To find out general insurance and which are the companies involved in it. To know what are the trends in General Insurance.
To find out the developments in the General Insurance.
To find out the Procedure of Claims.
The study was carried out in Mumbai.
Extensive Library Research was carried out.
Various Websites were referred.
Primary data was collected through interviews.
Various books, magazines and newspapers have been referred.
Insurance is not the sale of products, but servicing customers. It is a system, by which the losses suffered by a few are spread over many, Exposed to similar risks. Insurance is a protection against financial loss arising: on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected. The very fundamental principle of spreading of the risk is actually practiced by the insurance companies by reinsuring the risks that they have insured. The opening up of the Insurance Sector to Private Companies, has made available more products and world class service to Indian Customer. This project has been made with an objective to give an insight into various facts of General Insurance sector in India. An attempt has been made to explain the apex body of General Insurance. i.e. General Insurance Corporation of India, its structure, products and subsidiaries.
Also the review of latest entrants into insurance sector viz private players like TATA AIG General Insurance Company, Reliance General Insurance Company limited, Bajaj Allianz General Insurance Company, IFFCO Tokio General Insurance Company, Royal Sundaram General Insurance Company limited and ICICI Lombard General Insurance Company have been described in brief, Due to the growth in the technological sector of the country, the insurance companies have started utilizing these technologies to it’s optimum level. A case study based on the devastating Mumbai floods on 26th July 2005 is been prepared and facts of the case are being listed along with the effect of the particular situation on the General Insurance Companies is been justified.
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A brief history of the Insurance sector Insurance Sector Reforms Insurance Regulatory Authority Insurance Industry Classification 4 I’s of Insurance General Insurance Product levels Frequent Terms Used Public Sector Subsidiaries Private Players Market Share Insurance Regulatory & Development Authoritarian Products Changing Scenario of General Insurance Market Trends Claims Case Study
Origin of Insurance
Whenever there is uncertainty there is risk. We do not have any control over uncertainties which involves financial losses. The risk may be certain events like death, pension, retirement or uncertain events like theft, fire, accident, etc.
Insurance is a financial service for collecting the savings of the public and providing them with risk coverage. It comes under service sector and while marketing this service due care is taken in quality product and customer satisfaction. The main function of the Insurance is to provide protection against the possible chances of generating losses.
The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries.
Brief History of the Insurance Sector
The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta....