Insurance, like many things, may be demographical but is most certainly not a geographically regional requirement. Accidents and death will occur, no matter what part of the city, country or world you live in. As a result, insurance needs to be prevalent in all countries of the world. Indian insurance may be almost two centuries old now, with its earliest origins in 1818, but it still has a long way to go to be as potent and as pervasive as insurance in the West.
A comparison between insurance in the Western countries such as USA and that in India is necessary to facilitate improvement in the insurance sector of India. For example, health insurance in the USA is much more customer oriented than health insurance in India, which leans more towards the insurer's benefit. The following tabular comparison of the health insurance industry in USA and India can help explain the point further:
