Retaining its position as the largest spending vertical for the IT industry, the banking, financial services and insurance sector is expected to invest more than $ 2.5 billion in hardware and packages software by December 2008. This represents a growth rate of 18.5% over last year?s $2.1 billion, according to analyst firm, Skoch Consultancy Services. Addressing the conference,Bimalendu Chakrabarty, chairman and managing director, New India Assurance Company, said that property insurance business has reduced significantly in the country. NIA is eyeing a growth of 10-12% in the current fiscal. The combined business share of motor and health insurance to the country?s total non-life insurance business is expected to remain around 65% in the current financial year.
TS Vijayan, chairman, Life Insurance Corporation (LIC) has said that micro-insurance is a key parameter of societal development and financial maturity of the Indian economy at a large. Also, it is a key measure in aiding rural development and fostering greater inclusion.
While delivering his inaugural address at 5th Banking, Financial Services and Insurance Skoch Summit 2008, he said, ?For most of us in urban areas, insurance has come to symbolise both, investment and security. But, for our rural brothers and sisters, any understanding of insurance is still linked to affordability. Benefits like security and investment are considered to be secondary linkages.?