The Effect Of Premium Earned By The Non-Life Insurance Companies In India With Special Reference To Public Sector – An Analysis"

Abstract

The Insurance Sector plays a vital role in the overall economy by mobilizing the people’s savings into
investments. It has a significant impact on turning accumulated capital into productive investments. The
non-life insurance companies supports the business sector especially medium and small scale industries
during their emergencies and helps to spread the risk of loss of property and other things. After the
reform in insurance sector, the industry in opened up for many private players which increases the
competition for the public sector non-life insurance companies in India. The four major public sector
nonlife insurers are into multiline businesses and covered a wide range of activities with variety of
insurance products. Thus, it is important to find the differences in the premium earned by these four
public sector nonlife insurance companies in India. For the purpose of the study, the premium data of
these companies collected from 2009-10 to 2018-19 and analyzed through Friedman’s Non Parametric
Test. The Findings of the study reveals that there is a close significant difference in the premium earned
by the four nonlife public sector insurance companies in India.