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Insurance Industry In India ...
Transcript of Insurance Industry In India ...
WHO IS AN INSURER?
WHO IS AN INSUREE?
The person or entity protected by or receiving insurance provided by the insurer
-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...
-It gives peace of mind
-A good retirement planning tool.
-It can be used for planning your children's future
-It protects against unplanned events
-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.
-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.
-Protection of interest of policy holders.
-Regulate investment of fund.
-Set up in 1993
-Chairman- R.N. Malhotra
-New India assurance
-United India Insurance
-Oriental Insurance Co. ltd
-Allianz Bajaj LIC Co.Ltd
-Birla Sun LIC ltd.
-HDFC Standard LIC
-ICICI Prudential LIC
-Export credit guarantee corporation
-Focus on financial inclusion
-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
-Whole Life Policy
-Money Back Policy
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%.