Important reforms in the field of Insurance in India

2. 1818 – Establishment of Oriental Life Insurance Company,
Calcutta
1906 – Establishment of National Insurance Company
1912 – Indian Insurance Companies Act
1956 – Formation of LIC and passing of L.I.C. Act 1956
1972 – General Insurance Business Act, 1972
1999 – Insurance Regulatory & Development Authority Act

3. Life Insurance - Good method to protect the family
financially, in case of death, by providing funds for the loss
of income.
General Insurance - All those insurance policies which
do not covers the life of the person.
Such as – i) Motor Vehicle Insurance
ii) Fire Insurance
iii) Property Insurance
iv) Health Insurance

4. Current Growth Rate - (In 2013)
i) Life Insurance – 20 % (CAGR) – $60 billion market
ii) General Insurance – 18% (CAGR) - $13 billion market
Life Insurance – i) Private Sector – 30% Market Share
ii) Public sector – 70% Market Share
General Insurance - i) Private Sector – 43% Market
Share
ii) Public Sector – 57% Market Share

5. Expected Market – $280 billion (By 2020)
World’s 10th largest growing market for insurance
Untapped Population of India – 70%
FDI allowed in Insurance Sector – 49%
Most Lucrative Insurance Segments – Motor Vehicle
Insurance, Health Insurance, Aviation Insurance

6. Increasing awareness level of customers
Customer centric products (Customized Products)
Enhanced service standards
Good communication techniques
Lucrative offers
Adopting customer feedback for improvement

7. Insurance can be summed up as