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Abstract
Insurance plays a significant role in the development of a country. It is one of the
service sectors which focus on all segments of the society. With the increased population,
industrialization and the changing environment, insurance related issues and problems are being
emphasized and have become a great concern for the contemporary world.
The Indian insurance sector earlier was dominated by public sector insurance companies.
Even after the new economic policy, insurance sector share was in the hands of public sector.
After the introduction of IRDA, Government offered private sector insurance companies to enter
into the insurance business in India. This privatization policy brings new era of change for the
insurance sector, which has made insurance sector more competitive