Insurance Sector

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1  
Basics 
of 
Insurance 
 
          
                     
2  
Contents:- 
* Life insurance
 
* General insurance
 
* Insurance market scenario
 
* Emerging trends in insurance
3  
     Learning 
           Insurance 
* What Is Insurance
  
      Insurance is concerned with protection of economic value of assets.Tangible assets are human beings, house, furniture, motor cycle etc.Intangible assets are liabilities      
     
4  
History of Insurance 
 
* It started from Lloyd’s coffee house London
* First policy issued in England in 1583
* In India first policy issued in 1870
     
5  
History of Insurance 
* LIC of India formed in 1956 after  
   nationalization of life insurance
   Business of 245 private insurance 
   companies
* General insurance business of 107  
   insurance companies was  
   nationalized in 1972 & four public sector General Insurance Companies were formed  6  
Classes of   
             Insurance 
A. Life insurance
B. General insurance
    General insurance is further   
    classified:-
1.Fire insurance
2.Marine insurance
3.Miscellaneous insurance 
7  
Miscellaneous Insurances:- 
1.Motor insurance
2.Mediclaim insurance
3.Householders insurance
4.Shopkeepers insurance
5.Engineering insurances
   etc.
Fundamental Principles of Insurance

  1.Insurable interest- Means financial interest 
 
  2.Utmost good faith- Greater duties of faith 
     on proposer & insurer  
         
  3.Indemnity- Actual compensation of loss. 
     not applicable in life policies   
 
             
9  
     Fundamental Principles of     
     Insurance 
 
4.Subrogation-Transfer of rights of insured to insurer.Not applicable in life policies.  5.Contribution-Sharing of loss by all insurers.Not applicable in life policies.  10  
  Market Scenario before Irda Act     
1999 
       Life insurance company
         1. LIC of India
         General insurance companies
         1.National insurance company ltd
        2.New India assurance company ltd
        3.Oriental insurance company ltd
        4.United India insurance company ltd
   
11  
Market Scenario after Irda Act 1999 
 
 
    Stage of
    Liberalization,
    Privatization &
    Globalization
     (Competition between public sector & private sector)  12  
Life Insurance Companies 
1.Bajaj Allianz Life Insurance Company Ltd 
2.Birla Sun Life Insurance Company Ltd 
3.HDFC Standard Life Insurance Company Ltd 
4.ICICI Prudential Life Insurance Company Ltd 
5.ING Vysya Life Insurance Company Ltd 
6.Max New York Life Insurance Company Ltd 
 
 
 
13  
Life Insurance Companies 
 
7.Met Life India Insurance Company Ltd
8.Kotak Mahindra Old Mutual Life Insurance  Company Ltd
9.SBI Life Insurance Company Ltd 
10.Tata AIG Life Insurance Company Ltd 
11.Reliance Life Insurance Company Ltd 
 
 
 
14  
Life Insurance Companies 
     
12.Aviva Life Insurance Company Ltd 
13.Sahara India Life Insurance  
     Company Ltd
14.Shriram Life Insurance Company
     Ltd
15.Bharti Axa Life Insurance Company
     Ltd
16.Life Insurance Corporation Of
     India 
15  
Life Insurance Companies 
 
17.Future Generali India Life Insurance  
    Company Ltd.  
18. IDBI Fortis Life Insurance Company  
     Ltd.
19.Canara HSBC Oriental Bank of
     Commerce Life Insurance Company Ltd. 
 
16  
Life Insurance Companies 
20.Aegon Religare Life Insurance  
     Company Limited.
21. DLF Pramerica Life Insurance Co. Ltd.
22. Star Union Dai-ichi Life Insurance Co.    
     Ltd.
23.India First Life Insurance Company Ltd.
24. Edelweiss Tokio Life Insurance Co. Ltd
17  
General Insurance Companies 
1.Bajaj Allianz General Insurance Company Ltd
2.Icici Lombard General  Insurance Company Ltd
3.Iffco Tokio General Insurance Company Ltd
4.Reliance General Insurance Company Ltd
5.Royal Sundaram Alliance Insurance Company Ltd ...
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