Name: Harshal Sutar

PRN : 220102311011

FINANCIAL
SERVICES
2000-2023 CHANGES OF
I N S U R A N C E I N D U S T RY
TREND/BUSINESS
VOLUME/PRODUCT CHANGES
INTRODUCTION
Insurance is a contract, represented by a policy, in
which a policyholder receives financial protection or
reimbursement against losses from an insurance
company. The company pools client's risk to make
payments more affordable for the insured. Most people
have some insurance: for their car, their house, their
healthcare, or their life.

Insurance policies hedge against financial losses

resulting from accidents, injury, or property damage.
Insurance also helps cover costs associated with
liability (legal responsibility) for damage or injury
caused to a third party.
 Need for INSURANCE
Insurance plans are beneficial to anyone looking to protect their family,
assets/property and themselves from financial risk/losses:
•Insurance plans will help you pay for medical emergencies, hospitalization,
contraction of any illnesses and treatment, and medical care required in the
future.
•The financial loss to the family due to the unfortunate death of the sole earner
can be covered by insurance plans. The family can also repay any debts like
home loans or other debts which the person insured may have incurred in
his/her lifetime
•Insurance plans will help your family maintain their standard of living in case you
are not around in the future. This will help them cover the costs of running the
household through the insurance lump sum payout. The insurance money will
give your family some much-needed breathing space along with coverage for all
expenditure in case of death/accident/medical emergency of the policyholder.
 Growth of Insurance till the date.
History of Insurance in India started from the prehistoric period as  Insurance in
its primitive form has been known to exist from as back as 3000 BC. Various
civilizations were known for practicing the basic concept of insurance – pooling
and sharing in an unorganized manner.
While considering the history of insurance in India, the principle of insurance
was reflected in the joint family concept, widely followed in many regions, and is
considered as one of the best forms of life insurance down the ages.
Sorrows and losses from unfortunate events were shared by family members
and that helped to give them a security feeling. The breakup of the joint family
system and the emergence of the nuclear family in the modern era, coupled
with the stress of family life paved a path for the evolution of alternative
methods for insurance.
Business Volume
The insurance industry is undergoing profound
change. But this disruption is not just digital —
harsh market conditions, demanding customers
and innovative new market entrants are just
some of the forces transforming the insurance
industry.
Industry Trend
the Indian insurance industry is mostly expected to
search for growth through new service-based models,
innovative products and better focus on prevention.
Product changes
Basic types of life insurance are traditional whole life and term life. Whole life can be used as an income tool as well as
an insurance instrument. It includes a death benefit and also a cash value component.