know about insurance
TRANSCRIPT
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KnowKnow
aboutaboutInsuranceInsurance
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Contents:Contents:--
Life insuranceLife insurance
General insuranceGeneral insurance
Insurance market scenarioInsurance market scenario
Emerging trends in insuranceEmerging trends in insurance
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LearningLearning
InsuranceInsurance
What Is InsuranceWhat Is InsuranceInsurance is concerned with protectionInsurance is concerned with protectionof economic value of assets.Tangibleof economic value of assets.Tangibleassets are human beings, house,assets are human beings, house,
furniture, motor cycle etc.Intangiblefurniture, motor cycle etc.Intangibleassets are liabilitiesassets are liabilities
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History of InsuranceHistory of Insurance
It started from Lloyds coffee houseIt started from Lloyds coffee houseLondonLondon
First policy issued in England in 1583First policy issued in England in 1583
In India first policy issued in 1870In India first policy issued in 1870
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History of InsuranceHistory of Insurance
LIC of India formed in 1956 afterLIC of India formed in 1956 after
nationalization of life insurancenationalization of life insurance
Business of24
5 private insuranceBusiness of24
5 private insurancecompaniescompanies
General insurance business of 107General insurance business of 107
insurance companies wasinsurance companies was
nationalized in 1972 & four public sector Generalnationalized in 1972 & four public sector GeneralInsurance Companies were formedInsurance Companies were formed
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Classes ofClasses of
InsuranceInsurance
A. Life insuranceA. Life insurance
B. General insuranceB. General insurance
General insurance is furtherGeneral insurance is further
classified:classified:--
1.Fire insurance1.Fire insurance2.Marine insurance2.Marine insurance
3.Miscellaneous insurance3.Miscellaneous insurance
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Miscellaneous Insurances:Miscellaneous Insurances:--
1.Motor insurance1.Motor insurance
2.Mediclaim insurance2.Mediclaim insurance3.Householders insurance3.Householders insurance
4.Shopkeepers insurance4.Shopkeepers insurance
5.Engineering insurances5.Engineering insurances
etc.etc.
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1.Insurable interest1.Insurable interest-- Means financial interestMeans financial interest
2.Utmost good faith2.Utmost good faith-- Greater duties of faithGreater duties of faithon proposer & insureron proposer & insurer
3.Indemnity3.Indemnity-- Actual compensation of loss.Actual compensation of loss.not applicable in life policiesnot applicable in life policies
FundamentalFundamental
Principles of InsurancePrinciples of Insurance
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Fundamental Principles ofFundamental Principles of
InsuranceInsurance
4.Subrogation4.Subrogation--Transfer of rights ofTransfer of rights ofinsured to insurer.Not applicable in lifeinsured to insurer.Not applicable in lifepolicies.policies.
5.Contribution5.Contribution--Sharing of loss by allSharing of loss by allinsurers.Not applicable in life policies.insurers.Not applicable in life policies.
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Market Scenario before Irda ActMarket Scenario before Irda Act
19991999
Life insurance companyLife insurance company
1.1. LIC of IndiaLIC of India
General insurance companiesGeneral insurance companies
1.1.National insurance company ltdNational insurance company ltd
2.New India assurance company ltd2.New India assurance company ltd
3.Oriental insurance company ltd3.Oriental insurance company ltd4.United India insurance company ltd4.United India insurance company ltd
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Market Scenario after Irda Act 1999Market Scenario after Irda Act 1999
Stage ofStage ofLiberalization,Liberalization,
Privatization &Privatization &
GlobalizationGlobalization(Competition between public sector & private(Competition between public sector & privatesector)sector)
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Life Insurance CompaniesLife Insurance Companies
1.Bajaj Allianz Life Insurance Company Ltd1.Bajaj Allianz Life Insurance Company Ltd
2.Birla Sun Life Insurance Company Ltd2.Birla Sun Life Insurance Company Ltd
3.HDFC Standard Life Insurance Company Ltd3.HDFC Standard Life Insurance Company Ltd
4.ICICI Prudential Life Insurance Company Ltd4.ICICI Prudential Life Insurance Company Ltd
5.ING Vysya Life Insurance Company Ltd5.ING Vysya Life Insurance Company Ltd
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Life Insurance CompaniesLife Insurance Companies
6.Max New York Life Insurance Company6.Max New York Life Insurance CompanyLtdLtd
7.Met Life India Insurance Company Ltd7.Met Life India Insurance Company Ltd8.Kotak Mahindra Old Mutual Life Insurance8.Kotak Mahindra Old Mutual Life InsuranceCompany LtdCompany Ltd
9.SBI Life Insurance Company Ltd9.SBI Life Insurance Company Ltd
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Life Insurance CompaniesLife Insurance Companies
10.Tata AIG Life Insurance Company Ltd10.Tata AIG Life Insurance Company Ltd
11.Reliance Life Insurance Company Ltd11.Reliance Life Insurance Company Ltd
12.Aviva Life Insurance
Company Ltd1
2.Aviva Life Insurance
Company Ltd
13.Sahara India Life Insurance13.Sahara India Life InsuranceCompany LtdCompany Ltd
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Life Insurance CompaniesLife Insurance Companies
14.Shriram Life Insurance Company14.Shriram Life Insurance CompanyLtdLtd
15.Bharti Axa Life Insurance Company15.Bharti Axa Life Insurance Company
LtdLtd16.Life Insurance Corporation Of16.Life Insurance Corporation Of
IndiaIndia
17.Future Generali India Life Insurance17.Future Generali India Life InsuranceCompany Ltd.Company Ltd.
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Life Insurance CompaniesLife Insurance Companies
18.18. IDBI Fortis Life Insurance CompanyIDBI Fortis Life Insurance Company
Ltd.Ltd.
19.19.Canara HSBC Oriental Bank ofCanara HSBC Oriental Bank of
Commerce Life Insurance Company Ltd.Commerce Life Insurance Company Ltd.20.Aegon Religare Life Insurance20.Aegon Religare Life Insurance
Company Limited.Company Limited.
21. DLF Pramerica Life Insurance Co. Ltd.21. DLF Pramerica Life Insurance Co. Ltd.
22. Star Union Dai22. Star Union Dai--ichi Life Insurance Co.ichi Life Insurance Co.
Ltd.Ltd.
23.India First Life Insurance Company Ltd23.India First Life Insurance Company Ltd..
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General Insurance CompaniesGeneral Insurance Companies
1.Bajaj Allianz General Insurance Company1.Bajaj Allianz General Insurance CompanyLtdLtd
2.Icici Lombard General Insurance2.Icici Lombard General InsuranceCompany LtdCompany Ltd
3.Iffco Tokio General Insurance Company3.Iffco Tokio General Insurance CompanyLtdLtd
4.Reliance General Insurance Company Ltd4.Reliance General Insurance Company Ltd5.Royal Sundaram Alliance Insurance5.Royal Sundaram Alliance InsuranceCompany LtdCompany Ltd
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General Insurance CompaniesGeneral Insurance Companies
6.Tata AIG General Insurance Company Ltd6.Tata AIG General Insurance Company Ltd7.Cholamandalam Ms General Insurance7.Cholamandalam Ms General InsuranceCompany LtdCompany Ltd
8.HDFC8.HDFC--ERGO General Insurance CompanyERGO General Insurance CompanyLtdLtd
9.Star Health & Allied Insurance Company9.Star Health & Allied Insurance CompanyLtdLtd
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General Insurance CompaniesGeneral Insurance Companies
10.ExportCredit Guarantee Corporation10.ExportCredit Guarantee CorporationLtdLtd
11.Agriculture Insurance11.Agriculture InsuranceCompany Of India LtdCompany Of India Ltd
12.National Insurance Company12.National Insurance Company
LtdLtd13.New India Assurance Company13.New India Assurance CompanyLtdLtd
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General Insurance CompaniesGeneral Insurance Companies
14.Oriental Insurance Company14.Oriental Insurance CompanyLtdLtd
15.United India Insurance Company15.United India Insurance CompanyLtdLtd
16. Apollo Munich Health Insurance Company Ltd16. Apollo Munich Health Insurance Company Ltd
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General Insurance CompaniesGeneral Insurance Companies
17.Future Generali India Insurance Company17.Future Generali India Insurance Company
LtdLtd
18. Universal Sompo General Insurance Co.18. Universal Sompo General Insurance Co.
Ltd.Ltd.19.Shriram General Insurance Company Limited19.Shriram General Insurance Company Limited
20.Bharti AXA General Insurance Company ltd.20.Bharti AXA General Insurance Company ltd.
21.Raheja QBE General Insurance Company Limited21.Raheja QBE General Insurance Company Limited
22.SBI General Insurance Company Ltd.22.SBI General Insurance Company Ltd.
23.Max Bupa Health Insurance Company Ltd.23.Max Bupa Health Insurance Company Ltd.
24.L & T General Insurance Company Ltd.24.L & T General Insurance Company Ltd.
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Market IntermediariesMarket Intermediaries
Who procure theWho procure the
insurance business:insurance business:--
AgentsAgents Corporate agentsCorporate agents
Insurance brokersInsurance brokers
Banks (Bancassurance)Banks (Bancassurance)
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Other market IntermediariesOther market Intermediaries
SurveyorsSurveyors
Who assess the loss in NonWho assess the loss in Non--Life InsuranceLife InsuranceClaims
Claims
TPA ( Third Party Administrators)TPA ( Third Party Administrators)
Who provide the claim settlement serviceWho provide the claim settlement service
in health insurance policiesin health insurance policies
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Basic Life Insurance PoliciesBasic Life Insurance Policies
Term assurance policyTerm assurance policy Provides death cover onlyProvides death cover only
during policy periodduring policy period Premium is lowPremium is low
No refund of premiumNo refund of premium
Sum assured paid on deathSum assured paid on death
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Whole Life PolicyWhole Life Policy
Death cover onlyDeath cover only
Period is not specifiedPeriod is not specified
Premium is low & paidPremium is low & paidduring life timeduring life time
No refund of premiumNo refund of premium
Sum assured paid on deathSum assured paid on death
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Endowment Assurance PlanEndowment Assurance Plan
Covers death & survivalCovers death & survival
benefitsbenefits
Sum assured paid on deathSum assured paid on deathor on maturity of policyor on maturity of policy
Period of policy at the optionPeriod of policy at the option
of proposerof proposer Most common planMost common plan
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Money Back PolicyMoney Back Policy
Available for different periodsAvailable for different periods
Covers death & survival benefitsCovers death & survival benefits
Lump sum paid periodicallyLump sum paid periodically
Full sum assured paid on deathFull sum assured paid on death
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Unit Linked Insurance PoliciesUnit Linked Insurance Policies
(ULIP)(ULIP) Each premium split into units and riskEach premium split into units and risk
premium for life coverpremium for life cover
Units are priced as per currentUnits are priced as per currentmarket valuemarket value
Sum assured & current value of units paidSum assured & current value of units paidon death as per policy conditionon death as per policy condition
Current value of units paid on maturityCurrent value of units paid on maturity
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Annuity (Pension)Annuity (Pension)
PlansPlans These are pension plansThese are pension plans
Immediate annuity or deferred annuityImmediate annuity or deferred annuity
starts at specified age periodicallystarts at specified age periodically Single premium paid for immediateSingle premium paid for immediate
annuityannuity
Premium in installments paidPremium in installments paidfor deferred annuityfor deferred annuity
Life cover simultaneouslyLife cover simultaneously
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Important aspects of Life InsuranceImportant aspects of Life InsurancePoliciesPolicies
Policies available with bonus or without bonusPolicies available with bonus or without bonus
Death due to accidents can be covered forDeath due to accidents can be covered for
additional S.A.additional S.A. Policies available exclusively for women &Policies available exclusively for women &
childrenchildren
Additional cover for major diseases availableAdditional cover for major diseases available
Guaranteed bonus policies availableGuaranteed bonus policies available
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Important aspects of Life InsuranceImportant aspects of Life InsurancePoliciesPolicies
Policies available for limited periodPolicies available for limited periodpremium payment & risk for longer policypremium payment & risk for longer policy
periodperiod
Premium can be paid in monthly,Premium can be paid in monthly,quarterly, half yearly, yearly installmentsquarterly, half yearly, yearly installments
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Important aspects of Life InsuranceImportant aspects of Life InsurancePoliciesPolicies
Loans are available on policiesLoans are available on policies
Lapsed policies can be revivedLapsed policies can be revived
Policy can be surrendered after threePolicy can be surrendered after threeyearsyears
Nomination & assignment can be doneNomination & assignment can be done
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General Insurance PoliciesGeneral Insurance Policies
Fire policiesFire policies
Marine policiesMarine policies
Motor vehicle policiesMotor vehicle policies Personal line policiesPersonal line policies
Health insurancesHealth insurances
Liability insurancesLiability insurances
Rural insurance policiesRural insurance policies
Engineering insurancesEngineering insurances
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Fire PoliciesFire Policies
Standard fire policyStandard fire policy--
Common policy for buildings, shops,offices,Common policy for buildings, shops,offices,
Industrial & manufacturing risksIndustrial & manufacturing risks
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FIRE POLICIESFIRE POLICIES--SPECIAL POLICIESSPECIAL POLICIES
Industrial & ManufacturingIndustrial & Manufacturing
clientsclients Floater policyFloater policy Declaration policyDeclaration policy
Floater declaration policyFloater declaration policy
Reinstatement value policyReinstatement value policy Industrial all risk policyIndustrial all risk policy
Consequential loss policyConsequential loss policy
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Marine PolicyMarine Policy
Marine Cargo PolicyMarine Cargo Policy
Policy insures physical loss or damage to thePolicy insures physical loss or damage to thegoods in transit by road, rail, air, water causedgoods in transit by road, rail, air, water causeddue to accidents, fire etcdue to accidents, fire etc..
Marine Hull PolicyMarine Hull Policy Policy insures marine ships,steamers etc.Policy insures marine ships,steamers etc.
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Special Marine Cargo PoliciesSpecial Marine Cargo Policies
For business, industries,For business, industries,
importers and exportersimporters and exporters
Annual policyAnnual policy Special declaration policySpecial declaration policy
Open coverOpen cover
Open policyOpen policy
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Motor Vehicle PoliciesMotor Vehicle Policies
Liability only motor policyLiability only motor policyMandatory motor vehicle policyMandatory motor vehicle policy
Package motor policyPackage motor policyMotor policy additionally insures loss andMotor policy additionally insures loss anddamage of the motor vehicle due to theftdamage of the motor vehicle due to theft
and accidents along with third party riskand accidents along with third party riskis called a package motor policyis called a package motor policy..
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Personal Line InsurancesPersonal Line Insurances
House holders policyHouse holders policy
Shop keepers policyShop keepers policy
Personal accident policyPersonal accident policy
Group personal accident policyGroup personal accident policy
Fidelity guarantee policyFidelity guarantee policy
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Health InsuranceHealth Insurance
Medi claim policyMedi claim policy
Overseas medi claim policyOverseas medi claim policy
Videsh yatra mitra policyVidesh yatra mitra policy Corporate frequent travelers policyCorporate frequent travelers policy
Employment & study policyEmployment & study policy
Group medi claim policyGroup medi claim policy Cancer policyCancer policy
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Liability InsurancesLiability Insurances
Compulsory public liability policyCompulsory public liability policy
Public liability policyPublic liability policy
Products liability policyProducts liability policy Professional indemnity policyProfessional indemnity policy
Lift (third party) policyLift (third party) policy
Directors liability policyDirectors liability policy Employers liability policyEmployers liability policy
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Rural Insurance PoliciesRural Insurance Policies
Cattle policyCattle policy
Poultry policyPoultry policy
Agricultural pump setAgricultural pump set
policypolicy
Crop insuranceCrop insurance
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Engineering InsurancesEngineering Insurances
Machinery Breakdown InsuranceMachinery Breakdown Insurance
Loss of Profits (MachineryLoss of Profits (MachineryBreakdown) InsuranceBreakdown) Insurance
Electronic Equipment InsuranceElectronic Equipment Insurance
Erection All Risk Insurance (EAR)Erection All Risk Insurance (EAR)
Storage cum Erection InsuranceStorage cum Erection Insurance(SCE)(SCE)
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Engineering InsurancesEngineering Insurances
Contractors All Risk Insurance (CAR)Contractors All Risk Insurance (CAR)
Contractors Plant and Machinery InsuranceContractors Plant and Machinery Insurance(CPM)(CPM) Boiler and Pressure Plant InsuranceBoiler and Pressure Plant Insurance Loss of Profits (Boiler Explosion) InsuranceLoss of Profits (Boiler Explosion) Insurance
Deterioration of Stocks Insurance.Deterioration of Stocks Insurance.
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Insurance LawInsurance Law
The Insurance Act 1938The Insurance Act 1938
(amended)(amended) Insurance Regulatory & DevelopmentInsurance Regulatory & DevelopmentAuthority Act 1999Authority Act 1999
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IRDAIRDA
Insurance Regulatory & DevelopmentInsurance Regulatory & DevelopmentAuthority is the controlling and regulatoryAuthority is the controlling and regulatoryapex body in the country for insuranceapex body in the country for insurancesector and its chairman and members aresector and its chairman and members areappointed by Government of India. IRDAsappointed by Government of India. IRDAsHQ is located atHyderabadHQ is located atHyderabad
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Insurance RegulationsInsurance Regulations(Regulations issued by IRDA)(Regulations issued by IRDA)
IRDA Actuarial Report and Abstract2000IRDA Actuarial Report and Abstract2000
IRDA Registration of Indian InsuranceIRDA Registration of Indian InsuranceCompanies
2000
Companies
2000
IRDAIRDA Insurance Advertisement andAdvertisement andDisclosure 2000Disclosure 2000
IRDA The IRDA (Meetings) 2000IRDA The IRDA (Meetings) 2000
IRDA Investments (Life and General) 2000IRDA Investments (Life and General) 2000
IRDA Statements of Accounts 2000IRDA Statements of Accounts 2000
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Insurance RegulationsInsurance Regulations(Regulations issued by IRDA)(Regulations issued by IRDA)
IRDA The Insurance Advisory CommitteeIRDA The Insurance Advisory Committee(Meetings) Regulations, 2000(Meetings) Regulations, 2000
IRDA Assets, Liabilities, and SolvencyIRDA Assets, Liabilities, and Solvency
Margin of Insurers Regulations, 2000Margin of Insurers Regulations, 2000 IRDA Obligations of Insurers to RuralIRDA Obligations of Insurers to Rural
Social Sectors Regulations, 2000Social Sectors Regulations, 2000
IRDA Licensing of Insurance AgentsIRDA Licensing of Insurance AgentsRegulations, 2000Regulations, 2000
IRDA Appointed Actuary 2000IRDA Appointed Actuary 2000
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Insurance RegulationsInsurance Regulations(Regulations issued by IRDA)(Regulations issued by IRDA)
IRDA General InsuranceIRDA General Insurance -- ReinsuranceReinsuranceRegulations, 2000Regulations, 2000
IRDA The IRDA (Staff) 2000IRDA The IRDA (Staff) 2000
IRDA Surveyors and Loss Assessors 2000IRDA Surveyors and Loss Assessors 2000 IRDA ReinsuranceIRDA Reinsurance Life 2000Life 2000
IRDA Revised Investment Regulations in AprilIRDA Revised Investment Regulations in April20012001
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Insurance RegulationsInsurance Regulations
Irda (manner of receipt of premium)Irda (manner of receipt of premium)regulation 2002regulation 2002
Irda (licencing of brokers) regulation 2002Irda (licencing of brokers) regulation 2002
Irda (microIrda (micro--insurance) regulations, 2005insurance) regulations, 2005
IRDA (Treatment ofDiscontinued LinkedIRDA (Treatment ofDiscontinued Linked
Insurance Policies) Regulations, 2010Insurance Policies) Regulations, 2010 IRDA (Sharing ofDatabase for DistributionIRDA (Sharing ofDatabase for Distribution
of Insurance Products) Regulations, 2010of Insurance Products) Regulations, 2010
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IRDA Guidelines on Corporate GovernanceIRDA Guidelines on Corporate Governance
for the Insurance Sectorfor the Insurance Sector
IRDA vide letter no. IRDA/F&A/CIR/025/2009IRDA vide letter no. IRDA/F&A/CIR/025/2009--10 dated10 dated
0505--0808--2009 has issued detailed guidelines to all insurers2009 has issued detailed guidelines to all insurerson corporate governance for the insurance sector foron corporate governance for the insurance sector forcompliance with effect from 01compliance with effect from 01--0404--2010 and an2010 and anAmendment No.1 has been issued vide letterAmendment No.1 has been issued vide letterno.no.IRDA/F&I/CIR/F&A/014/01/2010 dated 29IRDA/F&I/CIR/F&A/014/01/2010 dated 29--0101--
20102010
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Economic GrowthEconomic GrowthGDP 8.7 % in 2007GDP 8.7 % in 2007--0808
SectorSector GrowthGrowth % of GDP% of GDP
Agriculture 2.6 17.5Agriculture 2.6 17.5
Industry 8.9 26.8Industry 8.9 26.8Services 10.7 55.7Services 10.7 55.7
(Fin.& 11.7 14.7(Fin.& 11.7 14.7
Insurance)Insurance)
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Growth of Insurance BusinessGrowth of Insurance Business
Life Insurance Premium from Rs.400Life Insurance Premium from Rs.400crores in 1956 to Rs.221791 crores incrores in 1956 to Rs.221791 crores in20082008--09 with 10.15 % growth over 200709 with 10.15 % growth over 2007--0808
General Insurance Premium from Rs.200General Insurance Premium from Rs.200
crores in 1972 to Rs.38182 crores in 2009crores in 1972 to Rs.38182 crores in 2009--10 with 16.55 % growth over 200810 with 16.55 % growth over 2008--0909
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Emerging TrendsEmerging Trends
Detariffing in General Insurance fromDetariffing in General Insurance from1.1.2007 leading to greater price war &1.1.2007 leading to greater price war &new products in futurenew products in future
Banks entering insurance market throughBanks entering insurance market throughjoint ventures with foreign finance majorsjoint ventures with foreign finance majors
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Emerging TrendsEmerging Trends
Increasing Role ofIncreasing Role of
Insurance BrokersInsurance Brokers BancassuranceBancassurance
Corporate AgencyCorporate Agency
IT intervention & usesIT intervention & uses
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Emerging TrendsEmerging Trends
Greater Job OpportunitiesGreater Job Opportunities
For thousands of InsuranceFor thousands of Insurance
Managers, IT ProfessionalsManagers, IT Professionals
For lacs of Insurance AdvisorsFor lacs of Insurance Advisors
For Insurance ProfessionalsFor Insurance Professionals
For Risk ManagersFor Risk Managers
For UnderwritersFor Underwriters
For claim SettlementsFor claim Settlements
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Emerging TrendsEmerging Trends
Vast No. of uninsured populationVast No. of uninsured population
UnderinsuranceUnderinsurance Untapped potential for General InsuranceUntapped potential for General Insurance
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Emerging TrendsEmerging Trends
Increasing awareness aboutHealthIncreasing awareness aboutHealthInsuranceInsurance
Increasing awareness about Personal LineIncreasing awareness about Personal LineInsurance like House, Shop, PersonalInsurance like House, Shop, Personal
AccidentAccident
Market flooded with new insuranceMarket flooded with new insurance
productsproducts