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Nature & scope of insurance and leading insurance

This document provides an overview of insurance in India. It begins with definitions of insurance and explanations for why insurance exists. It outlines the primary and secondary functions of insurance. It also details the nature and scope of insurance coverage in India. The document lists the leading insurance companies in India for both life and non-life insurance and provides some key details about the largest players, including LIC and Bajaj Allianz. It concludes with a section highlighting claim settlement ratios for the top 15 life insurance companies in India.

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INDIA…Presented By :-Rahul (190101010047). Aniket (190101010029). Diksha Verma (190101010081). Presented To :-Mrs. Poonam Kaushik. 1
CONTENTS…. • Introduction-Insurance. • Meaning & Definition of Insurance. • Why Insurance ? • Functions of Insurance:- i. Primary ii. Secondary • Nature of Insurance . • Scope of Insurance. • Leading Insurance Companies in INDIA. • At a Glance. • Bibliography. 2
INSURANCE - INTRODUCTION 3
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WHAT IS INSURANCE 5
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DEFINITION OF INSURANCE •Insurance is a legal contract between two parties- the insurance company (insurer) and the individual (insured), where in the insurance company promises to compensate for financial losses due to insured contingencies in return for the premiums paid by the insured individual. •Insurance is a federal subject in India. 7
WHY INSURANCE ? To provide security Old age pensions As an Investment or Saving Mechanism As a controller of Loans For Taxable benefits 8
FUNCTIONS OF INSURANCE Functions of Insurance Primary Secondary 9
PRIMARY FUNCTION •Provide Protection •Assessment of risk •Collective bearing of risk •Savings and investment 10
SECONDARY FUNCTIONS •Prevention of Losses •Small capital to cover large risks •Contributes towards the development of large industries •Source of Earning Foreign Exchange •Risk Free Trade 11
NATURE OF INSURANCE Contract Consideration Co-operative Device Protection of financial risks Risk sharing and risk transfer Based upon certain principles 12
 Regulated by Law Value of Risk Payment at contingency Insurance is not gambling Insurance is not a charity Investment portfolio CONT.…. 13
SCOPE OF INSURANCE Life Insurance Motor insurance Health insurance Travel insurance Property insurance Mobile insurance Bite-size insurance 14
LEADING INSURANCE COMPANIES IN INDIA.. 15
*NOTE:- FOLLOWING IS THE LIST OF INSURANCE COMPANIES IN INDIA WHICH HAVE BEEN APPROVED BY THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDAI) WHICH IS A STATUTORY BODY REGULATING AND PROMOTING THE INSURANCE AND RE-INSURANCE INDUSTRIES IN INDIA. 16
LIFE INSURANCE COMPANIES S. No. Life Insurance Companies in India 1 Aditya Birla Sun Life Insurance Company 2 Aegon Life Insurance Company 3 Aviva Life Insurance Company 4 Bajaj Allianz Life Insurance Company 5 Bharti AXA Life Insurance Company 6 Canara HSBC OBC Life Insurance Company 7 Edelweiss Tokio Life Insurance Company 8 Exide Life Insurance Company 9 Future Generali India Life Insurance Company 10 HDFC Life Insurance Company 11 ICICI Prudential Life Insurance Company 12 IDBI Federal Life Insurance Company 13 India First Life Insurance Company 14 Kotak Mahindra Life Insurance Company 15 Life Insurance Corporation of India Company 16 Max Life Insurance Company 17 PNB MetLife India Insurance Company 18 Pramerica Life Insurance Company 19 Reliance Nippon Life Insurance Company 20 Sahara India Life Insurance 21 SBI Life Insurance Company 22 Shriram Life Insurance Company 23 Tata AIA Life Insurance Company 17
NON-LIFE INSURANCE COMPANIES S. No. Life Insurance Companies in India 1 Acko General Insurance Limited 2 Bajaj Allianz General Insurance Company 3 Bharati AXA General Insurance Company Limited 4 Edelweiss General Insurance Company Limited 5 Navi General Insurance Company Limited 6 Cholamandalam MS General Insurance Company Limited 7 IFFCO Tokio General Insurance Company Limited 8 ICICI Lombard General Insurance Company Limited 9 Kotak Mahindra General Insurance Company Limited 10 Liberty General Insurance Limited 11 Magma HDI General Insurance Company Limited 12 National Insurance Company Limited 13 Raheja QBE General Insurance Company Limited 14 Reliance General Insurance Company Limited 15 Royal Sundaram General Insurance Company Limited 16 SBI General Insurance Company Limited 17 Shriram General Insurance Company Limited 18 Star Health and Allied Insurance Company Limited 19 Tata AIG General Insurance Company Limited 20 The New India Assurance Company Limited 21 The Oriental Insurance Company Limited 22 18
• Life Insurance Corporation of India (abbreviated as LIC) is an Indian state- owned insurance group and investment corporation owned by the Government of India. • The Life insurance Corporation of India was founded on September 1, 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India. • As of 2019, Life Insurance Corporation of India had total life fund of ₹28.3 trillion. The total value of sold policies in the year 2018-19 is ₹21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018–19. It has 290 million policy holders. Products •Life insurance •health insurance •investment management •banking •mutual fund Revenue ₹337,000 crore (US$47 billion) Operating income ₹32,241 crore (US$4.5 billion) Net income ₹29,956 crore (US$4.2 billion) (2019) Total assets ₹3,111,847 Owner Government of India (100%) Number of employees 111,979 (Mar 2019) 19
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• Aditya Birla Health Insurance Company Limited is a subsidiary of Aditya Birla Capital Limited. Aditya Birla Health Insurance Company was incorporated in 2015 in which Aditya Birla Capital Limited and MMI Strategic Investments hold 51% and 49% shares respectively. As of June 2020, Aditya Birla Capital limited manages an aggregate asset under management around INR 2,560 billion. 21
• Bajaj Allianz General Insurance Company Limited was incorporated in the year 2001 and is headquartered in Pune, Maharashtra, India. The company is a joint venture between Bajaj FinServ Limited and Allianz SE holding 76% and 26% shares respectively. The company has an authorized and paid up capital of INR 140 Crores. IT has registered 28.1% increase in its net profit and revenue growth of 15.6% over the last fiscal year. 22
• Star Health and Allied Insurance Company limited was formed as a joint venture of ICICI Ventures, Oman Insurance Company, Sequoia Capital, Alpha TC holdings and Tata Capital Growth Fund in the year 2006. The company has 9,900 network hospitals, 2.95+ lakhs agents and over 4.9 million claims settled since its inception. The company has been awarded ‘Best BFSI Brands 2019’ by Economic Times. 23
SBI General Insurance Company Limited is a collaboration of State Bank of India and Insurance Australia Group (IAG) which commenced its operations in 2010. It has SBI network of 22000+ branches in over 125 branches across India. The company has over 6.8 customers served till date. It has over 6000 network hospitals. 24
M A R K E T S H A R E P R I C E25
TOP 15 COMPANY’S RECENT CLAIM SETTLEMENT DATA 26
Sl. No. Company Name Claim Settlement Ratio (2017- 18) Claim Settlement Ratio (2018- 19) Premium (in INR) 1. Life Insurance Corporation of India 94.45% 97.79% 17,228 2. Max Life Insurance Company 95.26% 98.74% 10,148 3. HDFC Life Insurance Company 88.63% 99.04% 12,478 4. ICICI Prudential Life Insurance 92.03% 98.58% 12,502 5. Tata AIA Life Insurance Company 94.00% 99.07% 9,912 6. Bharti AXA Life Insurance Company 96.29% 97.28% 9,440 7. Bajaj Allianz Life Insurance Company 83.94% 95.01% 14,067 8. SBI Life Insurance Company 92.13% 95.03% 15,070 9. Reliance Nippon Life Insurance Company 86.11% 97.71% 11,012 10. AEGON Life Insurance Company 94.58% 96.45% 8,331 11. Aviva Life Insurance Company 92.25% 96.06% 9,007 12. Aditya Birla Sun Life Insurance Company 90.51% 97.15% 10,270 13. Kotak Life Insurance Company 88.88% 97.4% 9.558 14. PNB MetLife Insurance Company 82.40% 96.21% 10,146 15. Canara HSBC OBC Life Insurance Company 92.03% 94.04% 9,491 27
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29 Top 10 General Insurance Companies as per Claim SETTELMENT
AT A GLANCE.. • So, today we’re discussed about what is Insurance, its nature & scope, also we discussed about Primary & Secondary Functions of Insurance. Also as well as India's Main Leading Insurance corporates (Life Insurance Co. & Non-Life Insurance Co.). 30
BIBLIOGRAPHY • Policy Bazar.com • Wikipedia.com • goOgle.com • SlideShare.com • turtlemint.com • PolicyX.com 31
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ANY QUERY 33