Boston — Experts will agree that India is emerging as an important player in the world economy. Today, it is the globe's twelfth-largest economy, and on the back of this economic growth is the burgeoning insurance industry, according to research from Boston-based Celent LLC. The research report, "Insurance in India: Market and IT Overview," goes on to state that with a 2006 premium income of $31.6 billion, India took in a 1% share of world insurance premiums, and a 5% share of those in Asia. These numbers marked a 25% increase in premium income over 2005.
Competition among Indian insurers is toughening due to a host of private competitors that have entered the market. Many of these new firms are joint ventures with foreign insurers, according to Celent.
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