The Editorial Team of The Insurance Times wishes a very veryHappy New Year, 2020 to all its Subscribers, Advertisers, Authors, and readers. May this newyear bring new opportunities and help you to exceed your goals.
The year 2020 is an important milestone for our journal The Insurance Times. This year we are entering into 40th year of regular and successful publication. Yes this journey has not been easy and over the last four decades we saw lot of ups and down but still we never deviated from our goal. During the period of post opening up of the insurance sector lot of new journals came but most of them perished. However we continued our mission of propagating insurance education and awareness among the masses through publishing of journal, new books, training, seminars. Etc.
After being in the sector for so long and with the support of our esteemed readers, it gives us new energy and vision to reach out to the masses not only in India but overseas countries also.
In the year 2020 we shall be launching Online Certificate courses on insurance and start our MDP programmes all over India and SAARC Countries to further strengthen the education system in India. We solicit support of our readers in all our initiatives. IRDAI report released recently shows Life Insurance penetration for 2018 was 2.74% slightly lower than the 2.76% of 2017. The Life Insurance density was $9.1 in 2001 which was $55.70 in 2010 and the same come down to $41 during 2013 and thereafter the same increased gradually.
The Nonlife Insurance Sector has risen from $2.4 in 2001 to $18 in 2017 and to $19 in 2018. The Non life insurance penetration has risen from 0.56% in 2001 to 0.97 in 2018 as per report of IRDAI recently published.
IRDAI has revised the rates of GST while purchasing life insurance policy.
Recently a fake insurance call centre was sealed for selling thousands of crores of fake insurance policies. We need strong regulation and monitoring to curb these malpractices.
