Volume : 5, Issue : 8, AUG 2019
A COMPARATIVE STUDY ABOUT PERFORMANCE EVALUATION OF PUBLIC AND PRIVATE INSURANCE SECTOR
B. LALITHA SUBHANAM, LT.CDR.DR. I. NAGARAJAN
In India people were not having knowledge awareness, till 18th century. In the mean time foreign countries learnt about the importance of insurance. Some private agencies have started business in their countries. To enlarge their business they have stated in other countries also. Thus some foreign insurers have started business in India. After independence of India the government thinks about to unite and to nationalize all the private insurers in India to one control. For that purpose they have enunciated separate act in 1956. In the name of LIC owned government company started with 5 cores as capital initially. After sometime the government felt that the LIC is not enough to cope up the wishes of the people. Government decided to open by giving licenses to public entrepreneur also. Many of the private sectors have started insurance business, Many of the private insurers are in motivation to earn more profit, than to serve investors. To regulate their activities government has passed a special act to form a machinery in the name of IRDA in 1999. In Indian economy the insurance industry is occupying importance place. In this study the insurance sectors performance evaluation now to function is much important in the present days.
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