history of general insurance
TRANSCRIPT
-
7/27/2019 History Of General Insurance
1/18
welcome
1
-
7/27/2019 History Of General Insurance
2/18
2
THOUGHTS OF THE DAY
-
7/27/2019 History Of General Insurance
3/18
Submitted To:-DR.S. A. SENTHIL KUMARAssociate professor & placementcoordinatorPondicherry University
Submitted By:-KamilRoll no. - 17MBA (IM) Ist YearPondicherry University
HISTORY OF GENERAL INSURANCE INDUSTRY
-
7/27/2019 History Of General Insurance
4/18
1. Introduction
2. The pioneers
3. General insurance
4. The evolution and growth of general insurance
5. Milestones in the general insurance industry in India
6. Development in 1970
7. General Insurance business
8. Name of General Insurance Companies
4HISTORY OF GENERAL INSURANCE INDUSTRY
-
7/27/2019 History Of General Insurance
5/18
Insurance is a device by means of which the
risks of two or more person or firms combined
through actual promised contribution to a fundout of which claimants are paid.
5HISTORY OF GENERAL INSURANCE INDUSTRY
-
7/27/2019 History Of General Insurance
6/18
General Insurance was however acomparatively late entrant in 1850 when
Triton Insurance companyset up its basein Kolkata.
6
-
7/27/2019 History Of General Insurance
7/18
Marine insurance was being practiced in India from the
beginning of 19th century
Offices were established in Kolkata which was the centre for
East India Company
Fire insurance followed in 1825 at Madras
Swadeshi movement also had its impact on Insurance and first
Indian Company was formed in 1907 Indian Mercantile
Insurance Company
Need to control insurance business was felt by the British
government which introduced the Insurance Act in 1938 and
Insurance Rules in 1939 7
-
7/27/2019 History Of General Insurance
8/18
Insurance has been known to exist in some form
or other since then 3000 BC. The Chinese
traders, would distribute their goods amongseveral vessel sailing over the river rapids. The
Great Fire of London in 1666, in which more than
13000 houses were lost, gave a boost to
insurance and the first Fire Insurance Company,called the Fire Office was started in 1680.
8
-
7/27/2019 History Of General Insurance
9/18
1907 - The Indian Mercantile Insurance Ltd. set up, the first
company to transact all classes of general insurance business.
1957 - General Insurance Council, a wing of the Insurance
Association of India, frames a code of conduct for ensuring fair
conduct and sound business practices.
1968 - The Insurance Act amended to regulate investments and set
minimum solvency margins and the Tariff Advisory Committee set
up.
9
-
7/27/2019 History Of General Insurance
10/18
1972 - The General Insurance Business
(Nationalization) Act, 1972 nationalised the general
insurance business in India with effect from 1st
January 1973.107 insurers amalgamated and grouped
into four companies viz. the National Insurance
Company Ltd., the New India Assurance Company Ltd.,
the Oriental Insurance Company Ltd. and the UnitedIndia Insurance Company Ltd. GIC incorporated as a
company.
10
-
7/27/2019 History Of General Insurance
11/18
Life Insurance business was nationalised in India in the year 1956
General Insurance business was being done by 106 companies
including LIC (GI)
On May 13th 1971 an ordinance was promulgated taking state
control of general insurance business with custodians in charge
In 1972 GI Nationalisation act was passed allowing the formation
of GIC as the holding company and with 4 subsidiaries each having
its Head Office at one metro
11
-
7/27/2019 History Of General Insurance
12/18
1st Jan 1973 GIC and 4 companies were formed taking
in them 106 companies and the 4 PSUs were taking care
of the general insurance business in the country till 2000
totally. GIC on its own was also writing aviation andcrop business besides becoming the National & Asian
Reinsurer
The objective of nationalisation was to spread insuranceto nook and corner of the country and to utilise
peoples money for the peoples good thus uplifting the
socio economic condition of the country
12
-
7/27/2019 History Of General Insurance
13/18
Year Business (in Crores)
1974 219.99
1975 253.75 1976 286.51
1990 2174.43
2000 10272 crores 2006 More than 20000 crores
2007 More than 24000 crores
13
-
7/27/2019 History Of General Insurance
14/18
Name of the company YearNew India Assurance Company Limited 23.07.1919
National Insurance Company Limited 05.12.1906
The Oriental Insurance Co. Ltd. 12.09.1947
United India Insurance Co. Ltd. 18.02.1938.
Agriculture Insurance Company of India Ltd. 20.12.2000
Export Credit Gurantee Corporation 30.07.1983
Name of General
Insurance Companies
Public sector
14
-
7/27/2019 History Of General Insurance
15/18
Name of the company Year
Bajaj Allianz General Insurance Co. Ltd. 02.05.2001
ICICI Lombard General Insurance Co. Ltd. 03.08.2001
IFFCO-Tokio General Insurance Co. Ltd. 04.12.2000
Reliance General Insurance Co. Ltd. 23.10.2000
Royal Sundaram Alliance Insurance Co. Ltd 23.10.2000
TATA AIG General Insurance Co. Ltd. 22.01.2001
Cholamandalam General Insurance Co. Ltd. 15.07.2002
HDFC ERGO General Insurance Co. Ltd. 27.08.2002
Star Health Allied Insurance Co. Ltd. 17.08.2006
Apollo DKV Insurance Co.Ltd03.08.2007
15
-
7/27/2019 History Of General Insurance
16/18
Shriram General Insurance Company Limited 08.05.2008
SBI General Insurance Company Limited 27.09.2010
Max Bupa Health Insurance Company Limited 11.08.1947
Future Generali India Insurance Co.Ltd. 04.09.2007
Universal Sompo General Insurance Co.Ltd. 16.11.2007
Bharti AXA General Insurance Co.Ltd 27.06.2008
Raheja QBE General Insurance Company Ltd 15.12.2008
L&T General Insurance Company Limited 02.03.2000
Religare Health Insurance Company Limited 15. 07. 2000
Magma HDI General Insurance Company Ltd 2012
Liberty Videocon General Insurance Company
Limited.
1912
16
-
7/27/2019 History Of General Insurance
17/18
REFERENCES:-
IRDA.GOV.IN
WWW.Insurance Institute of india.com
17
-
7/27/2019 History Of General Insurance
18/18
18