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Insurance Is No Less Important Than Banking - Coursework Example

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"Insurance Is no Less Important than Banking" paper discusses the validity of the assertion that the government should be prepared to intervene to prevent the insolvency of an insurance company. The institution of insurance must be saved by the authorities and taken care of by better management…
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Insurance Is No Less Important Than Banking
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Download file to see previous pages Banking caters to the needs of the practical commercial world, insurance to a great extent, fulfills the social and psychological needs of human beings. It plays an intelligent, methodical, and calculated game as for one’s future requirements, including that of the family members. Policymakers cannot think of banking, without applying thought on the insurance sector. The interrelated areas are accounting reforms, prudential regulation, and risk management. The coming decade will see commercial banks entering the insurance sector in a big way, without any tie-up arrangement with established insurance companies, as has been then practice hither-to.

The challenges of the financial landscape of a country are many. They keep on changing depending upon the volatile economic scenario. The fundamental forces of economics and commerce will always make banking and insurance travel on parallel tracks. They can be compared to the scale of justice. Both arms of the scale are equally important. “There has been a major de-segmentation of finance, as regulatory and technological barriers have come down. Regulatory and legal restrictions on balance sheets, products, and prices, which were so common in the old days, have been substantially reduced. Quantum leaps in information technology have spawned a much greater variety of insurance and banking products and made it easier for institutions to contest each other’s markets.”(Knight, 2005) This has created severe competition in the financial industry. The globalization of finance has resulted in cross-border activity amongst the countries.

The developments due to globalization have not affected banking and insurance with the same degree. The banking industry quickly established the global network, but the insurance remained less international than banking. ...Download file to see next pagesRead More
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