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Insurance Market

In insurance market, goods are not purchased and sold like commodity market but insurance company provides the services of insurance for taking risk of policy holder after getting regular premium.

If you are interested to know insurance market deeply, we can explain it with simple example

Imagine a person who is single source of earning for his whole family. In his family, there are parents, wife, and two children who are dependent on that person. Suppose one day, he dies in road accident or any other reason (except suicide or drinking). What will happen on his family? Who will support his family? Who will teach his children? Who will purchase medicine for his old parents? All these support will be in money, fund or cash. Even God will not come for their help. I think that no body will support his family in this material age (INDIAN WORD: KALYUG). In this age man or woman has become demon. You can see the doors of hope from your relatives, but your relative have their own family obligations and they are helpless to support.

From above example, you can understand that risk of life of everybody is main issue of tension. Every body wants to support his family after his death. Insurance covers the risk of life with minimum amount of premium. A place where you can take insurance policy that place becomes the insurance market. Large number of public and private insurance companies and their branches in different cities are just like the shops in insurance market. Globally insurance market is growing with 7% to 8% growth rate. But still in India only 4% of GDP covers under insurance. Life Insurance Corporation is the first public sector insurance company who has largest policy holders in India in 2010.

LIC has launched different policies like jivan bima, market plus policy and wealth plus policy for providing maximum benefits to policy holders.

Insurance market provides both returns on insurance investment and tax benefits. After becoming insurance regulation development authority of India under IRDA ACT 1999, doors of private sectors open in insurance sector in India. Investor are also sure about protection of his insurance investment after making strict rules by IRDA for private companies for working in Indian insurance sector.

Not only life insurance, insurance market is providing many other insurance facilities like home insurance, wealth insurance, crops insurance, fire insurance, automobiles insurance, health insurance and recently launched Earthquake insurance. It is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property.

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Accounting Education: Insurance Market
Insurance Market
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Accounting Education
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