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Indian Insurance Sector an Overview

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Indian Insurance Sector History • Insurance in India has its history dating back until 1818, when Oriental Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to the needs of European community. • The pre-independence era in India saw discrimination between the lives of foreigners (English) and Indians with higher premiums being charged for the latter. • In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer http://winsure.yolasite.com 1 Important milestones in the Indian life insurance business • 1912: The Indian Life Assurance Companies Act came into force for regulating the life insurance business. • 1928: The Indian Insurance Companies Act was enacted for enabling the government to collect statistical information on both life and non-life insurance businesses. • 1938: The earlier legislation consolidated the Insurance Act with the aim of safeguarding the interests of the insuring public. • 1956: 245 Indian and foreign insurers and provident societies were taken over by the central government and they got nationalized. LIC was formed by an Act of Parliament, viz. LIC Act, 1956. It started off with a capital of Rs. 5 crore and that too from the Government of India. • The history of general insurance business in India can be traced back to Triton Insurance Company Ltd. (the first general insurance company) which was formed in the year 1850 in Kolkata by the British. http://winsure.yolasite.com 2 Important milestones in the Indian general insurance business • 1907: The Indian Mercantile Insurance Ltd. was set up which was the first company of its type to transact all general insurance business. • 1957: General Insurance Council, an arm of the Insurance Association of India, framed a code of conduct for guaranteeing fair conduct and sound business patterns. • 1968: The Insurance Act improved for regulating investments and set minimal solvency levels and the Tariff Advisory Committee was set up. • 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India. It was with effect from 1st January 1973. • 107 insurers integrated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC was incorporated as a company. http://winsure.yolasite.com 3 Insurance Companies in India • Life Insurance Companies • Aviva Life Insurance • Bajaj Allianz Life Insurance • Birla Sun-Life Insurance • HDFC Standard Life Insurance • ING Vysya Life Insurance • Life Insurance Corporation • Max New York Life Insurance • MetLife Insurance • Om Kotak Mahindra Life Insurance • Reliance Life Insurance • Sahara India Life Insurance • SBI Life Insurance • TATA AIG Life Insurance http://winsure.yolasite.com 4 Insurance Companies in India • General Insurance Companies • Agriculture Insurance • Amsure Insurance • ANZ Insurance • Bajaj Allianz General Insurance • Cholamandalam General Insurance • Employee State Insurance • Export Credit Guarantee Corporation • ICICI Lombard General Insurance • IFFCO-Tokio General Insurance • National Insurance • Oriental Insurance • Peerless Smart Financial • Royal Sundaram Alliance • TATA AIG General Insurance http://winsure.yolasite.com 5 LIFE INSURERS Websites Public Sector Life Insurance Corporation of India www.licindia.com Private Sector Allianz Bajaj Life Insurance Company Limited www.allianzbajaj.co.in Birla Sun-Life Insurance Company Limited www.birlasunlife.com HDFC Standard Life Insurance Co. Limited www.hdfcinsurance.com ICICI Prudential Life Insurance Co. Limited www.iciciprulife.com ING Vysya Life Insurance Company Limited www.ingvysayalife.com Max New York Life Insurance Co. Limited www.maxnewyorklife.com MetLife Insurance Company Limited www.metlife.com Om Kotak Mahindra Life Insurance Co. Ltd. www.omkotakmahnidra.com SBI Life Insurance Company Limited www.sbilife.co.in TATA AIG Life Insurance Company Limited www.tata-aig.com AMP Sanmar Assurance Company Limited www.ampsanmar.com Dabur CGU Life Insurance Co. Pvt. Limited www.avivaindia.com http://winsure.yolasite.com 6 GENERAL INSURERS Public Sector National Insurance Company Limited www.nationalinsuranceindia.com New India Assurance Company Limited www.niacl.com Oriental Insurance Company Limited www.orientalinsurance.nic.in United India Insurance Company Limited www.uiic.co.in Private Sector Bajaj Allianz General Insurance Co. Limited www.bajajallianz.co.in ICICI Lombard General Insurance Co. Ltd. www.icicilombard.com IFFCO-Tokio General Insurance Co. Ltd. www.itgi.co.in Reliance General Insurance Co. Limited www.ril.com Royal Sundaram Alliance Insurance Co. Ltd. www.royalsun.com TATA AIG General Insurance Co. Limited www.tata-aig.com Cholamandalam General Insurance Co. Ltd. www.cholainsurance.com Export Credit Guarantee Corporation www.ecgcindia.com HDFC Chubb General Insurance Co. Ltd. REINSURER General Insurance Corporation of India www.gicindia.com http://winsure.yolasite.com 7 Basic functions of Insurance • 1.Primary Functions • 2.Secondary Functions • 3.Other Functions • http://winsure.yolasite.com 8 Primary functions of insurance • Providing protection – The elementary purpose of insurance is to allow security against future risk, accidents and uncertainty. Insurance cannot arrest the risk from taking place, but can for sure allow for the losses arising with the risk. Insurance is in reality a protective cover against economic loss, by apportioning the risk with others. • Collective risk bearing – Insurance is an instrument to share the financial loss. It is a medium through which few losses are divided among larger number of people. All the insured add the premiums towards a fund and out of which the persons facing a specific risk is paid. • Evaluating risk – Insurance fixes the likely volume of risk by assessing diverse factors that give rise to risk. Risk is the basis for ascertaining the premium rate as well. • Provide Certainty – Insurance is a device, which assists in changing uncertainty to certainty. http://winsure.yolasite.com 9 Secondary functions of insurance • Preventing losses – Insurance warns individuals and businessmen to embrace appropriate device to prevent unfortunate aftermaths of risk by observing safety instructions; installation of automatic sparkler or alarm systems, etc. • Covering larger risks with small capital – Insurance assuages the businessmen from security investments. This is done by paying small amount of premium against larger risks and dubiety. • Helps in the development of larger industries – Insurance provides an opportunity to develop to those larger industries which have more risks in their setting up. http://winsure.yolasite.com 10 Other functions of insurance • Is a savings and investment tool – Insurance is the best savings and investment option, restricting unnecessary expenses by the insured. Also to take the benefit of income tax exemptions, people take up insurance as a good investment option. • Medium of earning foreign exchange – Being an international business, any country can earn foreign exchange by way of issue of marine insurance policies and a different other ways. • Risk Free trade – Insurance boosts exports insurance, making foreign trade risk free with the help of different types of policies under marine insurance cover. • Insurance provides indemnity, or reimbursement, in the event of an unanticipated loss or disaster. There are different types of insurance policies under the sun cover almost anything that one might think of. There are loads of companies who are providing such customized insurance policies. http://winsure.yolasite.com 11 Indian Insurance Sector • The US$ 41-billion Indian life insurance industry is considered the fifth largest life insurance market, and growing at a rapid pace of 32-34 per cent annually, according to the Life Insurance Council. • Since the opening up of the insurance sector in India, the industry has received FDI to the tune of US$ 525.6 million. • The government is likely to reintroduce the Insurance Bill which proposes to increase the FDI cap in private sector insurance companies from 26 per cent to 49 per cent. http://winsure.yolasite.com 12 Indian Insurance Sector • The total number of life insurers registered with the Insurance Regulatory Development Authority (IRDA) has gone up to 23. • The Life Insurance Corporation (LIC) posted a 50 per cent growth in new premium collection in the first nine months of the 2010 fiscal, increasing its market share to 65 per cent from 56 per cent a year ago. • LIC’s new premium collection touched US$ 9.58 billion in the April- December 2009 period while the combined business of the 22 private insurers grew to US$ 5.07 billion from the previous year, as per data collated by the Insurance Regulatory and Development Authority (IRDA). • Overall the industry grew at 29 per cent in the April-December period of the fiscal year 2010. http://winsure.yolasite.com 13 Indian Insurance Sector • General Insurance • The total number of general insurers registered with IRDA has gone up to 22, with the registration of SBI General Insurance Company Limited, a joint venture general insurance company promoted by State Bank of India and Insurance Australia Group, Australia, as a general insurer in December 2009. • Overall, the non-life insurance sector grew 9.95 per cent in April-December 2009, compared to the corresponding period last year • According to IRDA data, out of the US$ 5.46 billion premium underwritten
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