Liberalisation of the insurance sector: An analysis of India and BRICS

Global diversification of financial institutions, including the insurance sector, has proven beneficial to many economies by providing them with increasing capital flow, higher competition, and introduction of newer technologies and distribution channels. This paper aims to critically evaluate the liberalisation process of India's insurance sector and the impact it has had on the sector, both life and non-life segments. As India is in the process of opening its insurance sector to increasing foreign participation, we compare the liberalisation approach taken up by the BRICS countries for their own insurance sectors. Finally, a brief section has been included on the impact of the insurance sector on an economy's performance in the World Bank's Ease of Doing Business (EODB) index rankings.