Insurance

COMPANY

What is Insurance # A promise of compensation for specific potential future losses in exchange for a periodic payment.

# Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss.

Division OF Insurance Sector

Insurance industry in india

Public sector

Life

Lic

Post office insurance

generalGic

and its four

subsidiaries

Private sector

Life (16Companies)

General(16

Companies)

Objectives To spread life insurance and provide life insurance protection to the masses at reasonable cost.To mobilize people’s savings through insurance-linked saving schemes.

To invest the founds to serve the best interests of both the policy-holders and the nation.TO conduct business with maximum economy ,remembering always that the money belongs to the policy-holders. To act as trustees of the policy-holders and protect their individual and collective interests.To innovate and adapt to meet the changing life insurance needs of the community.

To involve all the people working in the corporation to ensure efficient and courteous service to the insured public.

To promote amongst all agent and employees of the corporation a sense of pride and job satisfaction through dedicated service to achieve the corporate objective.

Objectives To spread life insurance and provide life insurance protection to the masses at reasonable cost.To mobilize people’s savings through insurance-linked saving schemes.

To invest the founds to serve the best interests of both the policy-holders and the nation.TO conduct business with maximum economy ,remembering always that the money belongs to the policy-holders. To act as trustees of the policy-holders and protect their individual and collective interests.To innovate and adapt to meet the changing life insurance needs of the community.

To promote amongst all agent and employees of the corporation a sense of pride and job satisfaction through dedicated service to achieve the corporate objective.

Vision :

It is vision to become “a trans-nationally competitive financial conglomerate of significance to societies and pride of india”.

Its mission is to”explore and enhance the quality of life of people through financial security by providing products ans service of assured attributes with competitive returns,and by rendering resources for economic development”

Mission:

Origin And Growth Of Insurance Sector:

# In fiscal 2000-01, the Indian federal government lifted all entry restrictions for private sector investors.

# Foreign investment insurance market was also allowed with 26 percent cap.

# GIC was converted into India's national reinsure From December,2000.

# All the subsidiaries working under the GIC umbrella were restructured as independent insurance companies.

Origin And Growth Of Insurance Sector:

# Till end of FY 1999-2000, two state-run insurance companies, namely, Life Insurance Corporation (LIC) and General Insurance Corporation (GIC) were the monopoly insurance providers in India.

#Under GIC there were four subsidiaries: –National Insurance Company Ltd. –Oriental Insurance Company Ltd. –New India Assurance Company Ltd. –United India Assurance Company Ltd

LIFE INSURANCE CORPORATIONORGANISATION

The Life Insurance Corporation of India (LIC) is undoubtedly India's largest life insurance company. Fully owned by government, LIC is also the largest investor of the country. LIC has an estimated asset of ` 8 Trillion. It also funds almost 24.6% of the expenses of Government of India.

Established in 1956 and headquartered in Mumbai, Life Insurance Corporation of India has 8 zonal offices, 100 divisional offices, 2,048 branch offices and a vast network of 10,02,149 agents spread across the country.

Life Insurance Companies In India1. Bajaj Allianz Life Insurance Company Limited 2. Birla Sun Life Insurance Co. Ltd 3. HDFC Standard Life Insurance Co. Ltd 4. ICICI Prudential Life Insurance Co. Ltd. 5. ING Vysya Life Insurance Company Ltd. 6. Life Insurance Corporation of India 7. Max New York Life Insurance Co. Ltd 8. Met Life India Insurance Company Ltd. 9. Kotak Mahindra Old Mutual Life Insurance Limited 10. SBI Life Insurance Co. Ltd 11. Tata AIG Life Insurance Company Limited 12. Reliance Life Insurance Company Limited. 13. Aviva Life Insurance Co. India Pvt. Ltd. 14. Sahara India Life Insurance Co, Ltd. 15. Shriram Life Insurance Co, Ltd. 16. Bharti AXA Life Insurance Company Ltd. 17. Future Generali Life Insurance Company Ltd. 18. IDBI Fortis Life Insurance Company Ltd. 19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd 20. AEGON Religare Life Insurance Company Limited. 21. DLF Pramerica Life Insurance Co. Ltd. 22. Star Union Dai-ichi Life Insurance Comp. Ltd.

General insurance (or)non-life insurance

General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and casualty insurance in the U.S. and Non-Life Insurance in Continental Europe.

Non-Life Insurance companies in India

# Bajaj Allianz General Insurance Co. Ltd.# ICICI Lombard General Insurance Co. Ltd.# IFFCO Tokyo General Insurance Co. Ltd.# National Insurance Co. Ltd.# New India Assurance Co. Ltd.# Oriental Insurance Co. Ltd.# Reliance General Insurance Co. Ltd.# Royal Sundaram Alliance Insurance Co. Ltd.# Tata AIG Life Insurance Co. Ltd.# United India Insurance Co. Ltd

Reinsurers: # General Insurance Corporation of India.

GIC there were four subsidiaries:

National Insurance Company Limited was incorporated in 1906 with its Registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalization Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the General Insurance Business (Nationalization) Amendment Act, on 7th August 2002, National has been de-linked from its holding company GIC and presently operating as a Government of India undertaking.

National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business. Headquartered in Kolkata, NIC's network of about 1000 offices, manned by more than 16,000 skilled personnel, is spread over the length and breadth of the country covering remote rural areas, townships and metropolitan cities. NIC's foreign operations are carried out from its branch offices in Nepal.

The paid-up share capital of National is Rs.100 crores.

National transacts general insurance business of Fire, Marine and Miscellaneous insurance. The Company offers protection against a wide range of risks to its customers. National Insurance is the second largest non life insurer in India having a large market presence in Northern and Eastern India.

The Oriental Insurance Company Ltd was incorporated at Bombay on 12 September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 (till the General Insurance Business was nationalized in the country). In 2003 all shares of the company held by the General Insurance Corporation of India were transferred to Central Government.

Oriental Insurance with its head Office at New Delhi, India has 23 Regional Offices and nearly 1000 operating Offices in various cities of the country. The Company has overseas operations in Nepal, Kuwait and Dubai. The Company has a total strength of around 16, 000 employees. From less than a lakh at inception, the Gross Premium went up to Rs.58 crores in 1973 and during 2006-07 the figure stood at a mammoth Rs. 4020 crores.

New India Assurance Company Ltd.

The New India Assurance Co. Ltd. was established by Sir Dorab Tata in 1919. The New India Assurance is the first fully Indian owned insurance company in India. New India is the largest non-life general insurance company the various Indian Insurance Companies. It has not restricted itself to insurance only but to other fronts right from insuring the first domestic airlines in 1946 to satellite insurance in 1990. Lately The New India Assurance Co. Ltd. has insured the INSAT-2E. With a wide range of policies New India is one of the leading insurers in the Afro-Asian region.

The New India Assurance Co. Ltd. is a leading global insurance group, with offices and branches throughout India and various countries abroad. In India the company has 1068 offices, comprising 26 Regional offices, 393 Divisional offices and 648 branches. The company has its presence felt in nearly 27 countries. The New India employed approximately 21000 employees specialist and technically qualified personnel at all levels of management. Government of India is the principal shareholder of the company.

The chairman and managing director of the company is Mr. B. Chakrabarty

The New India Assurance Co. Ltd complies with the Business Insurance Law and Law to Sales of Financial Products and other related rules and regulations. It maintains the customer's desires and needs. The New India Assurance Co. Ltd welcomes customer feed in pursuit of improving their sales activity. The company's policy is based on ?Law related to Sales of Financial Products?. The home insurance policy of The New India Assurance Co. Ltd covers for a damaged property. In ocean and marine insurance the sum insured is in return to the transfer of all rights and interest from the insured to the insurer. Surrender of damaged property to an insurer is permitted to a total loss of claim has to be made.

The New India Assurance Co. Ltd complies with the Business Insurance Law and Law to Sales of Financial Products and other related rules and regulations. It maintains the customer's desires and needs. The New India Assurance Co. Ltd welcomes customer feed in pursuit of improving their sales activity. The company's policy is based on ?Law related to Sales of Financial Products?. The home insurance policy of The New India Assurance Co. Ltd covers for a damaged property. In ocean and marine insurance the sum insured is in return to the transfer of all rights and interest from the insured to the insurer. Surrender of damaged property to an insurer is permitted to a total loss of claim has to be made.

United India InsuranceUnited India Insurance Company Limited came into being on 18th February 1938. General Insurance Business in India was nationalized in 1972. After Nationalization in 1972 United India merged with General Insurance operations of southern region of Life Insurance Company limited. United India Insurance Company Limited has grown by leaps and bounds since then. United Nation has a work force of 18300 spread across 1340 offices providing insurance cover to more than 1 Crore policy holders. The Company provides insurance cover from bullock carts to satellites.

ONGC Ltd, GMR- Hyderabad International Airport Ltd, Mumbai International Airport Ltd Tirumala-Tirupati Devasthanam etc are some of the large customers of United India under some complex covers

United India Insurance Company Limited is a leading non-life insurance company general insurance company formed with the merger of 22 companies. The headquarters of United India Insurance Company Limited is in Chennai.

For nearly 3 decades United India Insurance Company Limited is providing insurance coverage to nearly 1 crore people. Its motto is to ensure full satisfaction of the customers. It functions with sound business principals helping India to develop its economy. The United India Insurance Company Limited covers areas like the marine, industry, liability, social sectors, motor, fire, mediclaim, rural, travel and business insurance. For personal insurance United India Insurance Company Limited covers any person between the age group of 3 to 75. The children are covered under their parents. They also cover government and private institutions and their employees.

SHRI. G.SRINIVASAN(CMD)

Reinsurers:

The practice of insurers transferring portions of risk portfolios to other parties by some form of agreement in order to reduce the likelihood of having to pay a large obligation resulting from an insurance claim. The intent of reinsurance is for an insurance company to reduce the risks associated with underwritten policies by spreading risks across alternative institutions.

Also known as "insurance for insurers" or "stop-loss insurance".

Indian Insurance In 21st Century# 2000:IRDA starts giving licenses to private insurers: ICICI prudential and

HDFC Standard Life insurance first private insurers to sell a policy.

# 2001: Royal Sundaram Alliance first non life insurer to sell a policy .

# 2007:First Online Insurance portal, set up by an Indian Insurance Broker, Bonsai Insurance Broking Pvt Ltd. # The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership.

# Minimum capital requirement for direct life and Non-life Insurance company is INR1000 million and that for reinsurance company is INR 2000 million. In the 2004-05 budgets, the Government proposed for increasing the foreign equity stake to 49%, this is yet to be effected. Under the current guidelines, there is a 26 percent equity cap for foreign partners in direct insurance and reinsurance Company.

# Everyone thinks I am Young and Healthy So Why Insurance??? # Insurance provides you with blanket cover and protects you from any thing that no one can anticipate.

# Assets are insured, because they are likely to be destroyed through accidental occurrences. # Compensating the loss.

# Family will be protected.

# Your Children’s Education Fund.

Why Insurance ??????

Life insuranceNon - Life Insurance (general insurance)

Property (eg. Builders risk insurance)Aviation(eg. Private aircraft insurance)Marine (eg. Marine hull insurance)Miscellaneous (eg. Purchase insurance)

Life Stages

ANY QURIES

THANK U

R.JAYAM RAVIFROM