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Insurance = Collective bearing of Risk. Basic Human trait is to be averse to the idea of risk taking. Insurance, whether life or non-life, provides people with a reasonable degree of security and assurance that they will be protected in the event of a calamity or failure of any sort.
Five environmental variables that affect all industries Customers Competitors Government Technology and
service sector. In addition, there are four factors of particular importance to service providers change in how quality is perceived cost control customer services and the new definitions of the customer.
GENERAL INSURANCE
LIFE INSURANCE
FIRE INSURANCE
MARINE INSURANCE
MEDICLAIM
MOTOR VEHICAL
Milestones in GIC
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. The United India Insurance Company Ltd. GIC incorporated as a company.
Life Insurers: Allianz Bajaj Life Insurance Co. Ltd. AMP Sanmar Assurance Co. Ltd. Birla Sun Life Insurance Co. Ltd. Dabur CGU Life Insurance Company Pvt. Ltd. HDFC Standard Life Insurance Co. Ltd. ICICI Prudential Life Insurance Co. Ltd. ING Vysya Life Insurance Co. Pvt. Ltd. Life Insurance Corporation of India. Max New York Life Insurance Co. Ltd. Metlife India Insurance Co. Pvt. Ltd. Om Kotak Mahindra Life Insurance Co. Ltd. SBI Life Insurance Co. Ltd. Tata AIG Life Insurance Co. Ltd.
Contributors
Non-Life Insurers: 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.
Contributors
Contribution to growth:
Currently, the insurance sector size is estimated at Rs.500 billion. On account of intense marketing strategies adopted by private insurance players, the market share of state owned insurance companies like GIC, LIC and others have come down to 70% in last 4-5 years from over 97%. The private insurance players despite the sector is still regulated has been offering rate of return (RoR) to its policy holders which is estimated at about 35% as against 20% of domestic insurance companies.
Contribution to growth:
LIC and GIC have limited number of policies to offer to their subscribers Private insurance companies offer many policies and the premium amount as well as the maturity period is much competitive as against those of government insurance companies. The private sector insurance players have started exploring the rural markets in which until recently, the state owned companies had the monopoly. Indias life insurance premium, as a percentage of GDP is 1.8%
Two relatively modern trends affect life insurance business in India significantly: Joint Family System and elderly are increasingly having to fend for themselves
Role of Information Techno-logy Using Postal Network Creating Insurance awareness Innovative Products
CHANGE IN TRENDS
FROM PRICE POINT OF VIEW
DIFFERENT COMPANIES ARE PROVIDING POLICES OF INSURANCE AT COMPETETIVE PRICES EVEN THE ALLOCATION CHARGES UNDER POLICIES IS ALSO DECREASED THE INSURANCE AGENT COMISSION IS ALSO FIXED AAND REDUCED SO THAT THE CUSTOMER CAN GET THE BEST.
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