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Insurance Industry In India ...

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by

shahina lakhani

on 22 August 2013

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Transcript of Insurance Industry In India ...

It is a company selling the insurance
WHO IS AN INSURER?
WHO IS AN INSUREE?
The person or entity protected by or receiving insurance provided by the insurer
Presented By:

-Komal Chheda (05)
-Shahina Lakhani (24)
-Hiteshri Malvankar (25)
-Abhilasha Mehta (28)
-Shweta Mishra (29)
-Dhwani Vora (58)
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
A practice by which a company provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment...
HISTORY:
-It gives peace of mind
-A good retirement planning tool.
-It can be used for planning your children's future
-Investment tool
-It protects against unplanned events

WHY INSURANCE?
PARTICIPANTS
Regulatory
Authority

Underwriter

Agents
& Brokers

-Initially known as “Insurance Regulatory Authority”

-Set Up in 1966.

-Head quarters- Hyderabad, Delhi.

-It was constituted in April,2000 to regulate the business of insurance.


IRDA

-To protect the interest of policy holders.

-Speedy growth of Insurance Industry.

-To set, promote, monitor and enforce high standards of integrity.

-To ensure the customer satisfaction.

-To ensure speedy settlements of claims.

-To promote fairness transparency & orderly conduct in financial markets.

-Optimum amount of self regulation.

ROLE OF IRDA:

-Issue a certificate of registration , renew modify or cancel registrations.

-Specify code of conduct.

-Promote efficiency.

-Protection of interest of policy holders.

-Regulate investment of fund.


FUNCTIONS:
-Set up in 1993
-Chairman- R.N. Malhotra
-Recommendation
+Structure
+Competation
+Regulatory Body
+Investments
+Customer Service




MALHOTRA COMMITTEE

-National Insurance
Co.Ltd
-New India assurance
Co.Ltd
-United India Insurance
Co.Ltd
-Oriental Insurance Co. ltd
INSURANCE COMPANIES
PUBLIC COMPANIES
PRIVATE COMPANIES
LIC
GIC
LIC
GIC
-Life insurance
corporation of
prudential India

-Allianz Bajaj LIC Co.Ltd
-Birla Sun LIC ltd.
-HDFC Standard LIC
-ICICI Prudential LIC

-Bajaj Allianz
-ICICI
-Reliance Ltd.
-Export credit guarantee corporation
-Increase competition
-Growing awareness
-Government initiatives
-Distribution channels
-Focus on financial inclusion

GROWTH DRIVERS

-Opening up of insurance sector.
-Restructuring of GIC.
-FDI in Insurance.
-Insurance penetration & density.
-New entrants in insurance sector.
-Consumer grievance redressal cell.
-Growth of Life Insurance & Non Life Insurance

TRENDS

INSURANCE
LIFE INSURANCE
GENERAL INSURANCE
-Whole Life Policy

-Endowment policy

-Money Back Policy

-Term Policy

-Health

-Automobile

-Business

-Fire

FUTURE BEHOLDS:

-Current Position

-Popularity Required

-Facilities

-Potential Market
Zindagi ke saath bhi zindagi ke baad bhi...
Insurance Sector Opening- 1999.
Annual growth rate 15-20%.
Total value of Insurance Market – 450 billion
Contribution country’s GDP - 7%
Funds available for investment – 8% of GDP.
Till date- 20% population covered under various insurance schemes.
Foreign partner can hold 26% equity in insurance company
LIC in India grew up by 36%.
Current Scenario
Full transcript