This document analyzes trends in the insurance sector in India from 2002 to 2012. It finds that total insurance premiums increased over 5 times in this period, with life insurance premiums increasing nearly 6 times and non-life premiums increasing 5 times. Life insurance premiums have historically been higher than non-life premiums in India. The growth is attributed to increased awareness of insurance, more companies entering the market after regulatory reforms, and overall economic growth improving people's ability to purchase insurance. However, insurance penetration remains low in India compared to developed countries like Japan, indicating further potential for growth.
The document discusses the Insurance Regulatory and Development Authority of India (IRDAI), which regulates and develops the insurance industry in India. It was established in 1999 by an act of Parliament. IRDAI operates from its headquarters in Hyderabad, Telangana. It oversees 24 life insurance companies and 28 general insurance companies in India. IRDAI's goals include protecting policyholders, promoting fair practices in the insurance industry, and ensuring its orderly growth to benefit the Indian economy.
This document provides a history of the insurance sector in India. It discusses key milestones such as the establishment of the first insurance companies in the 18th and 19th centuries. The sector was nationalized in 1956 and 1972. Reforms began in 1991 with the Malhotra Committee report, leading to the passage of the Insurance Regulatory and Development Authority Act in 1999, which opened the sector to private companies. Today there are 29 insurance companies operating, with both public and private sector players competing in the growing market. However, public sector companies still dominate with over 70% market share.
The Indian insurance sector has experienced significant growth and reforms over the past few decades. It provides an overview of the history and development of both life and general insurance in India. Key milestones include the nationalization of life insurance in 1956 and general insurance in 1972. Today the life insurance industry is the fifth largest globally, growing at over 30% annually, while general insurance has over 20 registered companies and grew nearly 10% in 2009-2010. The sector continues expanding with reforms like increased foreign investment limits.
A study on the growth of indian insurance sectoriaemedu
The document summarizes the growth and development of the Indian insurance sector. It discusses key milestones like the nationalization of life insurance in 1956 and general insurance in 1972. It then covers the liberalization period starting in 1999 with the establishment of IRDA, which allowed private players to enter the market. Today there are 29 insurance companies with private players controlling around 26% of life and non-life markets. While competition has increased, the four public sector insurers still dominate with over 70% combined market share. The document also provides tables outlining the major players in life and general insurance.
The document discusses the insurance industry in India. It provides definitions of key insurance terms and describes the different types of public and private insurance. It also outlines the major types of insurance coverage available for individuals and businesses. The document summarizes the current state of the insurance industry in India and initiatives by the government to expand insurance coverage. It predicts continued strong growth in the future as incomes rise and more Indians gain access to insurance products.
The document provides an overview of the insurance industry in India. It discusses the history and development of the insurance sector in India, including the establishment of regulatory bodies like the Insurance Regulatory and Development Authority (IRDA). It also outlines the major types of insurance available in India, key players in the life and non-life insurance sectors, as well as growth factors and challenges facing the industry. The insurance sector is poised for further growth given India's large population and increasing incomes.
The document provides an overview of the insurance industry in India. Some key points:
1) The overall insurance industry in India is expected to reach US$ 280 billion by 2020, with life and non-life insurance growing at brisk paces in recent years.
2) Private sector companies have increased their market share in both life and non-life insurance segments over time, though LIC remains the dominant player in life insurance.
3) Motor, health and crop insurance are seen as key drivers of future growth in the non-life insurance space, while pension and health segments also offer opportunities in life insurance.
The document discusses the Insurance Regulatory and Development Authority of India (IRDAI), which regulates and develops the insurance industry in India. It was established in 1999 by an act of Parliament. IRDAI operates from its headquarters in Hyderabad, Telangana. It oversees 24 life insurance companies and 28 general insurance companies in India. IRDAI's goals include protecting policyholders, promoting fair practices in the insurance industry, and ensuring its orderly growth to benefit the Indian economy.
This document provides a history of the insurance sector in India. It discusses key milestones such as the establishment of the first insurance companies in the 18th and 19th centuries. The sector was nationalized in 1956 and 1972. Reforms began in 1991 with the Malhotra Committee report, leading to the passage of the Insurance Regulatory and Development Authority Act in 1999, which opened the sector to private companies. Today there are 29 insurance companies operating, with both public and private sector players competing in the growing market. However, public sector companies still dominate with over 70% market share.
The Indian insurance sector has experienced significant growth and reforms over the past few decades. It provides an overview of the history and development of both life and general insurance in India. Key milestones include the nationalization of life insurance in 1956 and general insurance in 1972. Today the life insurance industry is the fifth largest globally, growing at over 30% annually, while general insurance has over 20 registered companies and grew nearly 10% in 2009-2010. The sector continues expanding with reforms like increased foreign investment limits.
A study on the growth of indian insurance sectoriaemedu
The document summarizes the growth and development of the Indian insurance sector. It discusses key milestones like the nationalization of life insurance in 1956 and general insurance in 1972. It then covers the liberalization period starting in 1999 with the establishment of IRDA, which allowed private players to enter the market. Today there are 29 insurance companies with private players controlling around 26% of life and non-life markets. While competition has increased, the four public sector insurers still dominate with over 70% combined market share. The document also provides tables outlining the major players in life and general insurance.
The document discusses the insurance industry in India. It provides definitions of key insurance terms and describes the different types of public and private insurance. It also outlines the major types of insurance coverage available for individuals and businesses. The document summarizes the current state of the insurance industry in India and initiatives by the government to expand insurance coverage. It predicts continued strong growth in the future as incomes rise and more Indians gain access to insurance products.
The document provides an overview of the insurance industry in India. It discusses the history and development of the insurance sector in India, including the establishment of regulatory bodies like the Insurance Regulatory and Development Authority (IRDA). It also outlines the major types of insurance available in India, key players in the life and non-life insurance sectors, as well as growth factors and challenges facing the industry. The insurance sector is poised for further growth given India's large population and increasing incomes.
The document provides an overview of the insurance industry in India. Some key points:
1) The overall insurance industry in India is expected to reach US$ 280 billion by 2020, with life and non-life insurance growing at brisk paces in recent years.
2) Private sector companies have increased their market share in both life and non-life insurance segments over time, though LIC remains the dominant player in life insurance.
3) Motor, health and crop insurance are seen as key drivers of future growth in the non-life insurance space, while pension and health segments also offer opportunities in life insurance.
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach $280 billion by 2020, with life and non-life insurance growing rapidly.
- Private sector players have increased their market share in both life and non-life insurance segments over the past decade.
- Growth is expected to be driven by segments like crop, health and motor insurance. Enrolment in government schemes is also increasing insurance penetration.
- Total life insurance premiums reached $64.8 billion in FY17, while non-life premiums were $23.38 billion in FY18. Both segments have seen strong growth over the past years
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach US$ 280 billion by 2020, up from US$ 23 billion in 2005.
- Life and non-life insurance premiums have grown at a compound annual growth rate of 11.48% between 2005-2017.
- Private sector participation in the insurance industry has increased, with their market share in non-life rising from 13.12% in 2003 to 48.01% in 2017.
- Growth in the agriculture, health and motor insurance segments is expected to drive further expansion of the insurance industry in India.
Penetration Of Life Insurance and General Insurance In IndiaSudipta Das
The document summarizes the evolution of the life insurance and general insurance industries in India. It discusses how the industries were previously dominated by state-owned entities but have since opened up to private and foreign competition following deregulation in the late 1990s and early 2000s. This has led to rapid growth in the industries, with the market share of private insurers increasing each year. The document also examines trends in various insurance sub-sectors like health and motor insurance, and discusses some of the opportunities and challenges for further developing the insurance industry in India.
Dynamics of-agency-recruitment-insurnace-sector1Nagpur home
The document is an industrial training project report submitted by a student for their MBA program. It provides an overview of the insurance sector in India, including a brief history highlighting key milestones such as the nationalization of insurance companies in 1956 and their privatization in 1999-2000. It discusses the underdeveloped state of the insurance market in India prior to privatization and the reasons for private insurance companies entering the Indian market, such as low penetration rates and the inability of LIC to cover more than 10-15% of the population.
The document provides an overview of the insurance industry in India. Some key points:
- The overall insurance market in India is expected to reach US$ 280 billion by 2020, up from US$ 84.74 billion in FY17.
- Life and non-life insurance segments are growing, with life insurance premiums reaching US$ 64.92 billion in FY17 and non-life premiums reaching US$ 19.88 billion.
- Growth is being driven by factors like increasing penetration of insurance in rural areas, rising demand for health and crop insurance, and growth in the automotive sector.
- The government has also introduced various insurance schemes to boost coverage like Pradhan Mantri
The document is an industrial training project report submitted by a student for their MBA program. It includes sections on the declaration, preface, acknowledgements, and an index of topics to be covered in the report such as the company and sector profiles, tasks undertaken during training, analysis, SWOT analysis, and conclusions. The report was prepared during a training internship at Bharti AXA Life Insurance to fulfill the practical training requirements of the MBA program.
The document discusses the history and development of the general insurance industry in India, including key milestones such as the nationalization of life insurance in 1956 with the formation of LIC and nationalization of general insurance in 1973 with the formation of GIC. It provides an overview of the industry profile and outlines the three stages of formation, nationalization, and recent reforms allowing private players and foreign investment in the insurance sector in India.
Indian insurance sector has seen significant growth post liberalization. There are now 52 insurance companies of which 45 are private. The sector is estimated to need $8 billion in capital to improve solvency and increase penetration. Life insurance premium grew 11.84% in 2015-16 while non-life premium grew 12%. Growing incomes and changing demographics present opportunities for growth. ICICI Prudential Life is the largest private life insurer in India with a 24.2% market share in the private sector.
Effectiveness of CRM in HDFC Standard Life Insurance into Increase the SalesProjects Kart
The CRM softwares are one of the great tools for life insurance sector where they can track their customers term insurance, tax saving investments, life insurance, in a customizable and user friendly way. Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcut-ta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and these companies were not insuring Indian natives. However, later with the efforts of eminent peo-ple like Babu Muttylal Seal, the foreign life insurance companies started in-suring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance com-pany in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 percent to the coun-try’s GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP.
Yet, nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. It is an indicator that growth potential for the insurance sector is immense. Visit http://www.projectskart.com/p/contact-us.html for more information
The Case for Increasing FDI Caps in Insurance
The history of India’s political economy is replete with missed opportunities. The approach to growth and investment has been often stranded in the many romantic notions of selfreliance and what constitutes national interest. In every
decade since Independence, the approach to foreign direct investment has been influenced by a mistrust triggered by a colonial hangover. Every time India has opened its doors – or windows if you please – to foreign investment, it has been characterised by gradualism in the wake of much opposition. The debates around opening or expanding FDI are similar – as it was when telecom or banking opened up for foreign investment. What is important to recognise is that every such initiative has been beneficial, delivering greater common good.
Higher economic growth is driven by competition and consumer choice. Competition drives efficiency and efficiency drives growth. This is true of every country that has done well economically. It is also true of India since 1991, in segments where competition has been introduced. Any attempt to artificially introduce protection always has costs. Inefficient producers are protected, but at the expense of consumers. Consumers suffer from higher prices,bad service and limited choice. This is straightforward under-graduate economic theory. The gains to inefficient producers are more than neutralized by losses to consumers, leading to an overall deadweight welfare loss to the country.
In this argument, the colour of the competition, whether it is domestic or foreign, does not matter. In addition, there is the macroeconomic argument about a current account deficit having to be met through capital account inflows and non-debt-creating FDI inflows are preferable to debt-creating capital inflows. While these broad arguments about competition and FDI are accepted, the question to ask is, why should the insurance sector not be subject to these compelling arguments? Is there anything special about insurance that rational arguments should not be applied to
this sector? In every sector where India has opened up to FDI, be it manufacturing or be it services, two propositions are empirically evident. First, liberalization helps consumers. Second, fears about inefficient producers being eliminated are also vastly exaggerated.
Instead, producers of goods and services adapt and survive, based on access to capital, technology, knowhow, improved management practices and customer orientation. Therefore, protection not only harms the cause of consumers, it also harms the cause of producers. There is no reason why insurance should be treated differently. And economic logic and rationale should not be conditional on whether one is within the government or is in opposition.
This document provides an overview of the micro insurance industry in India. It discusses the region-wise distribution of life insurance offices according to data from the IRDA annual report from 2010-2011. The largest percentages of offices were in semi-urban and other areas. It also presents two tables, one showing the market share and regional breakdown of various life insurance companies, and another listing individual microinsurance products launched by different companies and their launch dates. The objective of the paper is to examine an overview of the micro insurance industries in India through analysis of secondary data sources such as IRDA reports.
The insurance industry in India is growing rapidly and is expected to reach US$ 280 billion by 2020. Life insurance premiums have grown at a CAGR of 13.28% from FY02-FY17 to US$ 64.92 billion, while non-life insurance premiums have grown at a CAGR of 17.7% to US$ 19.8 billion over the same period. The private sector contribution to the insurance industry has also increased, with the private sector accounting for 28.93% of the life insurance market and 48.01% of the non-life insurance market as of FY18. Key growth drivers for the insurance industry include increasing penetration of crop, health and motor insurance.
FINANCIAL PERFORMANCE ANALYSIS ON AGRICULTURE INSURANCE COMPANY OF INDIA LIMI...Karteek Chedadeepu
A presentation on Financial performance analysis on Agriculture Insurance Company of India(AIC).
The full Presentation describes about the financial performance During the rabi and kariff Seasons.
FINANCIAL PERFORMANCE ANALYSIS ON AGRICULTURE INSURANCE COMPANY OF INDIA LIMI...Karteek Chedadeepu
The document analyzes the financial performance of Agriculture Insurance Company of India Limited from 2009-2015. Some key findings:
- Gross direct premium growth rate increased in 2011 but decreased significantly in 2015.
- Net retention ratio decreased over the years, dropping below 50% in 2011-2012 but increasing again to over 50% in later years.
- Expenses of management as a ratio of gross direct premium increased each year peaking in 2014-2015.
- Underwriting balance was positive from 2010-2011 to 2012-2013 but nearly broke even in 2013-2014 and was negative in 2014-2015.
So while some metrics like net retention ratio and underwriting balance fluctuated over time, expenses
The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Total premiums reached Rs. 5.53 trillion in FY18, with life insurance making up Rs. 4.58 trillion and non-life Rs. 1.51 trillion.
- Private sector participation is increasing, with their market share rising to 54.32% in non-life and 33.51% in new business in life insurance.
- Growth is expected in segments like crop, health and motor insurance.
The document provides an overview of the Indian insurance market. Some key points:
- The life and non-life insurance markets in India are growing rapidly, with life insurance premiums increasing at a CAGR of 12.49% between FY02-FY16 and non-life premiums growing at a CAGR of 10.49% in the same period.
- Private sector players are contributing more to the non-life insurance market, with their share rising from 13.12% in FY03 to 48.01% in FY17.
- Segments like crop, health and motor insurance are expected to drive future growth in the insurance industry. Crop insurance covers over 32 million
The document provides an overview of the insurance industry in India. Some key points:
- India's overall insurance industry is expected to reach $280 billion by 2020, with life insurance premiums reaching $71.1 billion and non-life reaching $23.38 billion in FY18.
- Private sector participation is growing, with private players accounting for 30.3% of new business in life insurance and 51.07% of the non-life market.
- Segments like health, crop and motor insurance are expected to drive future growth, supported by government schemes promoting insurance coverage.
Vijay Popat completed a summer internship at Max New York Life Insurance. The insurance industry in India has grown significantly since its nationalization in 1956. Major milestones include the establishment of the Insurance Regulatory and Development Authority in 2000, which allowed private entities to enter the insurance market. A survey of 100 individuals aged 25-45 showed their preferences for different insurance providers and the key reasons for those preferences. The internship provided Vijay with exposure to Max New York Life's management, board, SWOT analysis, market share, and recruitment process. It concluded that the experience gave Vijay valuable insights into the insurance industry and corporate world.
The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Gross premiums written reached Rs. 5.53 trillion (US$ 94.48 billion) in FY18, with life insurance accounting for Rs. 4.58 trillion and non-life Rs. 1.51 trillion.
- Private sector participation is increasing, with private players having a 31.80% market share in new life insurance business in FY19.
The document provides an overview of the insurance industry in India. Some key points:
- India's insurance market has been growing rapidly, with the life insurance premium market expanding at a CAGR of 15.3% from 2004-2014, and the non-life insurance premium market rising at a CAGR of 16.3% over the same period.
- The share of private sector players has increased significantly over time, with their share of life insurance premiums growing from 4.7% in 2004 to 24.6% in 2014.
- Emerging segments like health, crop, and motor insurance are expected to drive future growth in the industry. The crop insurance market is now the largest in the world
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
Theoretical work submitted to the Journal should be original in its motivation or modeling structure. Empirical analysis should be based on a theoretical framework and should be capable of replication. It is expected that all materials required for replication (including computer programs and data sets) should be available upon request to the authors.
Shellfish shell as a Bio-filler: Preparation, characterization and its effec...theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach $280 billion by 2020, with life and non-life insurance growing rapidly.
- Private sector players have increased their market share in both life and non-life insurance segments over the past decade.
- Growth is expected to be driven by segments like crop, health and motor insurance. Enrolment in government schemes is also increasing insurance penetration.
- Total life insurance premiums reached $64.8 billion in FY17, while non-life premiums were $23.38 billion in FY18. Both segments have seen strong growth over the past years
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach US$ 280 billion by 2020, up from US$ 23 billion in 2005.
- Life and non-life insurance premiums have grown at a compound annual growth rate of 11.48% between 2005-2017.
- Private sector participation in the insurance industry has increased, with their market share in non-life rising from 13.12% in 2003 to 48.01% in 2017.
- Growth in the agriculture, health and motor insurance segments is expected to drive further expansion of the insurance industry in India.
Penetration Of Life Insurance and General Insurance In IndiaSudipta Das
The document summarizes the evolution of the life insurance and general insurance industries in India. It discusses how the industries were previously dominated by state-owned entities but have since opened up to private and foreign competition following deregulation in the late 1990s and early 2000s. This has led to rapid growth in the industries, with the market share of private insurers increasing each year. The document also examines trends in various insurance sub-sectors like health and motor insurance, and discusses some of the opportunities and challenges for further developing the insurance industry in India.
Dynamics of-agency-recruitment-insurnace-sector1Nagpur home
The document is an industrial training project report submitted by a student for their MBA program. It provides an overview of the insurance sector in India, including a brief history highlighting key milestones such as the nationalization of insurance companies in 1956 and their privatization in 1999-2000. It discusses the underdeveloped state of the insurance market in India prior to privatization and the reasons for private insurance companies entering the Indian market, such as low penetration rates and the inability of LIC to cover more than 10-15% of the population.
The document provides an overview of the insurance industry in India. Some key points:
- The overall insurance market in India is expected to reach US$ 280 billion by 2020, up from US$ 84.74 billion in FY17.
- Life and non-life insurance segments are growing, with life insurance premiums reaching US$ 64.92 billion in FY17 and non-life premiums reaching US$ 19.88 billion.
- Growth is being driven by factors like increasing penetration of insurance in rural areas, rising demand for health and crop insurance, and growth in the automotive sector.
- The government has also introduced various insurance schemes to boost coverage like Pradhan Mantri
The document is an industrial training project report submitted by a student for their MBA program. It includes sections on the declaration, preface, acknowledgements, and an index of topics to be covered in the report such as the company and sector profiles, tasks undertaken during training, analysis, SWOT analysis, and conclusions. The report was prepared during a training internship at Bharti AXA Life Insurance to fulfill the practical training requirements of the MBA program.
The document discusses the history and development of the general insurance industry in India, including key milestones such as the nationalization of life insurance in 1956 with the formation of LIC and nationalization of general insurance in 1973 with the formation of GIC. It provides an overview of the industry profile and outlines the three stages of formation, nationalization, and recent reforms allowing private players and foreign investment in the insurance sector in India.
Indian insurance sector has seen significant growth post liberalization. There are now 52 insurance companies of which 45 are private. The sector is estimated to need $8 billion in capital to improve solvency and increase penetration. Life insurance premium grew 11.84% in 2015-16 while non-life premium grew 12%. Growing incomes and changing demographics present opportunities for growth. ICICI Prudential Life is the largest private life insurer in India with a 24.2% market share in the private sector.
Effectiveness of CRM in HDFC Standard Life Insurance into Increase the SalesProjects Kart
The CRM softwares are one of the great tools for life insurance sector where they can track their customers term insurance, tax saving investments, life insurance, in a customizable and user friendly way. Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcut-ta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and these companies were not insuring Indian natives. However, later with the efforts of eminent peo-ple like Babu Muttylal Seal, the foreign life insurance companies started in-suring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance com-pany in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 percent to the coun-try’s GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP.
Yet, nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. It is an indicator that growth potential for the insurance sector is immense. Visit http://www.projectskart.com/p/contact-us.html for more information
The Case for Increasing FDI Caps in Insurance
The history of India’s political economy is replete with missed opportunities. The approach to growth and investment has been often stranded in the many romantic notions of selfreliance and what constitutes national interest. In every
decade since Independence, the approach to foreign direct investment has been influenced by a mistrust triggered by a colonial hangover. Every time India has opened its doors – or windows if you please – to foreign investment, it has been characterised by gradualism in the wake of much opposition. The debates around opening or expanding FDI are similar – as it was when telecom or banking opened up for foreign investment. What is important to recognise is that every such initiative has been beneficial, delivering greater common good.
Higher economic growth is driven by competition and consumer choice. Competition drives efficiency and efficiency drives growth. This is true of every country that has done well economically. It is also true of India since 1991, in segments where competition has been introduced. Any attempt to artificially introduce protection always has costs. Inefficient producers are protected, but at the expense of consumers. Consumers suffer from higher prices,bad service and limited choice. This is straightforward under-graduate economic theory. The gains to inefficient producers are more than neutralized by losses to consumers, leading to an overall deadweight welfare loss to the country.
In this argument, the colour of the competition, whether it is domestic or foreign, does not matter. In addition, there is the macroeconomic argument about a current account deficit having to be met through capital account inflows and non-debt-creating FDI inflows are preferable to debt-creating capital inflows. While these broad arguments about competition and FDI are accepted, the question to ask is, why should the insurance sector not be subject to these compelling arguments? Is there anything special about insurance that rational arguments should not be applied to
this sector? In every sector where India has opened up to FDI, be it manufacturing or be it services, two propositions are empirically evident. First, liberalization helps consumers. Second, fears about inefficient producers being eliminated are also vastly exaggerated.
Instead, producers of goods and services adapt and survive, based on access to capital, technology, knowhow, improved management practices and customer orientation. Therefore, protection not only harms the cause of consumers, it also harms the cause of producers. There is no reason why insurance should be treated differently. And economic logic and rationale should not be conditional on whether one is within the government or is in opposition.
This document provides an overview of the micro insurance industry in India. It discusses the region-wise distribution of life insurance offices according to data from the IRDA annual report from 2010-2011. The largest percentages of offices were in semi-urban and other areas. It also presents two tables, one showing the market share and regional breakdown of various life insurance companies, and another listing individual microinsurance products launched by different companies and their launch dates. The objective of the paper is to examine an overview of the micro insurance industries in India through analysis of secondary data sources such as IRDA reports.
The insurance industry in India is growing rapidly and is expected to reach US$ 280 billion by 2020. Life insurance premiums have grown at a CAGR of 13.28% from FY02-FY17 to US$ 64.92 billion, while non-life insurance premiums have grown at a CAGR of 17.7% to US$ 19.8 billion over the same period. The private sector contribution to the insurance industry has also increased, with the private sector accounting for 28.93% of the life insurance market and 48.01% of the non-life insurance market as of FY18. Key growth drivers for the insurance industry include increasing penetration of crop, health and motor insurance.
FINANCIAL PERFORMANCE ANALYSIS ON AGRICULTURE INSURANCE COMPANY OF INDIA LIMI...Karteek Chedadeepu
A presentation on Financial performance analysis on Agriculture Insurance Company of India(AIC).
The full Presentation describes about the financial performance During the rabi and kariff Seasons.
FINANCIAL PERFORMANCE ANALYSIS ON AGRICULTURE INSURANCE COMPANY OF INDIA LIMI...Karteek Chedadeepu
The document analyzes the financial performance of Agriculture Insurance Company of India Limited from 2009-2015. Some key findings:
- Gross direct premium growth rate increased in 2011 but decreased significantly in 2015.
- Net retention ratio decreased over the years, dropping below 50% in 2011-2012 but increasing again to over 50% in later years.
- Expenses of management as a ratio of gross direct premium increased each year peaking in 2014-2015.
- Underwriting balance was positive from 2010-2011 to 2012-2013 but nearly broke even in 2013-2014 and was negative in 2014-2015.
So while some metrics like net retention ratio and underwriting balance fluctuated over time, expenses
The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Total premiums reached Rs. 5.53 trillion in FY18, with life insurance making up Rs. 4.58 trillion and non-life Rs. 1.51 trillion.
- Private sector participation is increasing, with their market share rising to 54.32% in non-life and 33.51% in new business in life insurance.
- Growth is expected in segments like crop, health and motor insurance.
The document provides an overview of the Indian insurance market. Some key points:
- The life and non-life insurance markets in India are growing rapidly, with life insurance premiums increasing at a CAGR of 12.49% between FY02-FY16 and non-life premiums growing at a CAGR of 10.49% in the same period.
- Private sector players are contributing more to the non-life insurance market, with their share rising from 13.12% in FY03 to 48.01% in FY17.
- Segments like crop, health and motor insurance are expected to drive future growth in the insurance industry. Crop insurance covers over 32 million
The document provides an overview of the insurance industry in India. Some key points:
- India's overall insurance industry is expected to reach $280 billion by 2020, with life insurance premiums reaching $71.1 billion and non-life reaching $23.38 billion in FY18.
- Private sector participation is growing, with private players accounting for 30.3% of new business in life insurance and 51.07% of the non-life market.
- Segments like health, crop and motor insurance are expected to drive future growth, supported by government schemes promoting insurance coverage.
Vijay Popat completed a summer internship at Max New York Life Insurance. The insurance industry in India has grown significantly since its nationalization in 1956. Major milestones include the establishment of the Insurance Regulatory and Development Authority in 2000, which allowed private entities to enter the insurance market. A survey of 100 individuals aged 25-45 showed their preferences for different insurance providers and the key reasons for those preferences. The internship provided Vijay with exposure to Max New York Life's management, board, SWOT analysis, market share, and recruitment process. It concluded that the experience gave Vijay valuable insights into the insurance industry and corporate world.
The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Gross premiums written reached Rs. 5.53 trillion (US$ 94.48 billion) in FY18, with life insurance accounting for Rs. 4.58 trillion and non-life Rs. 1.51 trillion.
- Private sector participation is increasing, with private players having a 31.80% market share in new life insurance business in FY19.
The document provides an overview of the insurance industry in India. Some key points:
- India's insurance market has been growing rapidly, with the life insurance premium market expanding at a CAGR of 15.3% from 2004-2014, and the non-life insurance premium market rising at a CAGR of 16.3% over the same period.
- The share of private sector players has increased significantly over time, with their share of life insurance premiums growing from 4.7% in 2004 to 24.6% in 2014.
- Emerging segments like health, crop, and motor insurance are expected to drive future growth in the industry. The crop insurance market is now the largest in the world
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
Theoretical work submitted to the Journal should be original in its motivation or modeling structure. Empirical analysis should be based on a theoretical framework and should be capable of replication. It is expected that all materials required for replication (including computer programs and data sets) should be available upon request to the authors.
Shellfish shell as a Bio-filler: Preparation, characterization and its effec...theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The document discusses solutions to power generation shortages in Nigeria using solar energy. It finds that providing reliable power for manufacturing activities through solar energy backup is much cheaper and safer than using generator backup. Specifically:
- The average cost per unit of power consumption is N59.29 for solar, N20.88 for grid electricity, and N83.50 for generators.
- Nigeria receives abundant sunlight and has potential to harness solar energy, yet has underutilized its renewable resources due to overreliance on fossil fuels and lack of infrastructure development.
- Reliably powering industries through solar could help solve Nigeria's power shortages more effectively than the current reliance on expensive, polluting generators.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
This document summarizes a study on mainstreaming inclusion in teacher education in Zimbabwe. The study explored challenges lecturers face in equipping teacher trainees with inclusive teaching skills. Major findings were that lecturers were aware of inclusive education but did not mainstream it due to their own limited knowledge and skills in inclusion and a lack of supportive policies. The document recommends enacting clear pro-inclusion policies, developing lecturers' skills, and redefining the type of teacher Zimbabwe needs for inclusive classrooms.
Sources of Financing Shopping Centers in Lagos Metropolistheijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
The International Journal of Engineering and Science (The IJES)theijes
The document summarizes a study that uses Painleve analysis to solve a nonlinear partial differential equation (NLPDE). It begins by introducing Painleve analysis and its use in investigating the integrability of NLPDEs. It then outlines the methodology, implementing the Painleve analysis on the Boussinesq equation to obtain its exact traveling wave solution. Specifically, it obtains the exponents and coefficients of the Laurent series, identifies the dominant terms, and truncates the series to define a transformation. This yields an exact solitary wave solution to the Boussinesq equation.
This document discusses using attribute reduction to increase the efficiency of credit card fraud detection using decision trees. It analyzes a credit card transaction dataset containing attributes like credit usage, employment status, and purpose. Attribute statistics show some attributes have a single dominant value. The paper performs tests removing these attributes and finds the correctly classified instances increases from 70.5% to 72.9%, showing attribute reduction improves efficiency. By removing unnecessary attributes that don't contribute useful information, decision trees can more accurately classify transactions as fraudulent or genuine.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
Evaluation of Rubber Seed Oil as Foundry Sand-Core Binder in Castingstheijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The document summarizes a study on evaluating longitudinal skid resistance on pavement surfaces in Bangalore City. Portable pendulum skid resistance testing was conducted on four road stretches under different conditions like dry, wet, with dry sand, and with oil. Texture depth was also measured using the sand patch method. International Friction Index (IFI) values were calculated from the wet skid resistance and texture depth measurements to allow comparison between different testing equipment. The study found skid resistance values decreased in wet, sandy, and oily conditions compared to dry conditions. Correlation charts showed higher skid resistance with increasing texture depth. The IFI standard practice for harmonizing friction measurements taken with different equipment was also summarized.
This document describes a technique for mining intentional knowledge from XML documents to improve query answering performance. The technique involves:
1. Parsing an XML document and generating a tree model. Frequent subtrees are then mined from the tree to extract Tree-based Association Rules (TARs).
2. Storing the mined TARs in an XML format. An index is also created to enable faster access to the knowledge during querying.
3. Transforming XML queries to operate on the mined TARs instead of the original XML document. This allows queries to be answered more quickly.
4. The method is evaluated on sample XML data and queries. Results show the approach answers queries significantly faster
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
This document provides an overview of the insurance industry in India, including its history and current regulatory structure. It discusses the establishment of the Insurance Regulatory and Development Authority (IRDA) in 1999 and 2000 to regulate the industry and allow private companies. The life insurance industry is growing rapidly, projected to reach $2000 billion by 2009-2010, with private companies growing at 140% compared to 35-40% for state-owned companies. Private companies have increased their market share from 3% to 30% in recent years by offering competitive policies and rates of return. The overall insurance sector size is estimated to be $500 billion currently and expected to continue growing significantly.
The document provides an overview of the insurance sector in India. It discusses the origin and history of insurance in India, from the establishment of the first insurance companies in the 1800s to the nationalization of the industry and its recent liberalization. It also defines the concept of insurance, classifies the different types of insurance, and outlines some of the major players and trends in the Indian insurance market.
This document provides an overview of the insurance sector in India. It discusses the history of insurance in India dating back to ancient texts and its development under British rule. It then covers the nationalization of life insurance in 1956 and general insurance in 1973, as well as the liberalization of the sector beginning in the 1990s with the establishment of IRDA in 2000. The document highlights the importance of insurance for economic stability, financial stability, and individuals/businesses. It also describes various insurance terminology and types of policies available in India.
The document provides an overview of the history and development of the insurance industry in India. It discusses how insurance has ancient roots in India but modern insurance developed under British occupation in the 18th-19th centuries. The life insurance and general insurance sectors developed separately, with the life insurance sector nationalized in 1956 and general insurance in 1972. Reforms in the late 20th century opened the sectors to private companies. Today there are many public and private insurance companies operating in India and insurance contributes significantly to India's GDP.
The document provides information on the Insurance Regulatory and Development Authority of India (IRDA). It discusses that IRDA was established in 1999 by an act of Parliament to regulate and develop the insurance industry in India. IRDA aims to protect policyholders' interests and ensure the orderly growth of the insurance sector for the benefit of the public. It oversees functions like issuing certificates to insurance companies, handling complaints, promoting efficiency, and regulating investment and solvency standards. The document also outlines IRDA's duties and powers under the law.
A Study of DSA Network Expansion and Product Promotion Strategy of General...Anish Singh
A summer project of the insurance sector. that you rarely found.
In this project, u will get promotion strategy, how u sell the insurance and their ways. how to pitch agents and made for your company. thank you
This document provides an overview of the history and growth of the Indian insurance sector. It discusses how the sector was initially nationalized but has since opened to private players. Some key points:
- Insurance began in India in the 1800s but was nationalized in 1956 for life insurance and 1973 for general insurance. Reforms began in 1999 allowing private firms.
- Today there are 29 insurance firms - 14 private life insurers, 9 private non-life insurers, and 6 public sector firms.
- While private firms now make up over 26% of the markets, public sector firms still dominate with LIC having over 74% market share in life insurance as of 2005.
- Future growth areas include
The document provides an overview of the history and development of the insurance sector in India. It discusses key milestones like nationalization in 1956 and 1972 that led to the formation of LIC and GIC. It outlines recommendations from committees like Malhotra and Mukherjee for liberalizing the sector. The IRDA Act of 1999 repealed monopolies and introduced regulation. It details regulations around soliciting agents, asset-liability management, and rural coverage requirements. Finally, it lists some of the first private insurance companies licensed in India.
This document provides an overview of the Indian insurance industry and Beacon Insurance Brokers Pvt. Ltd. It discusses the history of insurance in India, including key milestones and the nationalization and privatization of the industry. The Insurance Regulatory and Development Authority (IRDA) was established in 1999 to regulate the private insurance sector. Beacon Insurance Brokers Pvt. Ltd operates within this growing private insurance market in India, working with both public and private insurers. The document outlines Beacon's role in brokering insurance products between insurers and clients.
Insurance is a form of risk management where one party agrees to pay an agreed amount of money to another party in the event of a loss or damage. The key aspects of insurance include risk transfer through premium payments, hedging against contingent losses, and regulatory requirements to protect policyholders. Reforms since the 1990s have opened India's insurance sector to private companies and increased competition, leading to greater access and customer choice. Further reforms aim to strengthen regulation and increase insurance coverage, especially for health, life and small businesses. A developed insurance sector supports the economy through risk protection, long-term funding, and financial stability.
Foreign direct investment in insurance sector baby veena j ohnAltacit Global
Foreign direct investment in India's insurance sector has grown since reforms began in the 1990s. The Insurance Regulatory and Development Authority was established in 1999 to regulate the growing industry and encourage competition. Reforms have gradually increased the cap on foreign ownership from 26% to 49% and allowed foreign reinsurers to establish branches in India. The insurance sector is an important part of the Indian economy and is expected to continue rapid growth, reaching $60 billion by 2011.
The document provides an overview of the life insurance industry in India. It discusses how life insurance originated and evolved in India from the 1800s. It then covers key milestones like the nationalization of life insurance in 1956 with the formation of LIC, and the opening up of the industry to private players in 1999 with the passage of the Insurance Regulatory and Development Authority Act. Finally, it lists some major players in the current Indian life insurance industry and discusses the growth prospects for the sector.
This document provides a history of the origin and evolution of insurance in India. It discusses how the idea of insurance began thousands of years ago, with early examples found in ancient civilizations like Babylon and China. Formal insurance practices began in Europe in the 17th century. Insurance later arrived in India in the 18th century and initially grew through foreign companies. Nationalization occurred in 1956 and 1972 to protect the public. Liberalization began in the 1990s following recommendations to open the sector to competition and private players. Major milestones included establishing regulatory authorities and allowing private companies and foreign investments.
The document discusses the history and profile of Life Insurance Corporation of India (LIC). It outlines key milestones such as the establishment of the first life insurance company in India in 1818 and the nationalization of life insurance and formation of LIC in 1956. LIC began as a government corporation with 5 zones, 33 divisions and 212 branches and has since expanded significantly to over 2000 branches across India. It remains the largest life insurer in India.
This document provides an overview of the life insurance sector in India. It discusses the history and development of life insurance in India, including the establishment of the Life Insurance Corporation of India (LIC) in 1956 and the entry of private players after reforms allowed it in 2000. It summarizes some of the major life insurance companies in India, both public sector (LIC) and private sector (SBI Life Insurance, Tata AIG Life Insurance, Bajaj Allianz Life Insurance). It also discusses the role of the Insurance Regulatory and Development Authority established in 1999 to regulate the insurance industry.
The document provides a history of insurance in India. It discusses how insurance has ancient roots mentioned in historical Indian writings. The first insurance companies in India were established in the 1800s, primarily by foreign companies. The life insurance and general insurance sectors were nationalized in 1956 and 1973, respectively. In 1999, the Insurance Regulatory and Development Authority was established to regulate and open the industry to private and foreign players. Today there are multiple private and public sector insurance companies operating in India.
Emerging dimensions of insurance sector and analyticsPrashant Mehta
Insurance in India has a long history dating back to 1818 and has undergone significant changes over the years, with major milestones including the nationalization of life and general insurance.
The insurance sector was opened up to private companies in 1999 with the passing of the IRDA Act, and has since seen considerable growth and investment from foreign players.
Today the insurance industry is one of the largest sectors in India and is well-regulated by the Insurance Regulatory and Development Authority. It comprises both government and private life and general insurers.
This document provides an index and table of contents for a research report. The index lists 8 chapters that will be covered in the report, including introductions to the industry and company, research methodology, objectives, conclusions, and recommendations. It also includes acknowledgments and an executive summary. The executive summary previews that the report will compare life insurance products from HDFC Standard Life to major competitors in the market.
Person who helps the agent in his work.
Beneficiary: Person who receives the insurance money in case of claim.
Broker: Person who acts as an intermediary between the insurer and insured for negotiating insurance contracts and
placing insurance on behalf of insured with one or more insurers.
Claim: Demand made by the insured for indemnity of loss under an insurance contract.
Coinsurance: Sharing of a loss between the insured and the insurer in a specified proportion.
Contribution: Sharing of a loss between co-insurers in a specified proportion.
Deductible: Portion of each loss which insured agrees to bear before insurer becomes liable to pay.
Endorse
Insurance, Sector History, FDI in Insurance, Government Role in Insurance, Industry Growth Pattern, Challenges of Insurance Market, Foreign Direct Investment in Insurance
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The International Journal of Engineering and Science (The IJES)
1. The International Journal Of Engineering And Science (IJES)
||Volume||2 ||Issue|| 6 ||Pages|| 01-05||2013||
ISSN (e): 2319 – 1813 ISSN (p): 2319 – 1805
www.theijes.com The IJES Page 1
A Study Of “Trend Analysis In Insurance Sector In India”
M.Venkatesh
------------------------------------------------------------ABSTRACT---------------------------------------------------------
Insurance has a long history in India. Life Insurance in its current form was introduced in 1818 when Oriental
Life Insurance Company began its operations in India. General insurance was however a comparatively late
entrant in 1850 when Triton Insurance company set up its base in Kolkata. History of Insurance in India can be
broadly bifurcated into three eras: a) Pre Nationalization b) Nationalization and c) Post Nationalization. Life
Insurance was the first to be nationalized in 1956. General Insurance followed suit and was nationalized in
1973. General Insurance Corporation of India was set up as the controlling body with New India, United India,
National and Oriental as its subsidiaries. The process of opening up the insurance sector was initiated against
the background of Economic Reform process which commenced from 1991. For this purpose Malhotra
Committee was formed during this year who submitted their report in 1994 and Insurance Regulatory
Development Act (IRDA) was passed in 1999. Resultantly Indian Insurance was opened for private companies
and Private Insurance Company effectively started operations from 2001. Insurance sector in India has become
one of the most favored investment destinations both for Indians and NRIs. India is the fifth largest insurance
market among the globally emerging insurance economies. Growing interest towards insurance among people,
innovative products and distribution channels are sustaining the growth of the insurance sector.
KEY WORDS: Insurance, Life insurance, Non-Life insurance, Nationalization, Trend analysis.
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Date of Submission: 24t
May 2013, Date of Publication: 30.June.2013
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I. INTRODUCTION OF INSURANCE
In India, insurance has a deep-rooted history. It finds mention in the writings of Manu
(Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings talk in terms of
pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and
famine. This was probably a pre-cursor to modern day insurance. Ancient Indian history has preserved the
earliest traces of insurance in the form of marine trade loans and carriers’ contracts. Insurance in India has
evolved over time heavily drawing from other countries, England in particular.
1818 was the advent of life insurance business in India with the establishment of the Oriental Life
Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the Madras Equitable had
begun transacting life insurance business in the Madras Presidency. 1870 was the enactment of the British
Insurance Act and in the last three decades of the nineteenth century, the Bombay Mutual (1871), Oriental
(1874) and Empire of India (1897) were started in the Bombay Residency. This era, however, was dominated by
foreign insurance offices which did good business in India, namely Albert Life Assurance, Royal Insurance,
Liverpool and London Globe Insurance and the Indian offices were up for hard competition from the foreign
companies.
In 1914, the Government of India started publishing returns of Insurance Companies in India. The
Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928,
the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information
about both life and non-life business transacted in India by Indian and foreign insurers including provident
insurance societies. In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation
was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control
over the activities of insurers.
An Ordinance was issued on 19th
January, 1956 nationalizing the Life Insurance sector and Life
Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian
insurers as also 75 provident societies—245 Indian and foreign insurers in all. The LIC had monopoly till the
late 90s when the Insurance sector was reopened to the private sector.
The history of general insurance dates back to the Industrial Revolution in the west and the
consequent growth of sea-faring trade and commerce in the 17th
century. It came to India as a legacy of British
occupation. General Insurance in India has its roots in the establishment of Triton Insurance Company Ltd., in
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the year 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd was set up. This was the
first company to transact all classes of general insurance business.
1957 was the formation of the General Insurance Council, a wing of the Insurance Association of India.
The General Insurance Council framed a code of conduct for ensuring fair conduct and sound business practices.
In 1972 with the passing of the General Insurance Business (Nationalization) Act, general insurance
business was nationalized with effect from 1st
January, 1973. 107 insurers were amalgamated and grouped into
four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance
Corporation of India was incorporated as a company in 1971 and it commence business on January 1st 1973.
This millennium has seen insurance come a full circle in a journey extending to nearly 200 years. The
process of re-opening of the sector had begun in the early 1990s and the last decade and more has seen it been
opened up substantially. In 1993, the Government set up a committee under the chairmanship of R N Malhotra,
former Governor of RBI, to propose recommendations for reforms in the insurance sector. The objective was
to complement the reforms initiated in the financial sector. The committee submitted its report in 1994 wherein,
among other things, it recommended that the private sector be permitted to enter the insurance industry. They
stated that foreign companies are allowed to enter by floating Indian companies, preferably a joint venture with
Indian partners.
Following the recommendations of the Malhotra Committee report, in 1999, the Insurance
Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and
develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key
objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through
increased consumer choice and lower premiums, while ensuring the financial security of the insurance market.
The IRDA opened up the market in August 2000 with the invitation for application for registrations.
Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations
under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging
from registration of companies for carrying on insurance business to protection of policyholders’ interests.
In December, 2000, the subsidiaries of the General Insurance Corporation of India were restructured as
independent companies and at the same time GIC was converted into a national re-insurer. Parliament passed a
bill de-linking the four subsidiaries from GIC in July, 2002.
Today there are 24 general insurance companies including the ECGC and Agriculture Insurance
Corporation of India and 23 life insurance companies operating in the country. The insurance sector is growing
at a speedy rate of 15-20%. Together with banking services, insurance services add about 7% to the country’s
GDP. A well-developed and evolved insurance sector is a boon for economic development as it provides long-
term funds for infrastructure development at the same time strengthening the risk taking ability of the country.
II. OBJECTIVES OF THE STUDY
To understand the world insurance density, and relate it with India density.
The study of premium trend analysis for understanding improvement of insurance in India.
TREND ANALYSIS OF LIFE AND NON-LIFE INSURANCE SECTOR IN INDIA
Study of international comparison of insurance density:
In the part of analysis of trend analysis of insurance sector in India we can study about what is our
position in the international level in insurance sector for this type of analysis we can study the insurance destiny
of various countries in the world. In this analysis we can study about the life insurance and Non-life insurance in
the 22 countries in the world so this analysis can give the full information about insurance density across the
world.
INTERNATIONAL COMPARISON OF INSURANCE DENSITY
SL.NO Name of the Country
2011-2012
LIFE INSURANCE NON-LIFE INSURANCE TOTAL
1 Australia 2077 2017 4094
2 Brazil 208 189 398
3 France 2638 1403 4041
4 Germany 1389 1578 2967
5 Russia 8 295 303
6 South Africa 823 215 1037
7 Switzerland 4421 3591 8012
8 United Kingdom 3347 1188 4535
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9 U.S.A 1716 2130 3846
10 Asian Countries -
11 Bangladesh 5 2 7
12 Hong Kong 3442 462 3904
13 India 49 10 59
14 Japan 4138 1031 5169
15 Malaysia 328 175 502
16 Pakistan 4 4 8
17 China 99 64 163
18 Singapore 2296 810 3106
19 South Korea 1615 1045 2661
20 Srilankha 15 18 33
21 Taiwan 2757 614 3371
22 Thailand 134 88 222
23 WORLD 378 283 661
Note: Source date from IRDA
Interpretation:
From the above table we can understand how much India is lacking behind in insurance sector in the
world. So in insurance sector India need to develop and concentrate on insurance sector to develop the country
economy. Developed countries like Japan, Switzerland, United Kingdom, Hong Kong countries their economy
system is mostly influenced by insurance sector so the insurance density is high in those countries. So the
density of insurance sector is to cover the risk coverage in the life of country people. In the above table Japan is
having highest density in the world and the Pakistan is having lowest density in the world. India is having 59
density across the world. So India needs to improve the density in insurance sector to improve the country
economic position.
The Japan is having high insurance density, frequently Japan has faced different type of disasters like
Earth-quacks, Tsunamis. That country people have coverage risk benefits as they have insure their property and
lives. The country is facing so many effects and still it is continuing as developed country, by this we can say
that insurance sector will play key role in country economic system.
III. TREND ANALYSIS
METHODOLOGY:
Today, trend analysis often refers to the science of studying changes in social patterns, including fashion,
technology, and consumer behavior. Trend Analysis is the practice of collecting information and attempting to
spot a pattern, or trend, in some fields of study, the term "trend analysis".
The trend analysis is used for comparing one year with other year. In the below table we have taken 11
years to compare, how it can increase or decrease in trend percentages. This method is suitable to compare at a
time with different years. And also it is easy to understand and easy to calculate. In below table I have taken
2002 as the base year to calculate trend percentages. The reason to take 2002 is as base year is as in this year,
few companies have entered into General insurance and also some companies started Life insurance.
Formula for trend percentages: PRESENT YEAR *100
BASE YEAR
Trend Analysis of life and Non-life insurance premium (Corers)
TOTAL INSURANCE PREMIUM
SL
NO YEARS LIFE INSURANCE NON-LIFE INSURANCE TOTAL TREND %
1 2002 50094.46 12385.24 62479.7 100
2 2003 55747.55 14870.25 70617.8 113.03
3 2004 66653.75 16542.49 83196.24 113.15
4 2005 82854.8 18456.45 101311.25 162.15
5 2006 105875.76 21339.1 127214.86 209.69
6 2007 166075.84 25930.02 192005.86 307.3
7 2008 201351.41 28805.6 230157.01 368.37
8 2009 221785.47 31428.4 253213.87 405.27
9 2010 265447.25 35815.85 301263.1 482.17
10 2011 291638.64 43841.84 335480.48 536.94
11 2012 287072.11 54578.49 341650.6 546.81
Note: Data source from IRDA
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INTERPRETATION:
In the above table we can observe how the insurance premium is increasing year to year. In 2002 there were
only few companies in the Insurance market, before 1999 the LIC was only insurance company and it’s the
regulatory body in India.
The trend percentages from 2002 to 2012 it almost increases 5 times, it indicates the good growth rate. The
improvement of premium is indicating how many people were insure, impact of this leads to improvement
in the economy growth rate which is most important for developing countries like India.
In India first Life insurance started so the life insurance premium is more than Non-Life insurance. The Life
insurance premium is improved from 2002 to 2012 near to 6 times. It’s good revelation in this deceit.
Private Non-Life insurance is started after IRDA is incorporated in 2000. Now in India 24 general insurance
companies are in the Indian market. In 2002 to 2012 it’s improved 5times.
Private insurance companies entered in to market after IRDA is incorporated with this effect more
improvements is taken place in Indian insurance sector.
Graphical presentation of insurance premium:
INTERPRETATION:
In the above graph we can understand how premium curve is increasing. It is slidely increasing from
2002 to 2012, it indicate to record increasing growth rate through the better analysis how the curve is going and
it is started with 100 points and it reaches to 550 points. Through this analysis we can conclude insurance
premium have good improvement.
Reasons for Failure in Insurance Sector in India:
1. In India many people were illiterates so they don’t know about insurance benefits and they don’t know
what are the existing insurance policies which were giving more benefits.
2. In India more than 45% people were living below poverty line and they could not even thing about the
insurances.
3. In the initial stages there was a rumor that insurance is a death policy and it can be claimed only after
the death so no one showed interest in insurance.
4. In the beginning stages of insurance there was less awareness about insurance policies.
5. Because of less disaster in India compared to japan, so it can be the reason why people showed less
interest to insure their life and properties.
6. India is developing country so if compared to Japan, USA, and UK we have less density in insurance
sector.
7. The insurance agents are not succeeding to that extent in motiving the people about insurances and
insurance policies.
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8. Still many business organizations and manufacture organizations are not showing interest to insure
their property.
9. Claim settlement is also one of the back drop (late process in climes).
Role of Insurance in India's future:
Insurance would assist business to operate with less volatility and risk of failure and provide for greater
financial and societal stability from the growth pangs of an estimated growth rate over 8% in GDP.
Government has arranged for disaster management and for funds. NGO’s and public institution assists
with fund raising and relief assistance. Beside government provides for social security programs. There
is considerable impact upon government in these respects. Insurance substantially steps in to provide
these services. The effect would be to reduce the strain on the tax payers and assist in efficient
allocation of societal resources.
Facilitates track, business and commerce by flexible adaptation to changing risk needs particularly of
the burgeoning services sector.
Like any other financial institution insurance companies generate saving from the insurance sector.
Within the economy and make available the same in well directed areas of the economy deserving
investment, a sector with potential for business as is the case with Indian insurance provides incentive
to develop it all the more faster.
It enable risk to be managed more efficiently through risk pricing and risk transfer and this is an area
which provides unlimited opportunities in the Indian context for consulting, broking and education in
the post privatization phase with newer employment opportunities.
The insurance industry on its own accord is interested in loss minimization. It’s expertise in
understanding losses assists it to share the experience across the economy thus enabling better loss
control and preservation of national assets.
In its risk pricing and investment decisions the insurance industry sets the tone for investment by others
in the economy. Informed assessment by the insurance companies thus, signals allocation of resources
by others contributing to efficiency in allocation. In India visibility of L.I.C. and G.I.C. has been
dwarfed by government’s actions and other high profile institutions like I.C.I.C.I., I.D.B.I., and U.T.I.
Of late A.I.G. is visible in the media and its investment announcements are being followed keenly by
institutional investors in India. I.N.G. saving trust and Zurich are active in asset management and are
being keenly followed by retail investors.
CONCLUSION
In this study we can conclude that Indian insurance sector is having increasing growth rate. From the
above trend analysis we can observe that trend percentages are increasing, so we can conclude it is improving
year to year and it is so sad to say that still India has less density percentage in the world wide when compared,
it might be the reasons we discuss above. Now India is also improving it density percentages year to year. So let
us hope better that India can also improve in insurance sector.