Insurance of IDRA.pptx
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This document provides an analysis of the life insurance business in Bangladesh from 2017-2019. It summarizes key metrics like total assets, investments, policies issued and lapsed, premiums, claims amounts, and employment opportunities in the insurance sector. The insurance industry in Bangladesh was nationalized in 1972. While the regulatory landscape has changed, especially regarding data privacy and security, the insurance penetration and density needs to increase to better serve customers. Separating policyholder and shareholder accounts is important for policyholder protection.
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The document provides an overview of life insurance management in India. It discusses the evolution of the life insurance sector, current state, regulatory framework established by IRDA, and key functions of life insurance companies such as pricing premiums, managing risks, investments, and balancing assets and liabilities. Some key points include:
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While reactions to the Budget were mixed, it did include two important policy changes. Investment norms for insurance and defence manufacturing were changed to attract more foreign players. Both sectors have been touchy topics, with battlelines drawn between those for liberalised investment norms and those in favour of a more conservative approach.
It’s clear that a long, hard road lies ahead on the economic front and that these are the first steps of a fledgling government of which much is expected. There will be other, tougher decisions to make – reducing subsidies, a simpler tax regime that protects states’ interests and a land acquisition policy that will spur industrial growth while conserving land-owners’ interests, to name just a few.
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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 50.06% market share in non-life insurance and 32.12% in new business in life insurance as of FY19.
Bliss%20 sandesh
This document contains details of a life insurance policy held by Kundan Verma. It shows the annual insurance coverage, premiums paid, tax savings and maturity amount over a period of 20 years. The maximum risk coverage is Rs. 12.53 lakhs for normal risks and Rs. 12.53 lakhs for accidental risks. The total premium paid is Rs. 21,4837 with a tax savings of Rs. 64,444 and a net premium of Rs. 1,50,393. Upon maturity, Rs. 25,30,000 will be receivable from LIC.
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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.
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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.
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- 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.
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Changing marketing trend of reliance life insurance (1)
The document provides information on the insurance industry in India and Reliance Life Insurance Company. It discusses the importance of insurance for the economy, the history and development of the insurance industry including key milestones and regulations. It also provides details on the present scenario, opportunities and challenges in the industry. Specifically for Reliance Life Insurance, it gives an overview of the company including its ownership and vision to offer integrated financial services.
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- Birla Sun Life and Max Life are in talks to merge and potentially create one of the top 3 private life insurers in India. Max Financial Services founder is also negotiating with potential buyers for his 30% stake.
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Hey its an power point presentation made on reliance insurance. Life insurance and others are also been included in this. A presentation thats been featuring the SWOT analysis and marketing mix of insurance sector. Hope it counts handy for other people.
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2. The Direct Tax Code, intended to replace the Income Tax Act 1961, has been postponed by one year to April 2012 to allow more time for understanding by taxpayers, practitioners and administrators.
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The document discusses the insurance broking sector in India. It provides information on:
- Who insurance brokers are and how they differ from agents in representing the client's interests over the insurer.
- The roles and services provided by brokers globally including risk analysis, product recommendations, claims assistance and more. However, brokers play a smaller role in India with only 30% market share compared to over 70% in developed countries.
- The Insurance Regulatory and Development Authority of India (IRDAI) regulates insurance brokers by licensing different types including direct, reinsurance and composite brokers.
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- LIC had a monopoly until 1999 when IRDA was formed to regulate the sector and allow private players.
- Life insurance in India is now the fifth largest market globally and growing at 36% annually.
- IRDA regulates and oversees insurers to protect policyholders' interests and ensure solvency standards are met.
- Actuaries play an important role in assessing risks, modeling future
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The document discusses India raising the foreign direct investment (FDI) cap in the insurance and defence sectors from 26% to 49%. This is expected to boost investment in these sectors and increase insurance penetration and domestic defence manufacturing. However, there are also concerns about foreign control and technology transfer. The defence sector in particular may see greater investment but investors will still want management control for technology transfer, which the 49% cap does not provide. Overall the changes aim to modernize these sectors but uncertainties around rules and implementation remain.
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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.
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- 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.
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- Private sector participation is increasing, with private players having a 31.80% market share in new life insurance business in FY19.
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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 50.06% market share in non-life insurance and 32.12% in new business in life insurance as of FY19.
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This document contains details of a life insurance policy held by Kundan Verma. It shows the annual insurance coverage, premiums paid, tax savings and maturity amount over a period of 20 years. The maximum risk coverage is Rs. 12.53 lakhs for normal risks and Rs. 12.53 lakhs for accidental risks. The total premium paid is Rs. 21,4837 with a tax savings of Rs. 64,444 and a net premium of Rs. 1,50,393. Upon maturity, Rs. 25,30,000 will be receivable from LIC.
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- 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.
Changing marketing trend of reliance life insurance (1)
The document provides information on the insurance industry in India and Reliance Life Insurance Company. It discusses the importance of insurance for the economy, the history and development of the insurance industry including key milestones and regulations. It also provides details on the present scenario, opportunities and challenges in the industry. Specifically for Reliance Life Insurance, it gives an overview of the company including its ownership and vision to offer integrated financial services.
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General line…………………………………………………………………………………
Medical………………………………………………………………………………………
Placement……………………………………………………………………………………
Chapter 2:
Data collocation……………………………………………………………………………
Chapter 3:
Computing liquidity ratio ………………………………………………………………..
Computing profitability measures ……………………………………………………….
Profit margin ……………………………………………………………………………..
Computing market value measure ………………………………………………………….
Conclusion &recommendation……………………………………………………………..
Reference…………………………………………………………………………………..
Appendix …………………………………………………………………………………...
Abstract
Insurance companies have played a big role in ensuring that they take risks on behalf of the insured. By being insured, the insured is able to have peace of mind. A good protection and management are done for your business. However, in order to be successful in the insurance sector, there are several participants who play key roles in the sector. This project shows how one of the participants, the insurance broker, works in this sector.
An insurance broker is one of the participants who help the company in selling and negotiating insurance for compensation. The insurance broker duty is to work and get the best interest of the insured or his client and provide the right advice, which is independent of any influence of the insurance company in terms of professional advice.
This project shows a framework of all the roles of the insurance broker in the insurance company into much detail. An insurance broker is very important in the insurance company in ensuring its success. In this project, the insurance broker is the main theme and a clear illustration is made on how they bring an effect in the sector. The growth of the insurance services sector is illustrated how it has affected by the presence of the insurance broker in the sector.
A close statistical data review of the insurance sector is undertaken in the project. A review of how Marsh &McLennan shows the role of their insurance broker is laid out. They particularly deal with clients and new customers by explaining to them the products offered by the company and the benefit they get from it. The project talks about how to avoid risks that insurers are exposed to, and how strategies on how to grow in the sector.
Chapter1:Introduction
Background
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India Public Affairs Round-Up
After the bruising general election, India’s new government got down to the business of preparing the Union Budget. Much is expected of the Narendra Modi regime, which projected a pro-business, pro-reform image throughout the campaign.
While reactions to the Budget were mixed, it did include two important policy changes. Foreign direct investment norms for insurance and defence manufacturing were changed to attract more foreign players. Both sectors have been touchy topics, with battlelines drawn between those for liberalised investment norms and those in favour of a more conservative approach.
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Insurance allows people to share financial risks and losses by contributing regular premiums to a common fund. It provides peace of mind by helping restore people's financial status if unexpected events like accidents, illness or death occur. While such events can be financially devastating for individuals, insurance premiums paid by many ensure claims can be paid out.
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Insurance of IDRA.pptx
- 2. Analysis of Life Insurance Business Performance: Based on 2017,2018,1st Quarter of 2019 2
- 3. Submitted By- Group-03 Name ID Kamrun Nahar Mim 19102019 Md. Jamil Hossain 19102059 Tasnuva Nawshin Setu 19102070 Tahmina Shikder 19102076 3
- 4. Introduction The Government of Bangladesh nationalized insurance industry in 1972 by the Bangladesh Insurance (Nationalization) Order 1972. The insurance industry is a perfect example of the use of “grey areas” in the culture of business ethics. 4
- 5. The insurance industry and the framework: The regulatory landscape has faced no shortage of changes, especially with regard to data privacy and security. To become a PIMA (Photographic and Imaging Manufacturers Association) member and participate in its online Legislative & Regulatory Interest Group. The group also is a member-driven trade association focused exclusively on the group-sponsored benefits market. 5
- 6. For more information on becoming a member Company Licensing Producer Licensing Product Regulation Financial Regulation Market Regulation Consumer Services Hybrid Computing 6
- 7. List of insurance companies in Bangladesh Public sector life insurance industry - Bangladesh Jiban Bima Corporation Non life insurance industry - Bangladesh Sadharan Bima Corporation Private Sector life insurance industry- 33 Non life insurance industry - 46 7
- 8. Amount of Asset in Life insurance Business (Crore Taka) 38647.29 38902.63 3052.36 0 5000 10000 15000 20000 25000 30000 35000 40000 45000 2019 2018 2017 Total Asset Total Asset 8
- 9. Total value of investment 31435.54 30855.18 29934.39 2019 2018 2017 Investment Investment 9
- 10. Total number of policies 10358515 329501 292199 25802 108913 10446548 17988688 1439691 87042 477836 10951920 1839126 100549 157390 380330 0 2000000 4000000 6000000 8000000 10000000 12000000 14000000 16000000 18000000 20000000 Number of Policy in- forced Number of New Policy issued Number of policies lapsed Number policy surrendered Number of Policy revived policies 2019 2018 2017 10
- 11. Total Amount of Premiums 1201.39 188.51 191.2 296.79 1878.82 5993.58 1382.46 591.9 1052.02 9019.95 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 Ordinary Life Micro Insurance Group and Health Islami Takaful Gross Premium Premiums 2019Q 2018 11
- 12. Claim Amount (crore taka) 2373.12 179.78 1361.93 40.64 523.93 266.84 7424.24 344.79 4203.03 973.18 1257.95 645.29 0 1000 2000 3000 4000 5000 6000 7000 8000 Claim Amount (Crore Taka) Death Claim Maturity Claim Surrender value Claim SB Claim Group and others Claim Claim Amount 2019Q 2018 12
- 13. Amount of Claim Settled (Crore Taka) 1718.42 75.07 984.74 31.39 400.04 227.18 6571 219.33 3804.94 961.72 1051.28 533.74 0 1000 2000 3000 4000 5000 6000 7000 Amount of Claim Settled (Crore Taka) Death claim Maturity Claim Surrender value Claim SB Claim group claims and other Amount of Claim Settled 2019Q 2018 13
- 14. Due Settlement serial Name of life insurer Number of claim pending serial Name of life insurer Number of claim pending 1 Alpha Islami 10 12 Rupali 503 2 Diamond 9 13 Sandhani 3233 3 Delta 662 14 Jamuna 2 4 Fareast Islami 10000 15 JBC 665 5 Guardian 4 16 Meghna 58 6 Homeland 7000 17 Mercantile Islami 2 7 National 567 18 Swadesh 3 8 NRB Global 5 19 Sonali 1 9 Popular Life 16 20 Sunflower 565 10 Progressive 101 21 Sunlife 8453 11 Protective Islami 51 22 Trust Islami 10 14
- 15. Employment Opportunities Working for Insurance Development and Regulatory Authority (IDRA) offers a unique opportunity to gain experience and develop skills in the public service sector. Insurance Development and Regulatory Authority (IDRA) has issued a job circular for all job seekers and unemployed in Bangladesh. 15
- 16. Conclusion Insurance is a large investment and you will most likely purchase multiple policies throughout your lifetime. We need to separate the policyholder account and shareholder account immediately for the protection of policyholder. In order to increase the penetration and density of premium we will have to introduce the Because insurance system as a distribution channel and we are working on it. 16
- 17. Thank you 17