Insurance industry provides means of protection against uncertain financial loss. In late 19th century, government were providing insurance services to individuals and businesses .
But, over the period of time, many private companies have emerged that provide insurance services. The complicated aspect of determining rate of return has been simplified to attract customers the era of stiff competition. The simplified procedures of policy renewal along with introduction of different types of insurance policies, such as third-party insurance present new opportunities in insurance services industry.
The research on insurance services industry helps stakeholders to gain thorough understanding of the industry. It offers useful information on drivers, challenges, and opportunities of the industry. The changing market dynamics have been discussed to provide comprehensive analysis of the industry. It also assists investors and businesses by offering significant market statistics to formulate different strategies to strengthen their position.