Consumer Grievance Redress in Indian Insurance Markets*

Balasubramaniam Vimal (), Gawali Aishwarya (), Sane Renuka () and Sharma Srishti ()
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Balasubramaniam Vimal: Senior Lecturer, Queen Mary University of London and CEPR, London, England
Gawali Aishwarya: Researcher, National Institute of Public Finance and Policy, New Delhi, India
Sane Renuka: Associate Professor, National Institute of Public Finance and Policy, New Delhi, India
Sharma Srishti: Ph.D. Candidate, Boston University, Boston, MA, USA

International Review of Financial Consumers, 2023, vol. 8, issue 1, 17-31

Abstract: We present results from a first-ever representative survey of five major Indian states to measure consumer grievances in Indian insurance markets. We document the lifecycle of the grievance redress process for life, health, vehicle and agricultural insurance products. Despite high resolution rates by insurance companies, consumers choose not to complain for an array of reasons. Insurance consumers prefer exiting insurance products rather than entering the redress process, suggestive of high transaction costs in redressing insurance grievances.

Keywords: consumer protection; grievance redress and insurance (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:irfinc:v:8:y:2023:i:1:p:17-31:n:1002

DOI: 10.36544/irfc.2023.8-1.2

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