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General InsuranceInsurance contracts that do not come under the ambit of life insurance are called general insurance.The different forms of general insurance are fire, marine, motor, accident and other miscellaneous non-life insurance. The economic value of the tangible asset is to be protected for which the general insurance is needed.Like life insurance, general insurance products come at a price in the form of premium. General insurance is broadly divided into three areas: personal lines, commercial lines and London market.

MARINE INSURANCE*ORIGINATED IN ENGLANDGOVERNED BY - Indian Marine Insurance Act 1963COVERS THREE MAIN INTERESTS in a marine venture :-Hull it represents the ship;Cargo it is the goods being transported by the vessel; andFreight is the profit or earnings of the ship at the end of a marine venture.MARINE INSURANCE COVERAGEFORTUITOUSINSURED PERILS CollisionFoundering at SeaTaking at sea

HULL INSURANCE and Types of Policies*HULL refers to ocean going vessels (ships, trawlers, barges, fishing vessels, etc)HULL AND MACHINERY INSURANCEDISBURSEMENT AND INCREASED VALUE INSURANCESHIP REPAIRERS LIABILITYWAR RISKSBUILDERS RISK POLICYPREMIUMS OF INSURANCE

CARGO INSURANCE*Cargo insurance are codified under the Institute of Cargo Clauses (A), (B) and (C). RISKS COVERED BY ICC CLAUSESAll perils, Fire (including while extinguishing) Collision with another vessel/other objects Disposal of cargo at a port of distressLightning, earthquakes, volcanic activityLoss caused due to incursion of waterPackage lost/ damaged in loading and unloading process (called sling loss)

FREIGHT INSURANCE*Profit a ship owner makes by transporting his own cargo or the cargo of another personTYPES OF FREIGHT:Prepaid Freight paid in advance by owner of goods, at his own risk. Covers this while insuring goods.Freight payable on delivery paid once goods are delivered. If carrier fails to deliver goods, then they are not entitled to freight.Lump sum Freight when carrier is not required to deliver entire cargo, but a sizeable amount of cargo should be delivered.Time charter hire paid to ship owner by owner of goods for making use of the ship for transporting his goods

FIRE INSURANCE*PERILS COVEREDFire, Lightning, Explosion, Aircraft damage, Riot, Strike, malicious damages, tempest, flood, landslide, bursting, missile testing operations, bush file, terrorist cover (with extra premium)COVER MAY BE EXTENDED WITH EXTRA PREMIUM (ADD-ON COVERS)Architect's, surveyor's consulting engineers fees, impact damage, bursting and/or overflowing of water tanksRemoval of debris, deterioration of stock in cold storage, forest fire, earthquake, loss of rent, start-up expenses

FIRE - SPECIAL POLICIES FLOATERDECLARATION POLICIESREINSTATEMENT VALUE POLICIESINDUSTRIAL ALL RISKS POLICY

SOME MISCELLANEOUS INSURANCE*CRIME INSURANCEBAGGAGE INSURANCEMONEY IN TRANSIT INSURANCEJEWELLERS BLOCK INSURANCEHORSE / DONKEY / MULE / PONY INSURANCEKIDNAP & RANSUM INSURANCEVIDESH YATRA POLICY

INNOVATION IS COMBINATION OF ACTIVITIES AND TECHNOLOGIES THAT BREAKS EXISTING PERFORMANCE TRADE-OFFS IN THE ATTAINMENT OF AN OUTCOME IN A MANNER THAT EXPANDS THE REALM OF THE POSSIBLE.

THE EARLIEST POLICIES LARGELY COVERED LOSSES BY MERCHANTS GOING THROUGH FOREIGN LANDS, ENABLING THEM TO SHARE THE RISK. MARITIME INSURANCE DATES BACK TO 13TH CENTURY AT LEAST.

LIFE INSURANCE, ACCIDENT, HEALTH INSURANCE AND NOW EVERYTHING FROM BUSINESS INTERRUPTION TO CYBER INSURANCE REFLECT INNOVATIONS DEVELOPED

Telematics insuranceIt is defined as the integrated use of user-generated source data, telecommunications, and analytics to support insurance related products and services

Also known as black box insurance telematics policies offer personalized insurance based on persons driving behavior.

INNOVATION TO OPPORTUNITY

Putting the customer first : The competitive advantage

Latest NewsGeneral insurers' H1 premium up 12.3 per cent, may miss annual target of Rs 1 trillion.Fall short of its premium growth target of Rs 1 trillion despite registering double-digit growth in the first half of the current fiscal.Closed 2014-15 with a total premium of Rs 87,000 crore.Motor and health have shown slow progress in the second half.All the four public sector general insurers -- New India Assurance, National Insurance, United India Insurance and Oriental Insurance -- at 11 per cent have shown better growth than their peers in 17 private sector general insurers.

Source: Economic Times Article; Oct 25, 2015

Latest News Cont..IRDAI draft asks general insurers to float IPOs if needed.Allows an insurance company to go for IPO subject to compliance of lock-in period specified at the time of grant of certificate of registration.Public sector general insurance firm can go for "IPO subject to compliance of the provisions of 10B of the General Insurance Business (Nationalisation) Act, 1972.Suggested that the company issue the equity as fully paid-up.No Indian insurance company transacting the non-life insurance or stand-alone health insurance or reinsurance business shall approach Sebi for public issue of shares and for any subsequent issue, without previous written approval of the authority.

Source: Economic Times Article; Sep 28, 2015

Other NewsKotak Mahindra General Insurance to commence operations with focus on retail.Initial Capital of Rs 135 Crore.operate in all general insurance segments, with a focus on retail business - motor, health, home and travel insurance.Plans to foray into commercial lines comprising fire, burglary, marine.State-run general insurers' common TPA launch postponed again.Investment of over Rs 200 crore by the four general insurers.

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