming and experts have projected a CAGR not less than 25 percent for the sector. Earlier an MBA in insurance was unheard of, but now with the entry of private players in the insurance sector and expansion of its operations, insurance has acquired the entity of global business. Professionals with eminent skills in managing the operations of insurance sector are highly in demand