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INDUSTRY PROFILE (2)

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Promashree Chakraborty
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2 views

INDUSTRY PROFILE (2)

Uploaded by

Promashree Chakraborty
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PART- A

INDUSTRY
PROFILE
INSURANCE
The insurance industry refers to a collection of companies that manage risk for
individual health and property by promising to reimburse policyholders for losses in
exchange for regular payments known as premium. In other words, it sells the
financial product as a method of risk management to protect people and assets from
uncertain losses. It pools funds from various insured entities to pay for the losses
incurred. However, not all kinds of risks are protected through insurance. For a risk to
be ensured it should meet certain characteristics.
The origin of modern commercial insurance business can be traced to Lloyd’s Coffee
House in London. Amicable Society for a Perpetual Assurance founded in 1706 in
London is considered to be the first life insurance company in the world. The
Oriental Life Insurance Co. Ltd is the first life insurance company to be set up in
India. Bombay Mutual Assurance Society Ltd. was the first Indian insurance
company formed in 1870 in Mumbai. The oldest running insurance company in India
is National Insurance Company Ltd. founded in 1906.
In India, the insurance industry is regulated by Insurance Regulatory and
Development Authority(IRDA). All the insurers have to abide by the rules and
regulations formed by IRDAI. There are 57 insurance companies in India's insurance
business. The life insurance carriers account for 24 of the companies, while the non-
life insurers account for the other 33. There are seven public companies among them.
Life insurance companies cover our lives whereas Non-life insurance businesses cover
our day-to-day activities such as travel, health insurance, automobile and motorcycle
insurance, and home insurance. Not only that, but our industrial equipment is also
covered by non-life insurance carriers. Crop insurance for our farmers, cell phone
insurance, pet insurance, and other insurance products are available from India's
general insurance providers.
Over the last two decades, India's insurance market has grown at a rapid pace, owing
to increased private sector participation, improved distribution capacities, and
significant improvements in operational efficiencies.
List of some Insurance companies in India

LIFE INSURANCE COMPANIES GENERAL INSURANCE COMPANIES

 Life Insurance Corporation of India  Aditya Birla Health Insurance Co.


 Bajaj Allianz Life Insurance Co. Ltd.
Ltd.
 Bajaj Allianz General Insurance Co.
 Birla Sun Life Insurance Co. Ltd. Ltd.

 HDFC Standard Life Insurance Co.  Kotak General Insurance Co. Ltd.
Ltd.
 L&T General Insurance Co. Ltd.
 ICICI Prudential Life Insurance Co.
Ltd.  Reliance General Insurance Co.
Ltd.
 Ageas Federal Life Insurance Co.
Ltd.  TATA AIG General Insurance Co.
Ltd.
 ICICI Prudential Life Insurance Co.
Ltd.  TATA AIG General Insurance Co.
Ltd.
 SBI Life Insurance Co. Ltd.
 Apollo Munich Health Insurance
 Tata AIA Life Insurance Co. Ltd. Co. Ltd.

 Kotak Mahindra Old Mutual Life  Max Bupa Health Insurance Co.
Insurance Ltd. Ltd.

 Reliance Life Insurance Co. Ltd.  Bharti AXA General Insurance Co.
Ltd.

Investment is increasing in insurance products because customers can get various


benefits under the same umbrella like:
 Life protection
 Safe return
 Tax benefits
 Trust
 Financial goals/ planning investment
Insurance Industry scenario in India

 Value of investments in Indian life insurance from financial year 2017


to 2021(in trillion Indian rupees)

The public sector's investments in India's life insurance market were over 33
trillion Indian rupees in financial year 2021. The entire amount invested in the
country's life insurance business that year was 44 trillion rupees, higher from 39
trillion rupees the previous year.

 Value of investments in non-life insurance in India from financial year 2017 to


2021(in trillion Indian rupees)

The non-life insurance


business in India received
investments worth
approximately 4.3 trillion
Indian rupees in the financial
year 2021. Over 2.2 trillion
rupees was invested by the
government, while two
trillion rupees was invested
by the private sector.

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