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Suraj Prajapati 074 Sandeep Vishwakarma 118 Anand Yadav 119 Manmohan Yadav 120 Suraj Yadav 121
Europe.
In the United States of America, insurance sector
India with the establishment of the Oriental Life Insurance Company in Calcutta.
century.
It came to India as a legacy of British occupation Triton Insurance Company Ltd., in the year 1850 in Calcutta
by the Britishers.
In 1907, the Indian Mercantile Insurance Ltd. The first Indian
2012-2013
Indian life insurance sector slated to touch Rs.20 trillion
OVERVIEW (CONTD)
General insurance sector is also slated to touch Rs.18
SECTOR SEGMENTATION
Life Insuranc e
Insurance
Reinsur ance
General
Insurance
2308.39 4501.71
6810.11
16052.65 44571.55
60624.20
477.98 2338.28
2819.93 5158.21
4266.06 18829.02
25622.30 44451.32
IFFCO- Tokio
ICICILombard Bajaj Alliance
New India
National Oriental
GOVERNMENT INITIATIVES
The Government of India has re-affirmed its efforts to
push economic growth by increasing the FDI limit from 26 per cent to 49 per cent in insurance.
The six companies that have received IRDA approval
for setting up insurance repositories are NSDL, CDSL, Karvy, CAMS and STCI
IRDA has also been making efforts to boost
coming up everyday with the growing demand of the industry the markets very competitive.
Supplier Power: The people providing the capital
don't act as big terror as opportunity always lies in the big hands
front of big corporate sectors as they dominate the insurance industries with high potential of negotiation power
Presence of substitutes: The insurance industry is
full of replacement option and the large insurance companies offers the same service as of others be it in any sector of home, commercial, auto, health or life.
SWOT ANALYSIS
Strength
Huge untapped population of India. Product development & Innovation by insurance companies. Large middle class households and trust on banks. Cheaper mode of distribution channel.
Weakness
Low consumer awareness Inflexibility of products. Heavy premiums. Considered as an Investment not protection tool
Health plans. Introduction of new technology and speedy customer services. Help in expansion of banking sector with additional revenue from insurance business(Bancassurance).
Threats
Difficult to sell insurance products. Not suitable for complex products. Increased work pressure on bank employees.
CONCLUSION
Health Insurance in India ' has stated that India would have more than 630 million people covered under health insurance by 2015.
Foreign players would bring in the much needed
CONCLUSION (CONT.)
"All factors are in place for the Indian life insurance
industry to blossom into one of the fastest-growing financial services markets in the world," the report says
Rising incomes driven by economic growth are
boosting demand, and increasingly sophisticated consumers with different needs are driving some differential plays."
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