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Insurance sector in India has become one of the most favoured investment destinations both for Indians and NRIs. India is the fifth largest insurance market among the globally emerging insurance economies. Growing interest towards insurance among people, innovative products and distribution channels are sustaining the growth of the insurance sector. The various liberalisation policies in the sector have opened the door for various private sector insurance companies. This increase in number of players has resulted in new products, better packaging, improved customer service, greater employment opportunities, etc. Market Structure There are 49 insurance companies operating in India as of September 2011. Out of which, 24 are in life insurance business, 24 in general insurance business, and remaining ones in re-insurance business. General Insurance Corporation of India (GIC) is the sole national re-insurer. Growth Predictions The Indian insurance sector is expected to grow at a rapid pace to reach around US$ 400 billion in premium income by 2020, according to a report released by an industry body and the Boston Consulting Group (BCG). As per the report, this would make India one of the top three life insurance and top 15 non-life insurance markets by 2020. Career Prospects There are number of career opportunities available in Indian insurance sector. Insurance companies have job openings in various fields such as marketing, distribution, actuarial, underwriting, operations and investing departments. A graduate in the area of finance, marketing, or sales can easily get the job in the insurance companies. They can earn anything between Rs. 8000 - 20,000 per month in the starting months. Most of the companies offer a very good remuneration and heavy incentives to retain the qualified candidates. Candidates can also take help of various recruitment agencies operating in India for searching the right job. These job consultancies work on the behalf of companies having job requirements. The job agencies offer decent job opportunities in various sectors with top most companies and a good salary package according to candidate’s profile. Recent Initiatives The Finance Minister has approved a proposal to raise foreign direct investment (FDI) in insurance and pension sectors to 49 percent from the existing 26 percent to encourage more investment in the sector. The Securities and Exchange Board of India (SEBI) has relaxed rules to allow more life insurers to launch public offers. The Government's Financial Sector Legislative Reforms Commission (FSLRC) is working on new insurance policies' framework that would end LIC's monopoly, empower IRDA and establish a legal system to handle any lapses at insurers' end. Road Ahead The Indian insurance industry is booming, with several national and international players competing and increasing operations in the country. The Mckinsey report on the outlook for insurance sector in 2012 predicts an exponential growth for the insurance industry in 2012 due to contributing factors such as increasing household incomes, higher premiums, growing technology, liberal policies, etc. This will result in more career opportunities in the coming years. India is also expected to become the third largest life insurance market by 2015, after China and Japan. The life insurance sector in India may see a major jump of 13-14 per cent from fiscal year 2010 to 2015 to reach USD 110 billion by 2015, according to a report by McKinsey.
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