Insurance Sector

 Essay about Insurance Sector

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2В В

Contents: -В

* Insurance coverage

* General insurance

5. Insurance market scenario

2. Emerging tendencies in insurance

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* What Is Insurance

Insurance is involved with safety of financial value of assets. Tangible assets are human beings, residence, furniture, motor cycle etc . Intangible assets happen to be liabilities В В В В В

4В В

Good InsuranceВ

5. It started from Lloyd's coffee house London

5. First coverage issued in the uk in 1583

* In India initially policy issued in 1870

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Good InsuranceВ

2. LIC of India formed in 1956 afterВ В

nationalization of a life insurance policy

Business of 245 non-public insuranceВ


* General insurance business of 107В В

insurance companies wasВ В

nationalized in 1972 & 4 public sector General Insurance agencies were formedВ 6В В

Classes ofВ В


A. Life insurance

B. General insurance

General insurance is furtherВ В В

classified: -

1 . Fireplace insurance

installment payments on your Marine insurance

3. Assorted insuranceВ

7В В

Miscellaneous Insurance coverages: -В

1 ) Motor insurance

2 . Mediclaim insurance

three or more. Householders insurance

4. Shopkeepers insurance

your five. Engineering insurances

etc .

Primary Principles of Insurance

1 . Insurable interest- Means economic interestВ

installment payments on your Utmost very good faith- Greater duties of faithВ

in proposer & insurer В

3. Indemnity- Actual compensation of loss. В

not really applicable in every area of your life policiesВ В

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Important Principles ofВ В В В


4. Subrogation-Transfer of privileges of covered to insurance provider. Not appropriate in life plans. В 5. Contribution-Sharing of damage by all insurers. Certainly not applicable in life policies. В 10В В

Industry Scenario ahead of Irda ActВ В В В


Life insurance organization

1 . LIC of India

General insurance agencies

1 . Nationwide insurance company limited

2 . Fresh India assurance company limited

3. Oriental insurance company ltd

4. United India insurance provider ltd

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Market Situation after Irda Act 1999В

Stage of


Privatization &

The positive effect

(Competition among public sector & private sector)В 12В В

Life Insurance CompaniesВ

1 . Bajaj Allianz Insurance coverage Company LtdВ

2 . Birla Sun A life insurance policy Company LtdВ

3. HDFC Standard Life Insurance Company LtdВ

4. ICICI Prudential A life insurance policy Company LtdВ

5. ENT Vysya A life insurance policy Company LtdВ

6. Maximum New York Life Insurance Company LtdВ

13В В

Life Insurance CompaniesВ

six. Met Existence India Insurance carrier Ltd

almost eight. Kotak Mahindra Old Shared Life InsuranceВ Company Limited

9. SBI Life Insurance Organization LtdВ

15. Tata AIG Life Insurance Organization LtdВ

11. Reliance Life insurance coverage Company LtdВ

14В В

A life insurance policy CompaniesВ

doze. Aviva Insurance coverage Company LtdВ

13. Sahara India Existence InsuranceВ В

Organization Ltd

14. Shriram Insurance coverage Company


15. Bharti Axa Life insurance coverage Company


16. Life insurance coverage Corporation Of


15В В

Life Insurance CompaniesВ

17. Future Generali India Life InsuranceВ В

Company Limited. В В

18. IDBI Fortis Life Insurance CompanyВ В


nineteen. Canara HSBC Oriental Financial institution of

Commerce Life Insurance Company Ltd. В

16В В

A life insurance policy CompaniesВ

twenty. Aegon Religare Life InsuranceВ В

Company Limited.

21. DLF Pramerica A life insurance policy Co. Ltd.

22. Star Union Dai-ichi Life Insurance Co. В В В В


23. India First Insurance coverage Company Ltd.

24. Edelweiss Tokio Insurance coverage Co. Limited

17В В

General Insurance CompaniesВ

1 . Bajaj Allianz Standard Insurance Company Limited

2 . Icici Lombard GeneralВ Insurance Company Ltd

3. Iffco Tokio Basic Insurance Company Ltd

4. Reliability General Insurance carrier Ltd

a few. Royal Sundaram Alliance Insurance carrier LtdВ...


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