INDIAN INSURANCE INDUSTRY: --for interview
INDIAN INSURANCE INDUSTRY:
Insurers
Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:
Life Insurers:
Insurers
Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:
Life Insurers:
General Insurers:
- General Insurance Corporation of India (GIC)
(with effect from Dec'2000, a National Reinsurer)
GIC
had four subsidary companies, namely ( with effect from Dec'2000, these
subsidaries have been de-linked from the parent company and made as independent
insurance companies.
- The Oriental
Insurance Company Limited
- The New India Assurance
Company Limited
- National
Insurance Company Limited
- United India Insurance
Company Limited.
Yr: 2000-2001 : (
From 2nd April '2000
to 31st December'2001 )
Insurance Industry in the year 2000-2001 had 16 new entrants, namely:
Life Insurers:
Insurance Industry in the year 2000-2001 had 16 new entrants, namely:
Life Insurers:
|
S.No.
|
Registration
Number |
Date
of Reg.
|
Name
of the Company
|
|
1
|
101
|
23.10.2000
|
|
|
2
|
104
|
15.11.2000
|
|
|
3
|
105
|
24.11.2000
|
|
|
4
|
107
|
10.01.2001
|
|
|
5
|
109
|
31.01.2001
|
|
|
6
|
110
|
12.02.2001
|
|
|
7
|
111
|
30.03.2001
|
|
|
8
|
114
|
02.08.2001
|
|
|
9
|
116
|
03.08.2001
|
|
|
10
|
117
|
06.08.2001
|
|
|
11
|
133
|
04.09.2007
|
|
|
12
|
135
|
19.12.2007
|
General Insurers :
|
S.No.
|
Registration Number
|
Date of Registration
|
Name of the Company
|
|
1
|
102
|
23.10.2000
|
|
|
2
|
103
|
23.10.2000
|
|
|
3
|
106
|
04.12.2000
|
|
|
4
|
108
|
22.01.2001
|
|
|
5
|
113
|
02.05.2001
|
|
|
6
|
115
|
03.08.2001
|
|
|
7
|
131
|
|
|
|
8
|
132
|
|
|
|
9
|
134
|
|
Yr: 2001-2002 : ( From
Insurance Industry in this year, so far has 5new entrants; namely
Life Insurers:
|
S.No.
|
Registration
Number |
Date of Reg.
|
Name of the Company
|
|
1
|
121
|
03.01.2002
|
Reliance Life Insurance Company Limited. |
|
2
|
122
|
14.05.2002
|
General Insurers :
|
S.No.
|
Registration Number
|
Date of Registration
|
Name of the Company
|
|
1
|
123
|
15.07.2002
|
|
|
2.
|
124
|
27.08.2002
|
|
|
3.
|
125
|
27.08.2002
|
Insurance Industry in this year, so far has 1new entrants; namely
Life Insurers:
|
S.No.
|
Registration
Number |
Date of Reg.
|
Name of the Company
|
|
1
|
127
|
06.02.2004
|
|
|
|
|
|
|
Insurance Industry in this year, so far has 1new entrants; namely
Life Insurers:
|
S.No.
|
Registration
Number |
Date of Reg.
|
Name of the Company
|
|
1
|
128
|
17.11.2005
|
|
|
|
|
|
|
Insurance Industry in this year, had 1new entrants; namely
Life Insurers:
|
S.No.
|
Registration
Number |
Date of Reg.
|
Name of the Company
|
|
1
|
130
|
14.07.2006
|
|
|
|
|
|
|
Insurance Industry in this year, had 2 new entrants; namely
|
S.No.
|
Registration
Number |
Date of Reg.
|
Name of the Company
|
|
1
|
133
|
04.09.2007
|
|
|
2
|
135
|
19.12.2007
|
|
|
|
|
|
|
Insurance Industry in this year, so far has 3 new entrants in Life and 1 new entry in General ; namely
Life Insurers:
|
S.No.
|
Registration
Number |
Date of Reg.
|
Name of the Company
|
|
1
|
136
|
08.05.2008
|
|
|
2
|
138
|
27.06.2008
|
|
|
3
|
140
|
27.06.2008
|
|
|
|
|
|
|
|
S.No.
|
Registration
Number |
Date of Reg.
|
Name of the Company
|
|
1
|
139
|
27.06.2008
|
INSURANCE BUSINEES:
Insurance business is divided into four classes :
1) Life Insurance 2) Fire Insurance 3) Marine Insurance and 4) Miscellaneous Insurance.
Life Insurers transact life insurance business; General Insurers transact the rest.
No composites are permitted as per law.
LEGISLATION (as on 1.4.2000):
Insurance is a federal subject in
Insurance Act, 1938, and Insurance Regulatory & Development Authority Act, 1999.
INSURANCE PRODUCTS (as on 1.4.2000) (for latest information get in touch with the current insurers – website information of insurers is provided at the web page for insurers ):
Life Insurance:
Popular Products: Endowment Assurance (Participating), and Money Back (Participating). More than 80% of the life insurance business is from these products.
General Insurance:
Fire and Miscellaneous insurance businesses are predominant. Motor Vehicle insurance is compulsory.
Tariff Advisory Committee (TAC) lays down tariff rates for some of the general insurance products (please visit website of GIC for details )
2001
New products have been launched by life insurers. These include linked-products. For details, please visit the websites of life insurers.
INFORMATION
About the insurance industry, the following documents may be helpful:
Malhotra Committee Report (The Report of the Committee on Reforms in the Insurance Sector);
IRDA's First Annual Report - 2001
CUSTOMER PROTECTION:
Insurance Industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman Scheme. Addresses can be obtained from the offices of LIC and other insurers.
Insurance Industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman Scheme. Addresses can be obtained from the offices of LIC and other insurers.
SBI LIFE
INSURANCE TARGET FOR 2008-09
SBI Life Insurance,
the second largest private life insurance company in India
|
|
The company,
a 74:26 joint venture between State Bank of India (SBI) and BNP Paribas
Assurance, expects to achieve the target despite a meltdown in the
international market and a fall in Indian stock markets.
“The economic
recession and a fall in the Sensex will not affect the insurance sector in the
country,” said Udaya Sankar Roy, managing director, SBI Life Insurance. He was
here to inspect the branch office of SBI Life Insurance division.
Small
investors should invest in the insurance sector for the safety and growth of
their investment on a long-term basis, besides the life cover,” he said,
adding, “I think the investors have understood the situation and started to
invest in the sector.”
“The premium
collection facility would be extended to the branches of seven associate banks
of SBI. We are discussing with the bank authorities and the facilities would be
available in the next three months,” Roy
SBI Life
Insurance has aimed to open 250 new branches in the country to expand its
business this year and the company has already opened 242 new branches,
including 11 new ones in Orissa . At present, the insurance company has a
network of 424 branches across the country, of which 21 are in Orissa, he said.
In Orissa,
the company has targeted a business of Rs 446 crore this year as against Rs 185
crore achieved in the last year. With a customer base of over 67 lakh, SBI Life
Insurance has assets under management of Rs 11,727 crore and has been recording
net profits for the past three years.
Home
insurance in India India
You can find the best home mortgage insurance companies here like the United India Insurance, ICICI Bank Home Insurance Company (ICICI Lombard General Insurance co. ltd.), IFFCO Tokyo General Insurance Co. Ltd., National Insurance Co. Ltd., New India Assurance Co. Ltd., General Insurance Corporation of India, Aviva Insurance Company, Bajaj Allianz Insurance Company, HDFC Standard, ING Vysya, Kotak Mahindra, Reliance Insurance, Royal Sundaram Alliance Insurance Limited, Tata AIG and many more.
|
ICICI
Lombard General Insurance Co. Ltd.
|
|
ICICI LOMBARD is
Website: http://www.icicilombard.com |
|
IFFCO Tokyo General
Insurance Co. Ltd.
|
|
IFFCO
TOKIA is one of the prominent companies in
|
|
National
Insurance Co. Ltd.
|
|
National
Insurance Company Ltd is the oldest existing insurance company in
Website: www.nationalinsuranceindia.com |
|
New
India Assurance Co. Ltd.
|
|
The New
India Assurance Company Limited provides home insurance in a hassle free
manner.
Website: http://www.niacl.com/ |
|
Tata
Aig Life Insurance Co. Ltd.
|
|
Tata AIG
is
Website: www.tata-aiggeneral.com |
|
United
India Insurance Co. Ltd.
|
|
United Insurance is
one of the foremost general insurance Company. Customer satisfaction and
admiration is their best reward. Their offices are spread throughout the
country.
Website: http://www.uiic.co.in |
|
|
|
General
Insurance Corporation Of
|
|
General
Insurance Corporation Of
Website: www.gicofindia.com |
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