A Milliman survey conducted at the 15th Global Conference of Actuaries in Mumbai, India, provides an inside glimpse of India’s insurance industry. More than 350 delegates attending the event took part in the survey.
Survey results provided several insights, including the following:
- Nearly half the respondents blamed today’s uncertain regulatory climate for the poor performance of India’s life insurance industry.
- Despite difficulties in the sector, some 40% of respondents thought India’s long-term life insurance prospects were good, and more than 50% felt it was time for life insurance companies to launch IPOs.
- Fraud, waste, and abuse in health claims emerged as a major concern facing the health insurance industry in India.