RURAL INSURANCE A NEW FRONTIER

0.0

Rural Insurance safeguards the rural masses against probable danger and is used as a preventive measure against future losses. This device is applied for minimizing the future contingent risks. Therefore, Rural Insurance refers to the safeguard against probable danger involved in rural activities. Rural activities, where insurance coverage is required, refer to agricultural operations, rearing of livestock, health-related problems etc. Rural Insurance programs are designed to cover various risks that affect the rural population and are gaining importance all over the world. India, being one of the fastest growing nations, offers great scope and potential for the insurance programs, Rural Insurance being a frontrunner among them. With a very high percentage of the population residing in rural India, which is plagued by high poverty levels and risk-bearing vagaries, rural penetration remains a daunting challenge to most insurers. The ratio of rural Indian population is very high and it has grown insurance needs; therefore, it is a fact that the potential growth of insurance industry lies in the rural market, both for life and general (non-life) insurance. Against thisbackground, this book tries to illustrate the need for insurance business in the rural areas throughout the world and drawing up of appropriate strategies to increase the rural coverage in insurance to explore the untapped area in Indian insurance market.