AN EMPIRICAL ANALYSIS OF INDIAN INSURANCE SECTOR EMPHASIZING ON STRUCTURAL AND PERFORMANCE INDICATORS
DOI:
https://doi.org/10.29121/shodhkosh.v7.i13s.2026.8031Keywords:
Insurance, World Bank, International Monetary Fund, Financial Sector Assessment, Reinsurers, Systemic, Specialized Insurers, PerformanceAbstract [English]
Insurance companies facilitate strategic economic activities in all sectors of an economy such as shipping, aviation, defence, banking, infrastructure, medical, hospitality, manufacturing etc. to mention few as virtually not a single activity is there that is not reliant on insurance depending on the availability in particular political jurisdiction. Consequently, insurance sector performance is systemic to all these sectors and vice versa. The present study delves into analysing the performance of the whole Indian insurance industry including life, non- life, reinsurers, specialized insurers with their foreign branches based on structure, concentration, operation and performance indicators suggested by Abdelrazek Rawan et al., (2005) in the handbook for financial sector assessment which is an outcome of the joint efforts of World Bank and International Monetary Fund. The study takes into account the journey of the Indian insurance industry from 2013-14 to 2023-24 i.e. 11 years period that is a sufficient long duration to predict the trends of future. Relative performance metrics of Indian insurance industry to the world insurance industry is also analysed in the study. The study will help the stakeholders to have the bird eye view of the industry.
References
Abdelrazek Rawan, Aguirre Ernesto, Casselle Mitchell Greta, & Cihak Martin. (2005). Financial Sector Assessment -A Hand Book. World Bank. https://doi.org/DOI:10.1596/978-0-8213-6432-1
Adams, M., & Kastrinaki, Z. (2025). Do board meetings matter in the insurance industry? Journal of International Accounting, Auditing and Taxation, 59. https://doi.org/10.1016/j.intaccaudtax.2025.100713
Azizatunnisa’, L., Probandari, A., Kuper, H., & Banks, L. M. (2025). Health insurance coverage, healthcare use, and financial protection amongst people with disabilities in Indonesia: analysis of the 2021 National Socioeconomic Survey. www.thelancet.com
Chakravorty Anindita. (2017). Life Insurance Business in India-An Evaluation of its Growth and Profitability. In Shodhganga.
Chatterjee, M., Aditya, A., & Choudhary, P. K. (2025). Health security across the spectrum: Exploring the impact of socioeconomic factors on health insurance uptake in India. Aging and Health Research, 5(3). https://doi.org/10.1016/j.ahr.2025.100244
Doss Steward, & Kumar Roop. (2023). International best practices to increase insurance penetration and risk management in India.
Ecer, F., & Pamucar, D. (2021). MARCOS technique under intuitionistic fuzzy environment for determining the COVID-19 pandemic performance of insurance companies in terms of healthcare services. Applied Soft Computing, 104. https://doi.org/10.1016/j.asoc.2021.107199
Ellili, N., Nobanee, H., Alsaiari, L., Shanti, H., Hillebrand, B., Hassanain, N., & Elfout, L. (2023). The applications of big data in the insurance industry: A bibliometric and systematic review of relevant literature. In Journal of Finance and Data Science (Vol. 9). KeAi Communications Co. https://doi.org/10.1016/j.jfds.2023.100102
https://financialservices.gov.in/beta/hi/exemption-on-gst
https://www.cioins.co.in/About
IAIS. (2019). Global Insurance Market Report. www.iaisweb.org
IBEF. (2025). Advantage India.
India Brand Equity Foundation. (2024). Growth And Overview Of The Insurance Sector In India.
Kapse, M., Sharma, V., Vidhale, R., & Vellanki, V. (2025). Customization of health insurance premiums using machine learning and explainable AI. International Journal of Information Management Data Insights, 5(1). https://doi.org/10.1016/j.jjimei.2025.100328
Kumar, R., & Duggirala, A. (2021). Health Insurance as a Healthcare Financing Mechanism in India: Key Strategic Insights and a Business Model Perspective. Vikalpa, 46(2), 112–128. https://doi.org/10.1177/02560909211027089
Marais, J. C., Browne, M. J., & Hoyt, R. E. (2025). Drivers of the Underwriting Cycle: Abnormal Return on Property-Liability Insurance Stock and Insurer Capacity. North American Actuarial Journal. https://doi.org/10.1080/10920277.2025.2495785
Nayak B K. (2023). Maximising Insurance Penetration and Leveraging Protection Gap: Strategic Thoughts and Actions. The Journal Of Insurance Institute Of India, 10(3), 39–43.
Qian, K., & Xu, S. (2025). Implementation of the Social Insurance Law, mismatch in investment and financing maturities, and corporate innovation. International Review of Economics and Finance, 101. https://doi.org/10.1016/j.iref.2025.104255
Rendtorff, J. D. (2020). Corporate citizenship, stakeholder management and Sustainable Development Goals (SDGs) in financial institutions and capital markets. Journal of Capital Markets Studies, 4(1), 47–59. https://doi.org/10.1108/JCMS-06-2020-0021
Roberts, M. H., He, X., Díaz Fuentes, C., & Edwardson, N. (2020). Subscriber continuity in health insurance plans: factors associated with re-enrollment and coverage changes. Journal of Medical Economics, 23(9), 940–951. https://doi.org/10.1080/13696998.2020.1781137
Siddiqui, S. A., & Shaddady, A. (2023). How Profit Efficient is Indian Life Insurance Industry: A DEA Study. SAGE Open, 13(4). https://doi.org/10.1177/21582440231211686
Surbhi. and Govilla, A. K. (2026). The Influence of Social Factors and Subjective Norms on Investment Decision-Making: A Comparative Analysis of Gen Z and Millennials., ShodhPrabandhan: Journal of Management Studies., 3(1), 47-58. https://doi.org/10.29121/ShodhPrabandhan.v3.i1.2026.79
Ward, B. (2024). Consumer utility, capital and fair profit margins in insurance.
Zinyoro, T., & Aziakpono, M. J. (2023). Performance determinants of life insurers: A systematic review of the literature. In Cogent Economics and Finance (Vol. 11, Issue 2). Cogent OA. https://doi.org/10.1080/23322039.2023.2266915
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Rashmi Kansal, Dr. Rachin Suri, Dr. Nipun Aggarwal, Renu Kansal
This work is licensed under a Creative Commons Attribution 4.0 International License.
With the licence CC-BY, authors retain the copyright, allowing anyone to download, reuse, re-print, modify, distribute, and/or copy their contribution. The work must be properly attributed to its author.
It is not necessary to ask for further permission from the author or journal board.
This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
