I am looking the literature related to insurance market and its penetration strategies.
The major reason is lack of transparency and corruption. If you are sharing your compensation with the office people then you will get other wise you have to go to court, and again have to share the compensation with the lawyer and other people who are key to decision making. in addition, the insurance agent do not have complete knowledge about the various insurance products, they just want to trap people for their commission and incentives and thus policy taker loose the money. Then unpredictable political environment depending upon communal violence and confuse government policy add more flavor to the system. Insurance companies consider population as a market and forget that how many are able to afford the cost of living, how many are having surplus which they can invest in market instruments. These are few social reason which translate into negative growth.
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