trends opportunities in insurance sector
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General Insurance in India
Trends and Opportunities
Authored by:
10FN-055 KUMAR RAKESH krrakesh.india@gmail.com
10IT-017 MIHIR KATYAYAN mihirkatyayan@gmail.com
10HR-049 PARAG DE parag.nitt@gmail.com
10DM-083 MANISH MOHANTY mohanty.manish@gmail.com
10IB-041 MURALI PODILE xlnc.kris@gmail.com
10FN-056 M SIDDHARTHA siddharth.mullapudi@gmail.com
INSTITUTE OF MANAGEMENT TECHNOLOGY, GHAZIABAD
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Table of Contents
Executive Summary: ........................................................................... 3Introduction: ........................................................................................ 4Literature review: ............................................................................... 8Research Gaps: .................................................................................. 10Objectives:.......................................................................................... 10Hypothesis: ......................................................................................... 10Methodology: ..................................................................................... 11Data Analysis: .................................................................................... 11Conclusion: ........................................................................................ 19Bibliography ...................................................................................... 20
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Executive Summary:
In the year 1999, Government of India deregulated the insurance sector. The opening of the
sector to the private players has paved way for stiff competition resulting in launch of quality
products. This stiff competition has also resulted in negative impact on profitability of
insurance providers. According to Dr. Mark J. Perry, the insurance industry ranks 86 in profit
margin. This existing disparity of huge opportunities of growth but low profitability may
prove to be a big hindrance in the expansion of insurance schemes in India.
To address the issue of profitability in the Indias Insurance sector, we , through our research,
intend to understand possible ways to increase the profitability of the sector. We propose two
ways for the purpose.
First we looked into the premiums earned and the claims being incurred by the insurance
providers and examined their correlation. Since the general insurance is divided broadly in
Health, Motor, Fire and Marine, we examine these separate sectors independently with the
same objective and methodology. We propose that an insurance provider by increasing the
claims it is incurring will actually increase the premium it earns, opposed to the general
perception that reducing the claims incurred by the insurance provider would increase the
profitability. Hence better processing of the claim will result in more premium and hence
revenue generation for the insurance provider.
Secondly we concentrated on the management expense ratio of the insurance provider and
explored the possibility of existence of a relation between the management expense ratio and
the market share of the firm. The Proposal is that a reduction in management expense ratio
would increase the market share of an insurance provider resulting in increase in its
profitability.
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Introduction:
Insurance is a tool where insurer (insurance company) takes a premium for hedging the
insured (policy-holder) against some kind of contingent risk and hence when such a risk
arises the policy-holders claim gets settled. For an example a motor insurance is taken to
safeguard policy-holders vehicle against damages like theft, fire etc.
Indian General insurance industry is dominated by players which can be broadly classified
into Government players and private insurance players. List of general insurance companies
registered in India:
Table 2.1
GENERAL INSURANCE COMPANIES IN INDIA
Sl.
No
Insurers Foreign Partners Regn.
No.
Date of
Registration
Year of
Operation
1. Royal Sundaram AllianceInsurance
Royal Sun Alliance,UK
102 23.10.2000 2000-01
2. Reliance GeneralInsurance Co.
--- 103 23.10.2000 2000-01
3. IFFCO-TOKIO GeneralInsurance Co.
TOKIO Marine Asia
Pte. Ltd, Japan
106 04.12.2000 2000-01
4. TATA AIG GeneralInsurance Co. Ltd.
AmericanInternational Group,Inc. (AIG). USA
108 22.01.2001 2000-01
5. Bajaj Allianz GeneralInsurance Co.
Allianz, Germany 113 02.05.2001 2001-02
6. Cholamandalam MSGeneral Insurance Co.
Mitsui Sumitomo,Japan
123 15.07.2002 2002-03
7. ICICI Lombard GeneralInsurance Co.
Fairfax through itsaffiliates, Canada
115 03.08.2001 2001-02
8. HDFC ERGO GeneralInsurance Co. (EarlierHDFC General InsuranceCo. from 27.9.2000 to5.4.2008)
ERGO, Germany 125 27.09.2000 2002-03
9. Star Health & AlliedInsurance Company
Limited
Individual Promoters,UAE
129 16.03.2006 2006-07
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Table 2.1
GENERAL INSURANCE COMPANIES IN INDIA
Sl.
No
Insurers Foreign Partners Regn.
No.
Date of
Registration
Year of
Operation
10. Apollo DKV InsuranceCompany Ltd.
DKV, Germany 131 03.08.2007 2007-08
11. Future Generali IndiaAssurance Company Ltd.
ParticipatieMaatschapijGraafsschap HollandNV, Netherlands(Generali)
132 04.09.2007 2007-08
12. Universal Sompo GeneralInsurance Company Ltd.
Sompo, Japan 134 16.11.2007 2007-08
13. Shriram GeneralInsurance Company Ltd.
Sanlam, South Africa 137 08.05.2008 2008-09
14. Bharti AXA GeneralInsurance Company Ltd.
AXA Holdings,France
139 27.06.2008 2008-09
15. Raheja QBE GeneralInsurance Company Ltd.
QBE, Australia 141 11.12.2008 2008-09
16. New India Assurance Co.Ltd.
---
17. National Insurance Co.Ltd.
---
18. The Oriental InsuranceCo. Ltd.
---
19. United India InsuranceCo. Ltd. ---20. Export Credit Guarantee
Corporation Ltd.---
21. Agriculture InsuranceCo. of India Ltd.
---
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Indian general insurance industry has multiple product offerings in multiple Line of business.
The LOBs are: Motor Insurance, Fire Insurance, Credit insurance, Aviation Insurance, Health
insurance, Rural Insurance etc.
Just 5 percent of the more than $20 billion of damage from the quake of 2005 in Sichuan
province was covered by insurance, according to estimates from the China InsuranceRegulatory Commission. By contrast, about half of the $120 billion of estimated costs fromHurricane Katrina, the most expensive storm in U.S. history, was insured by companies or thefederal government, according to data compiled by analysts at Property Claim Services. Thisshows the vulnerability of the under penetrated countries like India and China, as well as theneed and potential for growth of Insurance sector in such countries.
The Fig 2.1 & Fig 2.2 below shows the comparison of insurance density and insurancepenetration in comparison to World and China
Fig 2.1 Insurance density - measured as ratio of premium (in US Dollar) to total population
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
2001 2002 2003 2004 2005 2006 2007 2008
India
India Non-Life
PR China
PR China Non-Life
World
World Non-Life
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Fig 2.2 Insurance penetration - measured as ratio of premium (in US Dollars) to GDP (in USDollars)
With the Indian economy is forecasted to grow at 7.5% in 2010 and given rising income
levels and higher risk awareness among insured, the countrys insurers are optimistic about
demand for their products. However, intense competition from new entrants, deregulation and
a moderation in returns from the equities market will pressure pricing and ultimately short-
term profitability.
Hence there is a need for stream-lining the process of insurance business and predicting the
profit maximization by statistical analysis.
0
1
2
3
4
5
6
7
8
9
2001 2002 2003 2004 2005 2006 2007 2008
India
India Non-Life
PR China
PR China Non-Life
World
World Non-Life
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Literature review:
Motor insurance Industry of India:
Auto Insurance in India deals with the insurance covers for the loss or damage caused to theautomobile or its parts due to natural and man-made calamities. It provides accident cover for
individual owners of the vehicle while driving and also for passengers and third party legal
liability. There are certain general insurance companies who also offer online insurance
service for the vehicle.
Auto Insurance in India is a compulsory requirement for all new vehicles used whether for
commercial or personal use. The insurance companies have tie-ups with leading automobile
manufacturers. They offer their customers instant auto quotes. Auto premium is determined
by a number of factors and the amount of premium increases with the rise in the price of the
vehicle. The claims of the Auto Insurance in India can be accidental, theft claims or thirdparty claims. Certain documents are required for claiming Auto Insurance in India , like duly
signed claim form, RC copy of the vehicle, Driving license copy, FIR copy, Original estimate
and policy copy.
The auto insurance generally includes:
Loss or damage by accident, fire, lightning, self ignition, external explosion, burglary,housebreaking or theft, malicious act.
Liability for third party injury/death, third party property and liability to paid driver On payment of appropriate additional premium, loss/damage to electrical/electronic
accessories
The auto insurance does not include:
Consequential loss, depreciation, mechanical and electrical breakdown, failure orbreakage
When vehicle is used outside the geographical area War or nuclear perils and drunken drivingSome of the leading Insurance Companies offering Auto Insurance in India are:
Bajaj Allianz - Bajaj Allianz's Motor Insurance ICICI Lombard - Motor Plans, Two Wheeler Package Policy United India Insurance Co. - Motor Package and Liability Only Policies The New India Assurance Co. - Motor Policy
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Fire Insurance Industry of India:
Fire insurance is a part of property insurance which includes specialized forms of insurance
such as flood insurance, earthquake insurance and home insurance. Property is insured in two
main ways - open perils and named perils. Open perils cover all the causes of loss not
specifically excluded in the policy. Common exclusions on open peril policies include
damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war.
Named perils require the actual cause of loss to be listed in the policy for insurance to be
provided. The more common named perils include such damage-causing events as fire,
lightning, explosion and theft.
In India Fire insurance policy is governed by All India Fire Tariff. It lays down the rules of
coverage premium rates and conditions of fire policy. This is being renamed to Standard Fire
and Special Perils Policy. The fire insurance policy governs the risk of dwellings, offices,
shops, hospitals (Located outside the compounds of industrial/manufacturing risks) Industrial
/ Manufacturing Risks Utilities located outside industrial/manufacturing risks Machinery and
Accessories Storage Risks outside the compound of industrial risks Tank farms / Gas holders
located outside the compound of industrial risks.
Health Insurance Industry of India:
Insurance is undoubtedly such a mechanism by way of which, risks or outcomes or losses
from uncertain events (such as ill health, disability) is shared between people who are not
related to each other but yet have a share in the loss of the community at large. Thus, theprimary function of health insuranceis the reduction of such uncertainty that is, uncertaintyregarding the incidence of illness and secondly the uncertainty regarding the adequacy of the
health insurance cover also. The need for health insurance is also increasing now -adays, as
with the growth of mechanized life styles, individuals and families are getting exposed to
health and life hazards. Health insurance rightly provides timely and affordable financial
assistance for medical expenditure. But unfortunately not all those who need are able to take
this insurance cover for various reasons, such as high premiums, applicability of too many
conditions and a host of exclusions. Moreover, for the government, the burden of
provisioning and financing of health care is also constrained by factors that include,incessantly growing population, hostile economic environment, increasing cost of care, and
narrowing tax bases. In such a situation, the burden on the individuals to finance for their
health care also increases. At present the share of health insurance in the health financing, in
India, accounts for a mere 1.2 per cent of the total expenditure on health (Rao, Sujatha).
Other health care financing schemes operating in India include the Employees State
Insurance Scheme and Central Government Health Scheme, which generally cover the people
working in the organized sectors. The rural poor and those working in the unorganized
sectors thus have limited access to the underfunded and under staffed Public hospitals where
in the quality of care is low with no proper facilities, equipments and drugs. As a result they
are forced to seek care from expensive private hospitals thus resulting in high out-of-pocket
http://en.wikipedia.org/wiki/Flood_insurancehttp://en.wikipedia.org/wiki/Earthquake_insurancehttp://en.wikipedia.org/wiki/Home_insurancehttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Home_insurancehttp://en.wikipedia.org/wiki/Earthquake_insurancehttp://en.wikipedia.org/wiki/Flood_insurance -
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spending. Properly designed health insurance plans at such times, can rightly provide timely
financial assistance and mitigate these out-of-pocket spending. In fact, a well-defined health
insurance plan can also become an income protection plan for the poor.
Research Gaps:
In this project we have studied on the profitability factors of insurance firms in India. We
found out that to increase the profit margin insurance companies are focusing on improving
their managerial efficiency, advertising of new policies etc. In our project we concentrated
our study on how claims incurred also has a relationship with the profits of the insurance
firms and thus we established a correlation of the same and market demand is constant.
Objectives:
To identify opportunities of increasing the profit margin of insurance companies. This isachieved by concentrating on two aspects:
Find correlation and dependence between claims incurred and premium earnedby an insurance company.
Finding correlation and dependence between management expense ratio andmarket share of the insurance company.
Hypothesis:
Null hypothesis: There is no relation between claims incurred and premium earned.
General perception in the industry is that by decreasing claims incurred amount, the total
profit will increase. Also, a change in the operational and management expense costs will
not affect the profitability. For both these cases, we will do a regression analysis. Thus,
in statistical terms, the corresponding value of slope parameter, b, will be equal to 0, i.e.
b=0.
Alternate Hypothesis: There is dependency between claims incurred and net premium of
the insurance companies. Increase in claims incurred will result in an increase inpremium earned which will increase the profit margins in the long run. Also, a change in
the operational and management expense costs will affect the profitability margins. In
statistical terms, the corresponding slope parameter, b, will not be equal to zero, i.e. b0.
We will do data analysis for various insurance sectors to arrive at a conclusion for this
hypothesis.
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Methodology:
Steps involved for arriving at a conclusion for the above mentioned Hypothesis:
1. Data figures, including claim ratio, management expense ratio, claims incurred andnet premium earned, are obtained for various different Insurance companies, like
public firms including New India Insurance, Oriental Insurance, National Insurance
and United Insurance as well as private firms including Royal Sundaram, Bajaj
Allianz, Tata AIG, IFFCO-TOKIO, ICICI Lombard, Reliance, Cholamandalam and
HDFC. The data figures are obtained over a period of minimum of 3 years.
2. Descriptive analysis of the claim incurred and the net premium is calculated to checkthe quality of our sample.
3. Simple regression analysis is done, using SPSS and Microsoft Excel, taking intoconsideration claims incurred and net earned premium for 10 companies for the year
2008-09. Similarly, simple regression is done on the management expense ratio
values for 2 different companies.
4. Finally, using the regression results, we arrive at a conclusion and present theimplications based on researchers perspective.
Data Analysis:
Data regression analysis, taking net premium as the dependent variable and the claims incurred
as the independent variable, is carried on for 4 different sectors: Motor Insurance, Fire
Insurance, Health Insurance and Marine Insurance. Sector wise grouped results are detailed
below:
Motor Insurance Analysis:
Result of simple regression:
Dependent variable Net premium earned
Independent variable Claims incurred
a (intercept) 25091.59
b( slope) 0.86
Coefficient of determination 0.9403
P value 3.56036E-06
Estimated premium earned values for each 10 companies are arrived at for the year 2008-09.
These values are compared with the actual premium earned value for the year 2008-09 using
the following graphical display:
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In the above graph, blue dots depict the actual net premium earned for the year 2008-09 while
red line being the regression line. This shows that actual earned premium value also follow
the trend shown by the regression line.
Thus, using the above tabular result and graphical representation, researchers can analyse and
list down the following points:
The coefficient of determination is 0.9402. Hence, 94.02 percent of variation in netpremium due to claims incurred is explained by the model. Also, we can say thatexplanatory power of the model is 94.02%.
The intercept value obtained is 25091.59, which is the autonomous value. The slope parameter obtained is 0.86. Thus, 1 unit of change in claims incurred results
in 0.86 units change in net premium earned. With 95% confidence interval, the slope
interval value ranges from 0.68 to 1.04.
The p value obtained is 3.56*10^-6 which is very less than 0.05 hence we can rejectour null hypothesis with 95% confidence. Thus claims incurred have a statistical
significance on net premium.
Fire Insurance Analysis:
Result of simple regression:
0
50000
100000
150000
200000
250000
0 50000 100000 150000 200000 250000
Regression Line
2008-09
Claims Incurred (Rs. Lakhs)
PremiumE
arned(Rs.
Lakhs)
Dependent variable Net premium earned
Independent variable Claims incurred
a (intercept) -1850.42
b( slope) 1.428
Coefficient of determination 0.9335
P value 5.40E-06
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Estimated premium earned values for each 10 companies are arrived at for the year 2008-09.
These values are compared with the actual premium earned value for the year 2008-09 using
the following graphical display:
In the above graph, blue dots depict the actual net premium earned for the year 2008-09 while
red line being the regression line. This shows that actual earned premium value also follow
the trend shown by the regression line.
Thus, using the above tabular result and graphical representation, researchers can analyse and
list down the following points:
The coefficient of determination is 0.9335. Hence, 93.35 percent of variation in netpremium due to claims incurred is explained by the model. Also, we can say that
explanatory power of the model is 93.35%.
The intercept value obtained is -1850.42, which is the autonomous value. The slope parameter obtained is 1.428. Thus, 1 unit of change in claims incurred
results in 1.428 units change in net premium earned. With 95% confidence interval,the slope interval value ranges from 1.117 to 1.74.
The p value obtained is 5.4*10^-6 which is very less than 0.05 hence we can rejectour null hypothesis with 95% confidence. Thus claims incurred have a statistical
significance on net premium.
-20000
0
20000
40000
60000
80000
100000
120000
0 20000 40000 60000 80000
Premiu
mE
arned(Rs.Lakh)
Claims Incurred (Rs. Lakh)
Fire Insurance Scatter Plot & Regression Line
Regression Line
2008-09
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Health Insurance Analysis
Result of simple regression:
Dependent variable Net premium earned
Independent variable Claims incurreda (intercept) 4085
b( slope) 0.85
Coefficient of determination 0.9607
P value 1.243E-06
Estimated premium earned values for each 10 companies are arrived at for the year 2008-09.
These values are compared with the actual premium earned value for the year 2008-09 using
the following graphical display:
In the above graph, blue dots depict the actual net premium earned for the year 2008-09 while
red line being the regression line. This shows that actual earned premium value also follow
the trend shown by the regression line.
Thus, using the above tabular result and graphical representation, researchers can analyse and
list down the following points:
The coefficient of determination is 0.9607. Hence, 96.07 percent of variation in netpremium due to claims incurred is explained by the model. Also, we can say that
explanatory power of the model is 96.07%.
The intercept value obtained is 4085, which is the autonomous value.
0
20000
40000
60000
80000
100000
120000
140000
0 20000 40000 60000 80000 100000 120000 140000
Regression Line
Scatter Diagram
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The slope parameter obtained is 0.85. Thus, 1 unit of change in claims incurred resultsin 0.85 units change in net premium earned. With 95% confidence interval, the slope
interval value ranges from 0.72 to .98
The p value obtained is 1.243*10^-6 which is very less than 0.05 hence we can rejectour null hypothesis with 95% confidence. Thus claims incurred have a statisticalsignificance on net premium.
Marine Insurance Analysis
Result of simple regression:
Dependent variable Net premium
Independent variable claims incurred
a (intercept)377.237
b( slope) 0.928Coefficient of determination 0.9342
P value5.24128E-06
Estimated premium earned values for each 10 companies are arrived at for the year 2008-09.
These values are compared with the actual premium earned value for the year 2008-09 using
the following graphical display:
In the above graph, blue dots depict the actual net premium earned for the year 2008-09 while
red line being the regression line. This shows that actual earned premium value also follow
the trend shown by the regression line.
0
5000
10000
15000
20000
25000
30000
0 5000 10000 15000 20000 25000 30000
Regression Line
2008-09
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Thus, using the above tabular result and graphical representation, researchers can analyse and
list down the following points:
The coefficient of determination is 0.9342. Hence, 93.42 percent of variation in netpremium due to claims incurred is explained by the model. Also, we can say that
explanatory power of the model is 93.42%.
The intercept value obtained is 377.237, which is the autonomous value. The slope parameter obtained is 0.928. Thus, 1 unit of change in claims incurred
results in 0.928 units change in net premium earned. With 95% confidence interval,
the slope interval value ranges from 0.7276 to 1.129.
The p value obtained is 5.24*10^-6 which is very less than 0.05 hence we can rejectour null hypothesis with 95% confidence. Thus claims incurred have a statistical
significance on net premium.
Managerial and Operational Expense Ratio Analysis
Regression analysis is done for a private and a public insurance firm independently.
Data for a private firm IFFCO-TOKYO is as follows:
Year Market Share Expense Ratio
2002-03 1.43 22.48
2003-04 1.95 19.7
2004-05 2.69 19.36
2005-06 4.18 172006-07 4.41 17.76
Graphical representation for the above mentioned data is as follows:
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Simple regression results:
MarketShare(%) = 14.029 - .576*Expratio +
(2.728) (.141)
(5.142) (-4.087)
(.014) (.026)
Thus, using the above tabular result and graphical representation, researchers can analyse and
list down the following points:
Co-efficient of Determination is 0.847726 which means 84.7% of the variation inthe Market share(%) can be explained by the variation in the Exp. Ratio.
Durbin-Watson statistic comes to be 1.804 which states the absence of any co-relation.
Data for a public firm, New India Insurance Limited, is as follows:
Year Market Share Expense Ratio
2002-03 32.37 18.6
2003-04 29.75 27.23
2004-05 27.65 23.3
2005-06 26.6 23
2006-07 22.9 19.41
0
5
10
15
20
25
2002-03 2003-04 2004-05 2005-06 2006-07
Market Share (in %)
Admin Expense ratio
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Graphical representation for the above mentioned data is as follows:
Result of Regression:
Dependent variable Market Share(%)
Independent variable
Admin
Expenses(Ratio)
a (intercept)25.115
b( slope) 0.122
Coefficient of determination 0.013
P value.847
In this case the significance of Anova comes to be 0.848 which makes this relation
insignificant .Hence we do not reject the null hypothesis and we make the implication that in
case of government insurance industry we can not predict the relation between market share
and management expense ratio .
0
5
10
15
20
25
30
35
2002-03 2003-04 2004-05 2005-06 2006-07
Market Share(In %)
Admin Ratio
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Conclusion:
Models selected in various sectors of insurance are significant with respect to 0.05
significance level. Hence, these models can be used to arrive at final conclusions regarding
the motor insurance claims ratio results:
Increase in claims incurred results in increase in customers for the company which inturn results in increase in net earned premium for the company. This shows a positive
change for net premium based on claims incurred. Thus, we can say that Claims
incurred by a company play a role in deciding the net premium earned by the
company.
From the descriptive analysis of the public and private insurance firms it is seen thatthe range of claims incurred in public firms are much higher than that of the private
firms. This can happen as the public insurance companies have a wide range of
operation and they also serve many non-profit insurance policies while the private
firms focuses on profits.
Also, the following conclusions can be listed using the management and operational expense
ratio analysis:
Decreasing the management expense ratio for private companies the share percentageincreases.
o Private players start with large investments in technology, which helps them tobuild robust data management systems .These characteristics enables them
with quick and effective decision-making and pricing, eventually helping them
increase the market share. But in case of government insurance companies the same doesnt stand true.
o Government players have only recently started upgrading their systems andhave to grapple with transition issues which in turn show in the increase
expenses. They are encumbered by legacy systems and fragmented systems
and hence have not fully utilized the effect.
Thus, we can finally interpret that increasing the claims incurred by a company and
starting to use new technology with a reduction in operational and managementexpenses will have a positive effect on the profitability of the company.
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Bibliography
[1] Commission on macroeconomics, WHO - Health insurance in India
[2] Health Insurance Claims in India: A Sample Study, V. Jayalakshmi (International Institute
for Insurance and Finance, Hyderabad)
[3] Health Insurance in India Opportunities, Challenges and Concerns, Dileep Mavalankar
Ramesh Bhat (IIM Ahmedabad)
[4] International Institute for Insurance and Finance, Hyderabad, Swiss Re
[5] IRDA,www.irda.gov.in, last accessed on 13 August 2010
[6] All India Fire Terrif,www.tac.org.in, last accessed on 16 August 2010
[7] Indian management Studies Journal 13(2009) 31-44: Emerging trends in Financial
Performance of General Insurance industry in India.
[8] Moodys ICRA Global Insurance: Indian General Insurance Industry Outlook.
http://www.irda.gov.in/http://www.irda.gov.in/http://www.irda.gov.in/http://www.tac.org.in/http://www.tac.org.in/http://www.tac.org.in/http://www.tac.org.in/http://www.irda.gov.in/
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