By Tapas Kumar Parida, Debashis Acharya
This booklet strains the improvement and analyses the functionality of existence coverage in India, due to the fact inception of this zone, utilizing assorted enterprise symptoms through the years. It discusses the evolution and altering positive aspects of the Indian coverage in three stages: part I from 1818 to 1956, part II from 1956 to 2000 (known because the nationalisation interval) and part III put up 2000 (called the publish reform period). The e-book additionally measures the relative potency and productiveness of the lifestyles assurance in India for the post-reform interval, by means of making use of info Envelopment research (DEA). although the lifestyles assurance area recorded a compound annual progress price (CAGR) of 17% by way of overall charges and 21% when it comes to new company top class collections through the submit reform interval, the insurers proceed to grapple with the problem of profitability. by contrast historical past, the ebook provides effects at the elements selecting profitability of the lifestyles insurance firms utilizing measures of potency and pageant. by means of aiding regulatory specialists make sure the longer term plan of action within the context of access of international insurers and likewise in setting up a degree taking part in box, the ebook has very important coverage implications.
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Additional info for The Life Insurance Industry in India: Current State and Efficiency
Further, a comparison of the relative frontier-shift efﬁciency scores of the life insurers for the 7-year period from 2003–2004 to 2009–2010 reﬂects that the public-sector life insurer is marginally ahead of its private sector counterparts with respect to efﬁciency in frontier technology over the years. Moreover, LICI exhibited a consistent relative TFP change index score of more than 1 over the 7-year time period, thereby indicating a relative progress in TFP growth. Noronh and Shinde (2012) evaluate the cost efﬁciency of all the life insurance companies for the period 2000–2001 to 2009–2010.
Parida, T. K. (2014), “Banking with Insurance in India: Agency or Broker”, The Journal of Insurance Regulatory and Development Authority of India (IRDAI), Hyderabad, Vol. XII, Issue 4, pp. 20–22 (April 2014). Parida, T. , & Acharya, D. (2014), “Life Insurance Demand in India: Some Empirical Observations”, The Journal of Insurance Institute of India, Vol. II, Issue II (October–December 2014), 129–134. Reserve Bank of India. (2015), “Handbook of Statistics on Indian Economy 2014–15”. RBI, Mumbai.
The mean TE score of the life insurers under CRS is much lower than that under variable returns to scale (VRS). For all the observed years, LIC and SBI Life have a TE score of 1. All other life insurance ﬁrms are technically inefﬁcient (TE score of <1). In the years 2002–2003 and 2003–2004, excepting LIC all other insures exhibit increasing returns to scale. In 2004–2005, ING Vysya and Max New York Life exhibit decreasing returns to scale. All the life insurers exhibit positive TFP growth. Obviously, the TFP growth rate of the private life insurers is much higher than LIC.
The Life Insurance Industry in India: Current State and Efficiency by Tapas Kumar Parida, Debashis Acharya