Assignment 4

Name : pooja Maheshwari

Registration no. : 23MBAN0172

Case Study: The Evolution and Challenges of the Indian Insurance Industry

Background

The Indian insurance industry has been evolving rapidly over the past two decades, spurred by
liberalization, technological advancements, and increasing consumer awareness. Historically
dominated by public-sector companies, the sector opened up to private and foreign players in the
early 2000s, bringing in competition, innovation, and an expanded range of products.
The Insurance Regulatory and Development Authority of India (IRDAI) plays a central role
in regulating and overseeing the industry to ensure its stability and growth.

In recent years, the industry has faced a number of opportunities and challenges. While the sector
has witnessed an increase in insurance penetration, it remains lower than the global average, with
a large portion of the population still underserved, particularly in rural areas. The growth of
digital channels has enabled greater access to insurance products, but this has also increased the
need for insurers to adapt to changing customer expectations regarding transparency, ease of
access, and faster service.

As the industry evolves, both private and public sector companies are attempting to carve out
their respective niches. Large players like Life Insurance Corporation of India
(LIC) dominate the life insurance market, while private companies like HDFC Life, ICICI
Prudential Life, and SBI Life are increasing their market share. On the general insurance side,
companies like Bajaj Allianz, Tata AIG, and Reliance General Insurance are competing
aggressively with public sector companies such as New India Assurance and Oriental
Insurance.

Current Scenario of ABC Insurance Ltd.

ABC Insurance Ltd. is a private-sector insurer that has made significant strides in the Indian
market over the past 10 years. The company offers a comprehensive range of life insurance
products, including term insurance, ULIPs (Unit Linked Insurance Plans), and retirement
solutions. It also provides general insurance products, such as health insurance, motor insurance,
and home insurance.

ABC Insurance has seen steady growth in both urban and semi-urban markets, largely driven by
its innovative use of technology. The company has successfully leveraged digital platforms,
including mobile apps and online portals, to reach tech-savvy millennial and young
professionals. Additionally, it has expanded its footprint into rural markets by offering affordable
micro-insurance products in collaboration with local banks and microfinance institutions.

However, ABC Insurance faces intense competition from both established public sector players
like LIC and new-age private insurers with deep pockets and strong distribution networks. The
company is also grappling with challenges related to low insurance penetration, changing
consumer behavior, and regulatory hurdles. A key concern for the company is the
evolving solvency margin requirements set by the IRDAI and the FDI (Foreign Direct
Investment) limits, which could potentially affect its capital structure and operations.

Given these dynamics, ABC Insurance's management is working on several strategic initiatives
to stay competitive and profitable, including:

 Expanding Digital Distribution: Enhancing mobile apps and AI-powered chat bots to
improve customer engagement and service.
 Focusing on Rural Markets: Introducing customized insurance products targeted at
rural consumers with lower premiums and more accessible claim processes.
 Product Innovation: Developing new products, such as "pay-as-you-live" health
insurance, that caters to the changing needs of the modern Indian consumer.

Strategic Partnerships: Expanding partnerships with banks and fintech companies to leverage
their networks and grow its customer base.

Q.1 Discuss the competitive landscape of the Indian insurance industry, focusing on the role of
both public and private sector players. How has the entry of private insurers impacted the
industry’s growth and product innovation?

Ans. India’s Insurance industry is one of the premium sectors experiencing upward growth. This
upward growth of the insurance industry can be attributed to growing incomes and increasing
awareness in the industry. India is the fifth largest life insurance market in the world's emerging
insurance markets, growing at a rate of 32-34% each year. In recent years, the industry has been
experiencing fierce competition among its peers which has led to new and innovative products
within the industry.
Over the past few years, the insurance sector has attracted substantial foreign direct investment
amounting to nearly Rs. 54,000 crore, driven by the government's progressive relaxation of
overseas capital flow regulations.
The insurance industry of India has 57 insurance companies - 24 are in the life insurance
business, while 34 are non-life insurers. Among the life insurers, Life Insurance Corporation
(LIC) is the sole public sector company. There are six public sector insurers in the non-life
insurance segment. In addition to these, there is a sole national re-insurer, namely General
Insurance Corporation of India (GIC Re).
Other stakeholders in the Indian Insurance market include agents (individual and corporate),
brokers, surveyors and third-party administrators servicing health insurance claims.
The insurance industry has undergone numerous transformations in terms of new developments,
modified regulations, proposals for amendments and growth in 2022. These developments have
opened new avenues of growth for the industry while ensuring that insurers stay relevant with
changing times and the latest digital disruptions.
The Insurance Regulatory and Development Authority India (IRDA) is vigilant and progressive
and is determined to achieve its mission of ‘Insurance for all by 2047’, with aggressive plans to
address the industry’s challenges.
The growth of the insurance market is being supported by important government initiatives,
strong democratic factors, conducive regulatory environment, increased partnerships, product
innovations, and vibrant distribution channels.
Insurance Industry was largely dominated by offline channels like corporate agents, offline
brokers or banks. Today, rapid digitization, product innovation and progressive regulation
policies have made it possible for consumers to buy insurance through multiple distribution
channels with the click of a button. The instability of the covid-19 pandemic highlighted the
necessity for consumers to invest in products that would increase financial security, one of them
being life insurance.
Competitive Landscape and Role of Public vs. Private Sector Players
 Public Sector Insurers Public-sector insurers, notably LIC, have historically held a
dominant position in the life insurance market due to their extensive distribution
networks, strong brand trust, and government backing. LIC, for instance, continues to
command a significant market share in life insurance, leveraging its legacy and brand
strength to reach a broad customer base across urban, semi-urban, and rural areas. In the
general insurance space, public sector companies like New India Assurance and Oriental
Insurance have also had a strong presence due to their well-established networks and
expertise in traditional insurance models.
 Private Sector Insurers Private insurers, such as HDFC Life, ICICI Prudential Life, and
SBI Life, have been instrumental in reshaping the insurance industry. Their entry spurred
competition, leading to a greater focus on customer service, transparency, and product
innovation. Unlike public insurers, private companies rapidly adopted digital technology,
implementing mobile apps, online portals, and AI- powered solutions to improve
customer experience and accessibility.

Impact of Private Insurers on Industry Growth and Product Innovation

While the long debates in the 90s; and the twists and turns that surrounded the opening up of the
sector for private participation had at times thrown up serious concerns about the implementation
of insurance reforms in this country, once the legislation was put through, the actual process of
inducting private players into the market had gone off smoothly. I do not think there is any other
sector in this country where the transition from state monopoly to free market has been as hassle
free as that of the insurance sector.
The transition was smooth partly due to the continuity provided by the office of the interim
Regulator through those turbulent 4 years (1996 to 1999) between the creation of the office and
the passing of the IRDA Bill by the Parliament. This office was able to appreciate the concerns
of the Government, the Parliament and the private investors and harmonize these various view
points while framing the Regulations. They also had time to study the various models obtaining
in the world for regulation of the industry and identify what suited the needs of our country.

Supervision and regulation of insurance is a relatively new experience in India. It is the job of the
Regulator to ensure that the insurers have, at any point of time, sufficient resources to meet the
liabilities and that all customers are treated in an equitable manner. When the state enterprises
controlled the entire industry, the safety of the policyholders’ funds was ensured through state
guarantee while the fair dealings with the customers were achieved through parliamentary
oversight of the state enterprises. The Regulations framed by the Authority deal with both the
issues in a comprehensive way. The former is addressed by stipulating a high level of capital
requirement for entry into the field and rigorous enforcement of the solvency requirements, while
the latter is covered by the regulations put in place for protection of policyholder interests.

The Authority was keen that only companies with a sound financial background enter insurance
industry and, therefore, stipulated a high solvency margin in addition to high entry capital
requirements. The high initial capital requirements and the 26% cap on Foreign Direct
Investment had, in no way, deterred the Indian enterprises and the major foreign insurance
companies from collaborating to form the Indian Insurance companies. The industry has so far
witnessed the entry of 15 new private companies in the life segment and 8 in the non-life
segment. In addition, two insurers have been granted license to operate exclusively in the health
sector. Of the private insurers who commenced operations in the country other than one insurer
each in life and non life segment, all others have set up businesses in collaboration with a foreign
partner. In case of one life insurer, where both the foreign and the Indian partner quit from the
Indian insurance company in the year 2005, the entire equity stake has been picked up by an
Indian entity. Thus, as on date, 21 insurance companies in the private sector are operating in the
country in collaboration with established foreign insurance companies from across the globe.

The insurance sector was opened up for private participation on the ground that Inspite of
enormous contributions made by the public sector to expand the coverage and spread awareness
about insurance, the interests of the consumers would be better served if there is competition
among the insurers. It was also recognized that the country has a vast potential waiting to be
tapped and this can be done only when we have a large number of companies spreading their
wings across the country and offering a variety of products catering to the demands of different
sections of the population. It was also felt that competition would generate a healthy attitude
towards redressal of consumer grievances and improve the quality of service. We have now
seven years of experience of public and private sector operating together and it is, perhaps, time
to see whether the expectations are fulfilled.
Conclusion The entry of private insurers has unquestionably catalyzed growth, innovation, and
modernization within the Indian insurance industry. By offering new products and embracing
technology, private insurers have broadened consumer choices and made insurance more
accessible. Their presence has not only driven the industry to improve efficiency but also
elevated service standards, setting a benchmark that public insurers increasingly strive to meet.
However, challenges remain—particularly in terms ofreaching underserved rural populations,
managing regulatory changes, and addressing the low insurance penetration rate compared to
global averages. The competition between public and private insurers is likely to drive further
advancements, with each type of player leveraging its strengths to expand its market share and
address evolving consumer needs. The future ofthe industry will likely depend on the continued
integration of digital technologies, increased customer-centricity, and a balanced approach to
regulatory compliance.

Q.2 Despite the growing awareness of insurance, penetration rates in India remain relatively low.
What factors contribute to this low penetration, particularly in rural and underserved segments?
What steps can insurance companies like ABC Insurance take to overcome these challenges?

Ans. Some of the main existing issues and challenges for advancing growth of rural insurance
business are.
 Lack of awareness about the concept of insurance and its benefits amongst the rural
population.
 Limited choice of insurance products with various flexible features.
 Absence of people friendly and transparent claim settlement mechanisms.
 Weak network of insurance companies and intermediary presence in rural areas.
 Low / slow pace of modern technology adoption in the rural insurance segment.
 Underdeveloped market with constraints in offering affordable covers and proper
servicing.
 Lack of industry wide well-coordinated efforts to serve the rural insurance segment.

Overcoming various challenges:

1) Awareness and Publicity:

 Focused publicity campaign need to be carried out for a reasonable period of time on the
benefits of insurance, rural insurance products and its features etc. in print, electronic,
social media and through other traditional and innovative ways of reaching out to people
especially rural and semi urban population throughout the country using vernacular
language. for e.g.Bima Jaruri Hai.
(for Reference - the Association of Mutual Funds in India (AMFI) led an advt. campaign
that successfully targeted and generated investment from beginners with catchy slogan
“Mutual Fund Sahi Hai”.)
 Efforts in this area need to be encouraged, monitored and /or lead by IRDAI through GI
council / Joint working group involving the insurance industry for continuous technical
support to publicity activities, advt. content etc.

 The support and involvement of Govt. of India need to be explored considering that this
initiative would be beneficial to the society and the country at large. It is also in line with
initiative and vision of Govt. of India of “Atma Nirbhar Bharat Abhiyan”.

 To generate interest and focus amongst the population about insurance, a series of simple
articles/bullet points in print and electronic media/social media in vernacular language to
be started as part of publicity campaign; giving information on insurance business and its
benefits, knowledge about capacity and nature of national and global insurance industry,
 various insurance products and its benefits, its importance in economy and how insurance
protection helps in leading self-reliant life and business activity.

2) Insurance Product innovation and other enabling steps:

 Innovative, affordable, tech-based insurance products, in the form of package and/or
combi policies that provide a flexible for choice of risk protection offering adequate risk
coverage in rural and semi urban areas are necessary to attract the rural population.

 Considering the low ticket size of premium per policy and inadequate infrastructure of
insurance companies, technology use needs to be encouraged at all levels-- from policy
distribution, servicing, loss assessment to claims settlement.

 Insurance companies need to be encouraged to formulate tech-based innovative products

especially package policies / weather based covers/ indemnity based covers flexible to
accommodate various needs of crops, livestock, farmers, farm labourers, rural artisans,
MSME sector, students, rural services sector etc.

 A special sandbox phase may be considered inviting innovative products targeting the
rural population, agriculture and allied sectors insurance needs from insurance
companies, Insure-tech firms, insurance intermediaries, others research institutions/
universities and companies dealing with rural population and agriculture and allied sector
(in collaboration with insurance company).

 Insurance companies need to revisit the existing products and revive the network of
policy distribution and servicing in rural area considering the changed needs, demand and
dynamic risk profile of rural risks and latest available modern technology.

 Creating a competitive scenario amongst insurance companies and recognition of insurers

/ Intermediaries performing exceptionally well in innovative product introduction,
product promotion and innovative distribution methods, partnering with Govt., various
formal groups/ institutions and successfully promoting rural and agriculture Insurance
Business will go a long way in helping the case of rural insurance.

 As a holistic approach the insurance industry needs to focus not only on products and
promotion but also on distribution network, tech based responsive policy servicing and
monitoring mechanism, supportive insurance concept education of rural population etc.

 Govt. support in terms of promotion and part sharing of premium subsidy to make the
insurance cover affordable for some key products/group of products/package products for
rural and vulnerable sections of society including agriculture will be big enabler. In
general, innovative insurance covers for rural population, crops (not covered under
 PMFBY), livestock, macro covers to states for natural catastrophic risks like drought,
flood, cyclone etc. can be accepted and supported by state Govt. in terms of premium
subsidy, product promotion and policy administration.

Initiatives that can be taken:

 Insurers can set-up a dialogue with State Govt./Ministries that run various developmental
programmes/schemes for farmers, rural and vulnerable sections of society. Insurance
companies can integrate insurance with such programmes.

 As already suggested we can encourage insurers to adopt model villages and develop
schemes for insurance protection.

 Alternative mechanisms for financing/subsidising premium to make it affordable for

farmers and rural population need to be looked at.

 To increase the penetration of insurance in rural areas we need simple products which are
easy to understand with no complicated terms and conditions. Insurance companies along
with the regulator needs to work on offering such products.

 Use of alternative distribution channels like Government and Non-Government

Organization, Doctors and School Teachers, Unemployed Youth and Youth Clubs etc.

 Financial incentives, premium subsidies, and the overall role of government to promote
agriculture insurance and product development.

 Weather index based products can be adopted by State Govt. for disaster risk financing
through insurance at macro level.

 To achieve economies of scale in insurance product offering; large social developmental

projects and activity based insurance product adoption and promotion may be given more
emphasis by various State and Central Govt. Departments.

 CSR activities of large industrial houses and other commercial organisations can be
focused towards risk management through insurance especially of Rural and Agriculture
sector, this can also include part premium financing and support to insure-tech initiatives
in this direction.

 In a nutshell, this paper seeks to advocate and discuss the idea of a village level initiative
as a possible solution to increase the penetration of insurance in the rural areas of our
country.
Q.3 Micro-insurance has become a key strategy for reaching low-income populations in India.
Discuss the role of micro-insurance in increasing financial inclusion. How can ABC Insurance
leverage this opportunity to expand its market share?
Ans. Micro insurance is specifically intended for the protection of low -income people, with
affordable insurance products to help them cope with and recover from financial losses. The
need of insurance for underprivileged section cannot be avoided as this section of society is more
prone to many risks which ultimately leads to incapacity to face such uncertain situations. Hence,
the role that micro insurance plays thus becomes inevitable.

India has been seen to be a very exciting market and a pioneer in setting out the regulatory
framework for Micro Insurance in the world. Microinsurance promises to support sustainable
livelihoods of the poor. Liberalization of the insurance sector and Government Schemes has
created new opportunities for Microinsurance to reach the vast majority of the poor, including
those working in the informal sector. Even so, market penetration in Microinsurance is seen to be
low in India. The market, so far, is seen to be largely supply driven. Among others, the product
design, ease of underwriting, distribution, awareness creation, easy premium payment system,
simple claims processing and understanding & use of new age technology would be key for
success of the Microinsurance market.

Distribution is the most critical link in the insurance value chain, especially for micro insurance
where the customer is semi-literate or even illiterate, has limited financial resources and is
largely inaccessible. Distribution becomes even more crucial in case of voluntary micro
insurance since it also involves a ‘hard-selling’ element. On the other hand, due to the low
insurance penetration among the low-income segment, there also lies a huge opportunity both in
terms of business as well extending financial protection to those who need it the most.
benefits of microinsurance in the rural sector.

Financial Accessibility
One of the biggest benefits of microinsurance is its affordability. For many low-income
individuals, traditional insurance options can feel unattainable due to high premiums. However,
micro insurance plans can be taken out for a very small amount per month, depending on the
coverage. This low-cost option opens the door to a financial security network that would
otherwise remain out of reach for many. With microinsurance, families can finally secure the
protection they need without straining their budgets.

Protection Against Specific Risks

Microinsurance provides targeted coverage for a range of situations that can be financially
devastating, such as illnesses, accidents, and natural disasters. For example, if a family member
falls ill or if their crops are damaged by a flood, microinsurance can help mitigate the financial
impact of these unexpected events. This coverage gives people peace of mind, knowing that they
have a safety net in place to help them cope with life’s uncertainties.
Easy Access and Use
Another key benefit of microinsurance is its user-friendly nature. The underwriting and claims
processes are designed to be straightforward, making it easier for people to understand and
navigate. This is particularly important for populations who may not be familiar with
complicated insurance terminology or complex procedures. With a focus on simplicity,
microinsurance empowers individuals to take control of their financial futures without being
overwhelmed by technical jargon or bureaucracy.
A major portion of the population in India lacks access to official financial services, which
makes it difficult for people to satisfy their daily necessities and leaves them open to unforeseen
financial shocks. Microinsurance has arisen as a practical remedy to this problem, giving low-
income people access to affordable insurance coverage.
Microinsurance in India is designed to cover small-scale risks such as health, life, accident,
property, and crop insurance. It offers coverage at low premiums, making it affordable for low-
income individuals who are often excluded from traditional insurance products. Microinsurance
policies can be delivered through partnerships with microfinance institutions, NGOs, and other
organizations that work with low-income communities.
In India, microinsurance has gained popularity as a tool to promote financial inclusion and
alleviate poverty. It provides a safety net for those who are vulnerable to financial shocks and
helps them build resilience. The growth of microinsurance has been driven by advances in
technology and the development of innovative distribution channels. Mobile technology, for
example, has made it easier to reach underserved communities and deliver microinsurance
products. Additionally, microinsurance can be sold through agents, community-based
organizations, and other channels that are accessible to low-income individuals.
The benefits of microinsurance in India extend beyond the individual level. By promoting
financial inclusion, microinsurance can contribute to the economic growth and development of
communities. It can also help to mitigate the impact of disasters and other unforeseen events that
can have a significant impact on the economy.

Few government-backed microinsurance policies are:

1. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
2. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
3. Rashtriya Swasthya Bima Yojana (RSBY)

Even private insurers are also introducing their microinsurance policies that are good enough to
cover the risks.
In conclusion, microinsurance has the potential to make a significant impact on the lives of low-
income individuals and communities in India. It provides affordable and accessible insurance
coverage, promotes financial inclusion, and helps build resilience. As an industry, we need to
continue to develop innovative solutions that will make insurance more accessible to those who
need it most.
To harness the potential of micro-insurance and expand its market share, ABC Insurance
can focus on a few strategic approaches:

1. Tailor Products to Meet Specific Needs

Develop insurance products that caterto the unique requirements ofrural and low-income
populations, such as weather-related crop insurance, livestock insurance, and affordable
health insurance with basic coverage. Customization of products forlocal contexts—like
coverage during monsoons for farmers—can make these policies more relevant and
attractive.

2. Utilize Technology for Distribution and Claims Processing

ABC Insurance can leverage mobile technology to distribute micro-insurance products
and simplify claims processing, which is essential for customers with limited access to
physical branches. Simple, mobile-friendly apps, SMS-based premium reminders, and
AI-driven support chatbots can help enhance customer experience,reach more customers,
and build trust.

3. Build Strategic Partnerships for Wider Reach

Partnering with local banks, microfinance institutions, and cooperatives can help ABC
Insurance reach rural areas more effectively, as these institutions have established
networks and trusted relationships with local communities. Collaborating with NGOs and
community organizations can also strengthen distribution and engagement efforts.

4. Simplify the Enrollment and Claims Process

Streamline the policy purchase and claims processes to minimize paperwork and make it
easy forindividuals with low literacy levels to enroll and claim benefits. Simple,
vernacular language and clearinstructions can go a long way in building trust and
encouraging adoption.

5. Offer Flexible Premium Payment Options

Introduce flexible payment structures, such as daily, weekly, or monthly premium
payments that align with the irregular income patterns common among low-income
individuals. Allowing policyholders to pay in small increments reduces the financial
burden and makes micro-insurance more accessible.
Q.4 Foreign Direct Investment (FDI) plays a significant role in the growth of the Indian
insurance industry. What is the current FDI policy for insurance companies in India? How might
changes in FDI regulations impact a private-sector insurer like ABC Insurance Ltd.?

Ans. FDI plays a significant role in the GDP growth of the country as well as it gives
unprecedented contribution in generating a new source of capital, technological up-gradation,
skill enhancement, and in creating new employment opportunities. With a 3.71% of GDP rate,
Insurance is a flourishing sector in India, where national and international players are
competing and growing at a rapid rate. Although, the penetration of insurance coverage for both
life and non-life insurance is very less (about 3.7%) in fiscal year 2018. After the liberalization
of the insurance sector in 2001, the industry has gone through transformational changes.

Foreign development Investment (FDI) in Insurance Sector

 The FDI in the insurance sector is highly admired with the efforts of foreign and
domestic insurance companies.
 This FDI in the insurance sector aims to cherish the FDI insurance policies and FDI
insurance-related business strategies for achieving great expansion and success under
diverse insurance conditions.
 From the great success achieved in aviation, multi-brand retail, and broadcasting, FDI has
chosen to raise the level of the Insurance, pension, and pharmaceutical sectors.
 The Insurance Amendment Bill passed on 22 March 2021 sets to raise the limits of FDI
in the Insurance sector to 74% from 49% to appreciate extra overseas experts to India.
 From this increase, the limits of FDI in the Insurance sector have increased due to the
permission granted by the IRDA via a proper licence followed by the Automatic route.
 The profitable outcome of FDI in the Insurance sector is handled by the legal services for
perfect and secure applicability through the prestigious economic sector of India.
 FDI in Insurance has a broad scope for the development of insurance through such a
foreign direct investment sector.
 About $280 Billion was the current worth of the Indian Insurance sector. In comparison
with the developed countries, India found that 470 million people come under health
insurance schemes.
 The IRDA has also expected that the required capital for India will be approximately
above $12 Billion in the next 5 years by the domestic and foreign insurance companies.

IMPACT OF CHANGES IN FDI REGULATIONS ON PRIVATE SECTOE INSURERS

The Indian government is considering raising the foreign direct investment (FDI) limit in the
insurance sector from the current 74% to a full 100%. The proposal, which has gained support
from the Insurance Regulatory and Development Authority of India (IRDAI), is aimed at
attracting more foreign investors to further open up the insurance market. However,
implementing this change requires amending the Insurance Act, which will need political
approval. The initiative is part of a broader effort to ease FDI regulations. Alongside increasing
the FDI limit, authorities are also reviewing other rules, such as the requirement for key
management roles to be filled by Indian nationals. A comprehensive set of amendments to the
law is in the works, although there is no clear timeline for when the bill will be introduced.
The Department for Promotion of Industry and Internal Trade (DPIIT) is also involved in
reviewing sectoral norms to encourage more liberalized investments. If approved, the increased
FDI limit is expected to significantly benefit the life insurance sector, which is both long-term
and capital-intensive. Companies in this space need to maintain substantial investments to meet
the solvency requirements set by the regulator, meaning only financially robust promoters are
likely to thrive.

Changes in Foreign Direct Investment (FDI) regulations in the insurance sector have had a
number of impacts, including:

1. Increased capital inflow

The increase in FDI has led to a rise in the amount of capital available to the insurance
sector, which has improved infrastructure, operations, and manpower.

2. More employment opportunities

The increased capital has allowed insurance companies to create more jobs.

3. Better access to technology

Foreign investment has allowed the insurance sector to provide better services through
the use of cutting-edge technology.

4. Improved insurance products and services

The increased capital has allowed insurance companies to develop innovative products
and services.

5. Increased insurance penetration and density

The insurance sector has seen an increase in insurance penetration and density, which are
metrics used to measure the level of development of the insurance sector.