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Insurance has its origin dating back to the ancient world. Over the centuries, it has developed into a modern business that protects people and organisations from various risks. The insurance ecosystem is run by insurers, reinsurers, policyholders, intermediaries such as agents and brokers, regulators like the IRDAI in India, and third-party administrators (TPAs) who help process claims. Insurance is a tool for managing and indemnifying risks. The mechanism of insurance works by pooling risks and transferring them from individuals/companies to insurers, thereby minimising the impact of loss and encouraging the law of large numbers for better risk management.The global insurance industry has witnessed steady growth over the past decades, driven by rising awareness, economic and social development, digital disruption, evolving risks such as pandemic, climate change and cyber threats. Advanced economies and emerging markets have contributed significantly to this growth, especially in Asia-Pacific and Latin America. The Indian insurance industry has grown considerably, with the domestic market expanding at a CAGR of 17% over the past two decades. It is projected to reach Rs. 19,30,290 crore (US$ 222 billion) by Financial Year 2026.Welcome to the course on Understanding Insurance Business. The course will lead you through the world of insurance: its evolution and meaning, the terms and concepts related to insurance, its types, and their relevance and application in the practical world.The course is designed with videos, examples, assessments, reading material, and a discussion forum to help you learn about insurance and the varied components related to insurance sequentially.The course will help you learn about:- Principles of insurance- Spread of the insurance industry globally- Relevant terms of the insurance industry and their application- Life Insurance- Non-life insurance
