insurance service ppt mba

8/2/2019 Insurance Service Ppt Mba

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INSURANCE

PRESENTED BY:-

BABASAB PATIL


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Insurance

Meaning -

Its Financial service for collecting the savings of the public

and providing them with a risk coverage.

Risk coverage may be for certain events like death, retirement,pension, education, marriage etc..

Risk coverage might also be for uncertain events like theft ,accident, fire, ill-health, marine voyage risk,


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Parties to an insurance

Insurer also called as assurer/underwriter who agrees inconsideration of a sum of money to make good the loss suffered bythe insured.

Insured also called as assured/beneficiary is the party who wantsto minimize risk and makes an agreement with Insurer

Subject matter property which is insured

Insurable interest The interest possessed by the insured in the

subject matter of insurance


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Types of Insurance -

Life Insurance specified amount becomes payable on the deathof the insured or upon the expiry of a specified period of timewhichever is earlier.

General insurance/Non life Insurance covers losses caused byfire, accidents, and marine adventures, Health diseases, etc


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Need and Importance of life Insurance -

Life Insurance provides protection to your family, your family gets a

specified sum in a lump sum when they need it the most

Life Insurance contracts allow an individual to save money in a taxefficient manner

Provides funds for education , marriage , along with life risk cover.

Life insurance products offer high guaranteed returns

Facilitates provision for retirement and old age


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Important stats on life insurance

The US$ 41-billion Indian life insurance industry is considered thefifth largest life insurance market, and growing at a rapid pace of 32-

34 per cent annually, according to the Life Insurance Council. Moreover, according to IRDA, insurers sold 10.55 million new

policies in 2009-10 with LIC selling 8.52 million and privatecompanies 2.03 million policies

Indias ratio of life insurance premium to its GDP is around 4 percent against 6-9 per cent in the developed world, It could rise to 5.1-

6.2 by 2012 in. Indias life insurance market has grown rapidly over the past six

years, with new business premiums are growing at over 40% per

year. The premium income of Indias life insurance market is set to double

by 2012 on better penetration and higher incomes.

Insurance penetration in India is currently about 4% of its GDP

Indias life insurance industry will be double in the next five yearsfrom $40 billion to $80-100 billion in 2012.


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Life Insurance products -

Term Insurance policy provides risk cover if the insured dies during

specified period.

Whole life policy guarantees death benefit cover throughout the lifeof the insured.

Endowment policy policy in which claims accrue either by death orby maturity.

Annuity policy involves a series of periodic payments to theinsured.

ULIP combines the benefits of insurance protection andinvestment in managed fund.

Group insurance covers a similar homogeneous group ofindividuals under a single policy.


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Life insurance Players -

When the life insurance business was nationalized in 1956, therewere 154 Indian life insurance companies. In addition, there were16 non-Indian insurance companies and 75 provident societies alsoissuing life insurance policies.

Life Insurer in Public Sector

Life Insurance Corporation of India

Life Insurers in Private Sector SBI Life Insurance

Metlife India Life Insurance

ICICI Prudential Life Insurance

Bajaj Allianz Life

Max New York Life Insurance Sahara Life Insurance

Tata AIG Life

HDFC Standard Life

Birla Sunlife
http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://sbilife.co.in/http://www.metlife.co.in/http://www.iciciprulife.com/public/default.htmhttp://www.bajajallianzlife.co.in/http://www.maxnewyorklife.com/http://www.saharalife.com/http://www.tata-aig-life.com/http://www.birlasunlife.com/http://www.birlasunlife.com/http://www.tata-aig-life.com/http://www.saharalife.com/http://www.maxnewyorklife.com/http://www.bajajallianzlife.co.in/http://www.iciciprulife.com/public/default.htmhttp://www.metlife.co.in/http://sbilife.co.in/http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_India


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Continued..

Kotak Life Insurance

Aviva Life Insurance Reliance Life Insurance Company Limited

ING Vysya Life Insurance

Shriram Life Insurance

Bharti AXA Life Insurance Co Ltd

Future Generali Life Insurance Co Ltd

IDBI Fortis Life Insurance

AEGON Religare Life Insurance

DLF Pramerica Life Insurance

CANARA HSBC Oriental Bank of Commerce LIFE INSURANCE
http://www.kotaklifeinsurance.com/http://www.avivaindia.com/http://en.wikipedia.org/wiki/Reliance_Life_Insurance_Company_Limitedhttp://www.inglife.co.in/http://www.bharti-axalife.com/http://en.wikipedia.org/wiki/IDBI_Fortis_Life_Insurancehttp://www.aegonreligare.com/http://www.canarahsbclife.com/http://www.canarahsbclife.com/http://www.aegonreligare.com/http://en.wikipedia.org/wiki/IDBI_Fortis_Life_Insurancehttp://www.bharti-axalife.com/http://www.inglife.co.in/http://en.wikipedia.org/wiki/Reliance_Life_Insurance_Company_Limitedhttp://www.avivaindia.com/http://www.kotaklifeinsurance.com/


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General Insurance -

General insurance/Non life Insurance covers losses caused byfire, accidents, and marine adventures, Health diseases, etc

Re-insurance insurance of insured Property/person.

General insurance include the following categories

1. Marine insurance

2. Accident/Motor insurance

3. Health insurance

4. Liability insurance

5. Fire Insurance

6. Crop insurance


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Important stats on General Insurance -

According to data released by IRDA, the general insurance industryrecorded 13.42 per cent growth in gross premium collected during

2009-10. The industry collected gross premium of US$ 7.84 billion in 2009-10

compared with US$ 6.91 billion in 2008-09.

The public sector players posted 13.85 per cent growth in grosspremium in 2009-10. At the same time, private players recorded a12.82 per cent increase in gross premium

non-life insurers mopped up US$ 1.59 billion against US$ 1.34billion in the previous year, registering an increase of 19 per centaccording to IRDA data.

India has one of the lowest penetration rates for property andcasualty insurance in Asia in terms of premium as a % of GDP

Number of private insurers is expected to grow as various foreigncompanies have announced intentions to establish joint ventures.


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Players in General insurance -

General Insurers:

General Insurance Corporation of India (GIC)

Royal Sundaram Alliance Insurance Company Limited

Reliance General Insurance Company Limited.

IFFCO Tokio General Insurance Co. Ltd

TATA AIG General Insurance Company Ltd.

Bajaj Allianz General Insurance Company Limited

ICICI Lombard General Insurance Company Limited.

Cholamandalam General Insurance Company Ltd.

Export Credit Guarantee Corporation Ltd.

HDFC-Chubb General Insurance Co. Ltd.
http://www.gicoi.com/http://www.royalsun.com/http://www.royalsun.com/http://www.itgi.co.in/http://www.tata-aig.com/http://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.cholainsurance.com/http://www.irdaindia.org/http;//www.ecgcindia.comhttp://www.irdaindia.org/http;//www.ecgcindia.comhttp://www.cholainsurance.com/http://www.icicilombard.com/http://www.bajajallianz.co.in/http://www.tata-aig.com/http://www.itgi.co.in/http://www.royalsun.com/http://www.royalsun.com/http://www.gicoi.com/


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Players in General insurance -

AMZ General Insurance Company Limited.

The Oriental Insurance Company Limited The New India Assurance Company Limited,

National Insurance Company Limited

United India Insurance Company Limited.
http://www.orientalinsurance.nic.in/http://www.niacl.com/http://www.nationalinsuranceindia.com/http://www.nationalinsuranceindia.com/http://www.niacl.com/http://www.orientalinsurance.nic.in/


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Marine Insurance -

Its a broad Broad type of insurance covering the risk of

those commodities which may be transported by both ocean marineand inland marine.

Marine Hull insurance provides coverage for risks pertaining tophysical damage to vessels.

Cargo insurance Provides cover for losses that could occur togoods in transit on sea, rail road, and air.


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Motor/Accident insurance -

A form of personal insurance against loss by

accidental bodily injury. Motor insurance is statutorily mandatory with respect to the owner

of the vehicle

Insurance of damage to vehicle is not mandatory.

Types of Policies

1. Third party liability policy the insurer indemnifies the insuredagainst all sums which he may become legally liable to anyperson.

2. Comprehensive losses and act liability policy covers an entire

range of viz, fire/explosion/self ignition/lightning of vehicle,burglary/theft, flood, terrorist activity etc


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Health/Medical insurance -

Type of insurance covers mainly two types of

benefits viz, Reimbursement of medical expenses related to specific diseases

Hospitalization charges cover.

Types of health insurance policies

1. Mediclaim policy

2. Bhavishya arogya policy

3. Jan arogya bima policy

4. Cancer insurance

5. Overseas medical cover

The health insurance premium is expected to grow at acompound annual growth rate (CAGR) of over 25 per cent for the period

spanning from 2009-10 to 2013-14.


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Players in Health insurance -

The IRDA (Insurance Regulatory Development Authority hasrecognized the following companies in India)

The major health insurance companies in India are the

National Insurance Company

New India Assurance

United India Insurance ICICI Lombard

Tata AIG

Royal Sundaram

Star Allied Health Insurance

Cholamandalam DBS Bajaj Allianz Apollo

AG Health Insurance Company
http://www.gicoi.com/http://www.royalsun.com/http://www.royalsun.com/http://www.itgi.co.in/http://www.itgi.co.in/http://www.royalsun.com/http://www.royalsun.com/http://www.gicoi.com/


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Liability insurance -

Liability insurance covers debts or responsibilities that may arise bya contract it includes

Employee liabilities related to working conditions, covered underworkmens compensations insurance policies, and it mainly covers

the industrial risk.

Employee state insurance liability in relation to injury to anyemployee while at work.

Non-industrial risks relates to non-industrial but mainly commercialenterprises such as cinemas, restaurants, offices, shoppingcomplexes, schools, etc

Professional liabilities relate to liabilities that could arise from thepractice of certain profession, ex medical practitioners, engineers,architects, directors of the companies

Product liabilities liabilities that could arise from the sale ofproducts to customers and results in damage to customers.


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Fire insurance

Provides for financial loss to property due to fireand related hazards.

Property that can be covered under fire insurance policy are

Building

Goods in the open

Furniture's, fixtures, and fittings

Electrical installations of a building

Machinery/equipments etc..


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Policies in fire insurance -

Consequential loss policy cover the loss of profit due to damage toproperty by damage

Replacement value policy policy in which there is a possiblity ofcovering the cost of replacing the damaged property

Floater policy covers stocks lying at different locations (warehouse,godowns, factories etc..) are recovered under one sum assured.

Industrial all risk policy This policy is a package cover for the perilslike fire, burglary, machine breakdown, boiler explosion, businessinterruption


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Crop insurance -

Crop insurance is a financial mechanism to minimize the impact of

loss in farm income by factoring in a large number of uncertaintieswhich affect the crop yields.

Crop insurance is a means to protecting the cultivators againstfinancial loss on account of anticipated crop-loss arising out ofpractically all natural factors beyond their control such as natural fire,weather, floods, pests, diseases etc.


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Crop Insurance Scheme was introduced by GIC in 1979.

The important features of the scheme were:

i. The scheme was based on "Area Approach".ii. The scheme covered cereals, millets, oilseeds, cotton, potato and gram.iii. The scheme was available to farmers only and on voluntary basis.iv. The risk was shared between General Insurance Corporation of India

and State Governments in the ratio of 2:1.v. The maximum sum insured was 100 per cent of the crop loan, whichwas later increased to 150 per cent.vi. A 50 per cent subsidy was provided for insurance charges payable bysmall and

marginal farmers by the State Government and the Government of Indiaon 50:50 basis.


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Products in the market -

Weather based crop insurance schemes -

Wheat Insurance Rabi Weather Insurance

Varsha Bima (Rainfall Insurance)

Insurance products are also available for plantation crops inspecific geographical areas such as

Uttarakhand Seb Bima Yojana (Apple Insurance),

Grapes Insurance,

Rainfall Insurance Scheme for Coffee Growers

Bio-Fuel Tree / Plant Insurance

Pulpwood Tree Insurance Coconut Insurance

Rubber Insurance

Mango Insurance

insurance service ppt mba

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