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Though globalization has become a broad heading for a multitude of global interactions, ranging from the expansion of cultural influences across borders to the enlargement of economic and business relations throughout the world, it has different dynamic force
for different person. For the economist, globalization is essentially the emergence of a global market. For a historian, it is an epoch dominated by global capitalism. Sociologists see globalization as the celebration of diversity and the convergence of social preferences in matters of life style and social values. To the political scientist, it represents the gradual erosion of state sovereignty. But discipline specific studies explain only a part of the phenomenon.

From a multi-disciplinary angle, globalization may be treated as a phenomenon, a philosophy and a process, which affects human beings as profoundly as any previous event. Several factors have been responsible for this phenomenon. This study confines its attention to four growth-enhancing facets of globalization that have been among its key drivers, namely trade, finance, communication and transport.

MNCs - "The New Path Maker"

After globalization, so many MNCs are the major path maker for economic growth. The world-class MNCs constantly pursued their strategy of gaining access to every promising market world over, which had sound growth potentialities, in order to expand their network and control over the respective local economies. The consequence was that some of the markets, particularly in developing countries like China and India, adopted some sort of self-protectionist mechanisms by imposing certain deliberate politico-legal restrictions in order to restrict the entry of capital goods of these MNCs into their markets.

Insurance being an integral part of financial service could not claim immunity to the impact of the globalization process and opened up to private and global players world over, including India. So many MNCs are now entering into the insurance sector which is now a booming sector.

New Horizons of Insurance Market after Globalization

After 1970, insurance sector has become more prosperous. For a long time, the two most important insurance players were LIC & GIC. Now so many MNCs have entered into the same sector like Bajaj Allianz, Aviva, Birla Sunlife, ICICI Prudential, etc. Insurance is now acting on two dimensions, i.e., the element of investment and the element of protection. The Economic Value Addition (EVA) has taken the major concern of the same business.

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Prof. Sanjit Kumar Dash is currently Academic Head at Magnus School of Business, Bhubaneswar. He has done MBA from Institute of Business & Computer Studies (IBCS), Bhubaneswar with specialization in Marketing & Systems, and M.Phil. (Business Administration) from Annamalai University, Tamilnadu. He is also doing his Ph.D. in Business Administration from Utkal University, Bhubaneswar at present.