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India’s economic growth over the past two decades has been one of the most substantial progresses in the world economy. This growth has its origins in the introduction of economic reforms in the early 1990s. Insurance industry also stimulated into a growth path due to this liberalization process. Indian Government through IRDA (Insurance Regulatory Development Authority) created history in 2000, by bringing insurance business to private companies which had been ended 44 years back. Currently there were 34 players in the private sectors of general insurance, in addition of 4 general insurance companies and 2 specialized insurance companies in the public sector.

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