India Insurance
India Insurance
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Market Challenges Indian insurance AND OUTLOOK
ORIGIN:
Of course, it has a long history India. Life insurance its present form was introduced in 1818, when Oriental Life Insurance Company began its operations in India. General Insurance However, one participant was relatively late in 1850, when Triton insurance company to establish its headquarters in Kolkata.
History of Insurance India can be broadly divided into three periods: a) before nationalization b) nationalization c) the nationalization of jobs. Life Insurance was the first to be nationalized in 1956. Life Insurance Corporation of India formed by consolidating the activities of several insurance companies. General Insurance nested step and was naturalized in 1973. General Insurance Corporation of India was established as a monitoring body with New Spain, United India, and The Eastern National and its subsidiaries.
The process of opening the insurance industry started in the process of economic reform which began in 1991. To this end Malhotra Committee was created this year, which submitted its report in 1994 and the Law Regulatory Development Insurance (IRDA) was passed in 1999. Resultantly Indian Insurance was opened to private companies and Private Insurance Company began operating effectively since 2001.
Insurance Market-Present:
The insurance sector was opened to private participation, eight years ago. For years, private players are active in the liberalized environment. The insurance market has undergone dynamic changes, including the presence of a large number of life insurers and non-life segment. Most of private insurance companies have formed joint ventures of foreign players association well known in the world.
There are now 29 insurance companies operating in the Indian market – 14 private life insurers, nine private bodies without Life Insurance Companies and six public sector companies. Common with many companies at the hearing, the insurance industry in India is now at a crossroads in the competition intensifies and companies are preparing strategies survival in a detariffed scenario.
There is pressure inside and outside the country on the government to increase foreign direct investment (FDI) limit from current 26% to 49%, which will help the JV partners to raise funds for expansion.
There are opportunities in the area of pensions where the legislation is framed. Less than 10% of Indians above the age of 60 receive pensions. The IRDA has issued the first license of the company independent health in the country, as many expect more players to enter. The industry of health insurance has enormous growth potential, and as they grow older and new players enter, innovation products and the improvement will increase. Deepening the basis of health data with time will also allow players to develop products and price for large segments of society.
State insurers still dominate: The May of room for multiple players over a fairly large market like India with a population over one billion. But the reality is that competition intense over the past five years has made it difficult for newcomers to keep pace with the leaders and make no impact on the market.
In addition, as the private sector controls 26.18% of the market for life insurance and 26.53% non-life market, the public sector enterprises is the last word.
The largest life insurer in the country, Life Insurance Corporation of India (LIC), has a 74.82% share in the premium income of new business in November 2005.
Similarly, the public sector, the four non-life insurers – New India Assurance, National Insurance and Insurance United India Insurance Oriental – had a combined market share of 73.47% in October 2005. ICICI Prudential Life Insurance Company continues to lead the private sector with a share of 7.26% market share in terms of fresh product, while ICICI Lombard General Insurance Company is the leader among players no privacy with a market share of 8.11%. ICICI Lombard has focused on the growing market for general insurance products and increased penetration of existing customers through product innovation and distribution.
Reaching the Customer: Undoubtedly, the profile of clients in the insurance sector is changing with the introduction of many various intermediaries such as brokers, business agents, and ensuring full.
The industry now deals with customers who know what they want and when, and are more demanding in terms of better service and quick response. With the industry together to move to a system tariff for 2007, there will be a significant improvement in levels of customer service, the innovation of new products and underwriting guidelines.
Intense competition: In an environment of price competition is reflected in prices, products, underwriting criteria, innovative methods Sales and solvency. Insurance companies competing to capture the quota market through better pricing and customer segmentation.
The Battle so far has struggled in major urban areas, but in the coming years, increased competition will increase the market for insurance companies and semi-rural.
Global Standards: As the world turns to India for growth and expansion, Indian companies are more and more world class. Take the case of LIC, which has set their goal of becoming a major global player following an investment of Rs280 crore from the Indian government. The company is now based in Mauritius, Fiji, the United Kingdom, Sri Lanka and Nepal and will soon commence operations in Saudi Arabia. It also plans to venture into the African and Asia-Pacific in 2006.
The year 2005 was a test phase for the general insurance industry with a series of disasters to hit the Indian subcontinent. However, a strong reinsurance program in place, Insurance companies have managed to overcome the crisis without any negative impact on their balance sheets.
With premiums for life insurance that only 2.5% GDP and general insurance premiums to 0.65% of GDP, opportunities in the Indian market is enormous.
The future of the industry Insurance will be a challenge, but you can increase size and market share to survive and prosper
From the foregoing, it is important to mention here that the scope of businesstoday is absolutely safe depends on the role played by the main nemely MDRT agents, members of the club President, officersin able dynamiic and development of the insurance sector of life.
About the Author
Dr.R.SRINIVASAN is a Post graduate in commerce and Management. He received his doctoral degree from Alagappa University in 1997. He is now Working as an ASSOCIATE PROFESSORin Post graduate and Research Department of Corporate Secretaryship at Bharathidasan Government College for Women (Autonomous), Pondicherry University, Puducherry.He currently teaches Accounting ,financial management and Research Methodology Subjects. Before Joining BGCW, he was teaching in SNR College, Coimbatore, Sindhi college, Chennai& T.S.Narayanasamy College, Chennai for eight years. He was with the industry for a short term at Salzar Electronics Pvt. Ltd, Coimbatore. He has about 20 years of teaching experience and having research experience of 15 years. His interests are in Accounting and finance, Capital Market, Quantitative Methods. He underwent the Faculty Development Programme at Indian Institute of Management Ahmedabad during 2000-01. He has presented 20 papers in national and international conferences and has published twenty papers in the areas of Finance and Human resource Management in National Journals. Co-authored a book titled, ‘Investors Protection, published by Raj Publications, New Delhi He has delivered lectures in contemporary finance topics at Pondicherry University. He is involved in consultancy projects for Godrej Saralee, Chennai in the areas of Statistical Applications. He has supervised a number of research projects in the area of corporate finance and Human Resource Management. He is the Board of examiner in corporate Secretaryship and Management for the past two decades.
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Where do I get travel insurance for my mother? India or U.S.?
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You can check the online quote engine FREE http://www.garamchai.com/TravelInsurance.htm GaramChai.com based on the appointment, you can decide on a policy that meets the need. The policy is provided by the U.S. organization Travel Insurance and you can use a credit card to pay
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