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K.Ashwin Kumar Agent- General Insurance National Insurance Company Limited http://winsure.yolasite.com https://sites.google.com/site/winsure9/documents
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The pre-independence era in India saw discrimination between the lives of foreigners (English) and Indians with higher premiums being charged for the latter. In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer
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Important milestones in the Indian life insurance business 1912: The Indian Life Assurance Companies Act came into force for regulating the life insurance business. 1928: The Indian Insurance Companies Act was enacted for enabling the government to collect statistical information on both life and non-life insurance businesses. 1938: The earlier legislation consolidated the Insurance Act with the aim of safeguarding the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies were taken over by the central government and they got nationalized. LIC was formed by an Act of Parliament, viz. LIC Act, 1956. It started off with a capital of Rs. 5 crore and that too from the Government of India. The history of general insurance business in India can be traced back to Triton Insurance Company Ltd. (the first general insurance company) which was formed in the year 1850 in Kolkata by the British.
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1907: The Indian Mercantile Insurance Ltd. was set up which was the first company of its type to transact all general insurance business. 1957: General Insurance Council, an arm of the Insurance Association of India, framed a code of conduct for guaranteeing fair conduct and sound business patterns. 1968: The Insurance Act improved for regulating investments and set minimal solvency levels and the Tariff Advisory Committee was set up. 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India. It was with effect from 1st January 1973. 107 insurers integrated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC was incorporated as a company.
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Agriculture Insurance Amsure Insurance ANZ Insurance Bajaj Allianz General Insurance Cholamandalam General Insurance Employee State Insurance Export Credit Guarantee Corporation ICICI Lombard General Insurance IFFCO-Tokio General Insurance National Insurance Oriental Insurance Peerless Smart Financial Royal Sundaram Alliance TATA AIG General Insurance
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LIFE INSURERS Public Sector Life Insurance Corporation of India Private Sector
Websites
www.licindia.com
Allianz Bajaj Life Insurance Company Limited Birla Sun-Life Insurance Company Limited
HDFC Standard Life Insurance Co. Limited ICICI Prudential Life Insurance Co. Limited ING Vysya Life Insurance Company Limited Max New York Life Insurance Co. Limited MetLife Insurance Company Limited Om Kotak Mahindra Life Insurance Co. Ltd. SBI Life Insurance Company Limited TATA AIG Life Insurance Company Limited AMP Sanmar Assurance Company Limited Dabur CGU Life Insurance Co. Pvt. Limited
www.allianzbajaj.co.in www.birlasunlife.com
www.hdfcinsurance.com www.iciciprulife.com www.ingvysayalife.com www.maxnewyorklife.com www.metlife.com www.omkotakmahnidra.com www.sbilife.co.in www.tata-aig.com www.ampsanmar.com www.avivaindia.com 7
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GENERAL INSURERS Public Sector National Insurance Company Limited New India Assurance Company Limited Oriental Insurance Company Limited United India Insurance Company Limited Private Sector Bajaj Allianz General Insurance Co. Limited ICICI Lombard General Insurance Co. Ltd. IFFCO-Tokio General Insurance Co. Ltd. Reliance General Insurance Co. Limited Royal Sundaram Alliance Insurance Co. Ltd. TATA AIG General Insurance Co. Limited Cholamandalam General Insurance Co. Ltd. Export Credit Guarantee Corporation HDFC Chubb General Insurance Co. Ltd. REINSURER General Insurance Corporation of India www.gicindia.com http://winsure.yolasite.com 8 www.bajajallianz.co.in www.icicilombard.com www.itgi.co.in www.ril.com www.royalsun.com www.tata-aig.com www.cholainsurance.com www.ecgcindia.com www.nationalinsuranceindia.com www.niacl.com www.orientalinsurance.nic.in www.uiic.co.in
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Covering larger risks with small capital Insurance assuages the businessmen from security investments. This is done by paying small amount of premium against larger risks and dubiety. Helps in the development of larger industries Insurance provides an opportunity to develop to those larger industries which have more risks in their setting up.
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Risk Free trade Insurance boosts exports insurance, making foreign trade risk free with the help of different types of policies under marine insurance cover.
Insurance provides indemnity, or reimbursement, in the event of an unanticipated loss or disaster. There are different types of insurance policies under the sun cover almost anything that one might think of. There are loads of companies who are providing such customized insurance policies.
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The Life Insurance Corporation (LIC) posted a 50 per cent growth in new premium collection in the first nine months of the 2010 fiscal, increasing its market share to 65 per cent from 56 per cent a year ago.
LICs new premium collection touched US$ 9.58 billion in the AprilDecember 2009 period while the combined business of the 22 private insurers grew to US$ 5.07 billion from the previous year, as per data collated by the Insurance Regulatory and Development Authority (IRDA).
Overall the industry grew at 29 per cent in the April-December period of the fiscal year 2010.
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Total non-life insurance premium is expected to increase at a compound annual growth rate (CAGR) of 25 per cent for the period spanning from 2008-09 to 2010-11
The home insurance segment is set to achieve a 100 per cent growth as financial institutions have made home insurance obligatory for housing loan approvals In the next three years, health insurance is poised to become the second largest business for non-life insurers after motor insurance
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The Insurance Policy India is regulated by certain acts like the Insurance Act(1938), the Life Insurance Corporation Act(1956), General Insurance Business (Nationalization) Act(1972), Insurance Regulatory and Development Authority (IRDA) Act(1999).
The insurance policy determines the covers against risks, sometime opens investment options with insurance companies setting high returns and also informs about the tax benefits like the LIC in India. There are two types of insurance covers:
Life insurance this sector deals with the risks and the accidents affecting the life of the customer. Alongside, this insurance policy also offers tax planning and investment returns. There are various types of life Insurance Policy India:
a. Endowment Policy b. Whole Life Policy c. Term Life Policy d. Money-back Policy e. Joint Life Policy f. Group Insurance Policy g. Loan Cover Term Assurance Policy h. Pension Plan or Annuities i. Unit Linked Insurance Plan General Insurance this sector covers almost everything related to property, vehicle, cash, household goods, health and also one's liability towards others. The major segments covered under general Insurance Policy India are: a. Home Insurance b. Health Insurance c. Motor Insurance d. Travel Insurance
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Insurance Job Profiles in India The Indian insurance industry churns out large volume of jobs every year. This industry is so vast that you would find attractive opportunities in the fields of general insurance, health insurance, finance insurance, travel insurance, online insurance and not to forget the life insurance. However, some of the specific areas of expertise in this industry include:
Agent and Broker: Insurance agents/ brokers are the people who give product advice to the clients in order to sell company's product. Customer Service Agent: the person in-charge of this post needs to interact with the customer on daily basis in the agency to update policy as well as coverage details. Claims Adjuster: the office holder needs to ascertain the range of damage in case of accidents and see if the insurance policy can cover it. He/ she make way for settlement between the insurance company and its customers. Actuary: this is one of the very crucial insurance jobs. The person in-charge of this office needs to analyze the risks involved in creating the insurance policies in the areas of business, property or life & death of the person. To find a job in this area, the aspirant needs to be Mathematics, Econometrics, Statistics or Computer Science graduate. MBAs in finance can also apply for the post. Risk Manager: the person needs to spot the risk and suggest the ways to tackle such risks. Service Representatives: this profile demands an individual to act as a medium between the insurance companies and agents.
Loss Control Specialist: the office holder needs to look into safety measures so that accidents at the workplace which can lead to financial losses can be avoided.
Underwriter: the office holder needs to determine the applicant's chances of risks and whether the policy chosen by him/ her meets the insurance standard. http://winsure.yolasite.com 26
Indian Insurance Industry - Challenges New Comer poses threat - With more companies coming up everyday with the growing demand of the industry the markets very competitive. Until and unless the existing companies makes a mark and create their very own brand name it would be quite tough to sustain their position in the market. There is also a probability of big companies taking over the new emerging companies.
Supplier Power: The people providing the capital don't act as big terror as opportunity always lies in the big hands and they can any day tempt good insurer from small companies to their own company.
Buyer Power: Individual never stands a chance in 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.
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