Growth Rates of the Indian General Insurance Industry

business of insurance. But the lack of uniformity, loop holes, blind spots and deficiencies within

Insurance is an arrangement by which a company gives customers financial protection against loss or harm such as theft and illness in return for premium payments. One of the most important ways that external economic factors are affecting insurance industries is by experiencing a slow pattern in the economy. Insurance companies are affected by lower sales and lower rates of returns on their investments. Companies have to sell certain products for which they have the commitment and the

Online Cheap quotes car insurance have totally changed the way individuals purchase their car insurance arrangement. It is without a doubt the speediest and best different option for discover our preferred strategy. Be that as it may, the things may not be so natural for the individuals who have a tricky record as a consumer. Like whatever other buy, Cheap quotes car insurance industry likewise considers FICO assessment with high significance before offering an approach to the clients. Some surely understood companies have now quit managing these clients totally. It is not by any stretch of the imagination clear how the FICO assessment impacts our driving expertise; however it does fundamentally

Krishna Kumar (2005), highlights Life Insurance Corporation's penetration in the rural market, the problems encountered and the schemes offered for the rural poor. He has stated that there is significant growth in the total premium income collected from rural areas. He has identified the hurdles faced by the Life Insurance Corporation as poor general awareness, lack of proper documents, inadequate market coverage, lapsing of policies and health care problems. However, he has expressed hope that Life Insurance Corporation with its huge network

The challenge for the insurance companies nowadays is to provide the right type of policy to the customer as per the financial needs of customers. IDBI Federal is yet to prove its worth in the industry. Though IDBI Federal is able to sell the right policy to the right customer but the needs to boost up its advertisements to build a bond of mutual trust between the customers and the company. The products of IDBI Federal require additional features in it.

Auto proprietors insurance specialists go for giving diverse sorts of insurance scope that suits distinctive people to their customers. Business scope guarantees business structures and representatives among other scope sorts. Hence auto proprietor insurance has ended up being a solid sort of scope that cooks for various sorts of customers at a rebate. One of the interesting characteristics of auto cheapinsurance is the presence of auto proprietors insurance operators. They have improved the undertakings identified with insurance and this is obvious because of the nearness of these specialists in 26 states. Insurance operators situated in different states empower customers to effortlessly access scope in their particular states. These auto operators exhort customers on the best insurance

|business in India, the industry has crossed $100 billion in revenues with over 3.5 million employees, amongst the top 2 industries in India |

automobile industry has had many ups and downs. However, the current business environment may be

The Brazilian insurance industry is living it golden ages. Brazil for the past two decades has become one of the most attractive places for insurance

Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed sum of money to the insured 's beneficiary. With a large population and the untapped market area insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20% annually. Together with banking services, it adds about 7 percent to the country’s GDP. In spite of all this, the growth statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian population is without life and health insurance cover. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation “Malhotra Committee” was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was participation of overseas insurance companies with 26% capital. Creating a more competitive financial system suitable for the requirements of the economy was the main idea behind this reform.

The above table exhibits factor analysis results for the major complaints received by Bajaj Insurance Company. The results are categorized into four significant factors with KMO alpha 0.54 and significant value 0.000**

The coming of captives brought significant changes in the business environment of risk management and even greater changes are envisaged to occur in the future. The changes captives brought along have affected many including commercial insurers and reinsurers, government bodies, the operation of insurance agents and brokers in the distribution systems for insurance. The effects are felt in the competitive pressure experienced by the traditional insurance market brought about by captive presence, which has brought about important underwriting changes among the commercial insurers. The current method of rate making by commercial insurers is altered significantly because of the growing importance of captive, since current rating classes now tend to be broad, permitting the average insurer to operate in a fairly level and stable rate structure across industries. Thus, firms with relatively favourable loss experience are contributing to losses of those with poorer experience. Captives constituted a big threat for the conventional insurance because they have a lot going for them. The traditional insurance market did not welcome captive movement because it saw the movement as a threat to its share of the insurance market. They were made to accept captives when they realised that many businesses were flourishing as a result of captive activities and they benefited directly and indirect from those

of the reliance-Anil Dhirubhai Ambani group. The company is among the main general insurance in India, with a market share of over 8% in private sector. It had a distribution network, consisting of 127 branches and more than 12,000 dealers late June 2013. premiums for the quarter June 30, 2013 706 billion rupees (US$ 126 million) gross was RS. Gross premiums written for the year ending March 31, 2013 2.036 billion rupees (US$ 374 million) was RS... The company is the first company of the India insurance will be offered ISO 9001: 2000 certification in all functions, processes, products and places in

According to B. Nagaraja in his paper “PERFORMANCE OF INSURANCE INDUSTRY IN INDIA: A CRITICAL ANALYSIS” (Jan 2015) he has stated that there exists regional disparities between south and north Indian states with regard to insurance penetration and density and they have been drastically declining in recent years. The claims settlement ratio, one of key indicator for measuring the operational efficiency of insurance industry shows that LIC has fared well in terms of high settlement ratio of individual and group death claims, compared to the private insurers. Achieving cost-competitiveness, improving the stakeholders’ confidence, meeting new demand one individual at a time and improving the operational ability of the insurance industry are to be paid attention to experience the healthy growth of insurance industry as has

with head offices at Calcutta, Bombay, New Delhi and Madras, respectively. General Insurance Corporation (GIC) which was the holding company of the four public sector general insurance companies has since been delinked from the later and has been approved as the "Indian Reinsurer" since 3rd November 2000. The share capital of GIC and that of the four companies are held by the Government of India. All the five entities are Government companies registered under the Companies Act. The general insurance business has grown in spread and volume after nationalisation. The four companies have 2699 branch offices, 1360 divisional offices and 92 regional offices spread all over the country. GIC and its subsidiaries have representation either directly through branches or agencies in 16 countries and through associate! locally incorporated subsidiary companies in 14 other countries. A wholly- owned subsidiary company of GIC, i.e. Indian International Pvt. Ltd. is operating in Singapore and there is a joint venture company, viz. Kenindia Assurance Ltd. in Kenya. A new wholly owned subsidiary called New India International Ltd., UK has also been registered.