Abstract
Insurance is a method for managing risk, as it protects against unforeseen financial losses. When you purchase insurance, you are safeguarding yourself against possible mishaps by having an insurance company compensate you or someone you designate. If you experience an accident and are uninsured, you may be responsible for all related expenses. Having appropriate insurance can help mitigate the various risks you might encounter throughout your life. Insurance not only covers unexpected incidents but also assists in paying for routine expenses such as annual medical checkups and dental visits. Furthermore, insurance companies negotiate discounts with healthcare providers, allowing their customers to pay the reduced rates. An insurance policy has two parties: the policyholder, who is the individual or company receiving the policy, and the insurer, who is the insurance company. The policyholder need not be the insured party. A person or business can become a policyholder by purchasing an insurance policy that protects another person or company. For instance, if a company buys life insurance for an employee, the employee is the insured party, and the company is the policyholder. Accounting, auditing, and actuarial standards must be carefully applied when examining insurance businesses' financial and other reports. Finding the business risks that insurance companies must deal with requires the use of financial information in particular. The management of insurance companies' technical reserves and guarantee reserve assets is crucial for reducing these risks. According to professional organizations and nations with free market economies, the main goal of financial statements in this situation is to give potential consumers the knowledge they need to make wise decisions. The economy depends on measuring the performance of insurance businesses. However, reliable performance evaluation can be difficult due to the unpredictability and complexity of the global market as well as the growing information flow. In certain situations, traditional performance measurement techniques might not produce appropriate findings. The fuzzy multi-criteria technique has been successfully used to address this issue.Critical proportional assessment is a multi-criteria decision-making analytical tool that aids in problem-solving. The COPRAS system has been developed as a tool for decision-making under specific contexts. This method calculates both the increase and decrease of criteria and improves the quality and quantity of criteria calculation. Compared to other methods, the COPRAS system can handle many criteria and offers a higher level of benefit and usage. Alternative taken as Equity and reserves, Business assets, Provision and liabilities, financial incomes, Cost of insurance, Cost of insurance. Evaluation preference taken as Life Insurance Corporation of India, HDFC Life Insurance Co. Ltd, Max Life Insurance Co. Ltd, ICICI Prudential Life Insurance Co. Ltd, Kotak Mahindra Life Insurance Co. Ltd, Aditya Birla SunLife Insurance Co. Ltd, TATA AIA Life Insurance Co. Ltd, SBI Life Insurance Co. Ltd, Bajaj Allianz Life Insurance Co. Ltd, PNB MetLife India Insurance Co. Ltd. From the result it is seen that SBI Life Insurance Co. Ltd is got the first rank where as is the Bajaj Allianz Life Insurance Co. Ltd is having the lowest rank.