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Project Report on Insurance Sector in India Overview

 

INSURANCE SECTOR OVERVIEW

The insurance sector has a long history in India. The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost 190 years.

The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. The 1st legal enactment was made in 1870. The 1st Indian Insurance Act was passed in 1938 and amended in 1950, when it was nationalized. However, the sector was once again thrown open to the private sector on December 1999, followed by the establishment of the Insurance Regulatory and Development Authority (IRDA) in April 2000.

Though the Insurance Sector is now open for private players as a consequence of the new liberalization policies of the Government, the existing government owned Insurance companies will, nevertheless, continue to be in the government sector. These existing companies will, however, have to strive for better realization of their corporate objectives and goals to meet the demands and expectations of the public.

Quality of service and product that an industry offers must move forward with progress in the state of the economy. As the quantum and quality of service change over time, the levels at which customers continue to remain satisfied with the services provided, also keep on increasing. Ultimately, the success of any industry depends upon its positioning in the state of economy and on meeting the expectations of the service users.

With competition, the performance level of individual companies is expected to increase. Segmentation is taking place within the economy with a need for socially responsive service sector.

Globalization is the new economic reality, which is here to stay, heralding a new era of insurance in India. With the opening of the insurance industry, India stands to gain with the following major advantages:

  • Globalization will provide improved opportunities to the customer for better products, with more reasonable and affordable pricing.
  • The customer will get faster servicing.
  • It will enhance the savings rate.
  • Long-term funds for infrastructure development will be available to the Country.
  • It will secure for India larger inflows of foreign capital needed to sustain our GDP growth.

So, itís clear that the insurance was in private hands before 1971 and was nationalized in 1972 with all private companies merged into General Insurance Corporation of India as

The parent company with 4 subsidiaries as National Insurance Company Ltd. with Head Office at Calcutta, New India Assurance Company Ltd. with Head Office at Bombay, Oriental Insurance Company Ltd. with Head Office at New Delhi and United India Insurance Company Ltd. with Head Office at Madras.

In 1993 the need for Private Insurance Companies and Multinational Companies was felt and beginning of liberalization process started.

 

GROWTH OF INSURANCE INDUSTRY

Life Insurance History :

Life Insurance History : Life insurance in its existing form came in India from United Kingdom (UK) with the establishment of a British firm, Oriental Life Insurance Company in 1818 followed by Bombay Life Assurance Company in 1823, the Madras Equitable Life Insurance Society in 1829 and Oriental Life Assurance Company in 1874. Prior to 1871, Indian lives were treated as sub-standard and charged an extra premium of 15% to 20%. Bombay Mutual Life Assurance Society, an Indian insurer that came into existence in 1871, was the first to cover Indian lives at normal rates. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life insurance business. Later, in 1928 the Indian Insurance Companies Act was enacted, inter alias, to enable the government to collect statistical information about life and non-life insurance business transacted in India by Indian and foreign insurers, including the provident insurance societies.

In 1938, with a view to protecting the interest of insuring public, earlier legislation was consolidated and amended by Insurance Act, 1938 with comprehensive provisions for detailed and effective control over the activities of insurers. In order to administer the aforesaid legislation, an insurance wing was established and attached first with the Ministry of Commerce and then Ministry of Finance. This ministry was administratively responsible for policy matters pertaining to insurance. The actuarial and operational matters relating to the insurance industry were looked after by an attached office in Shimla, headed first by Actuary to the Government of India, then by Superintendent of Insurance and finally by the Controller of Insurance. The act was amended in 1950, making far-reaching changes such as requirement of equity capital for companies, carrying on life insurance business, ceilings on shareholdings I such companies, stricter control on investment of life insurance companies, submission of periodical returns relating to investments and such other information to the Controller as he may call for, appointments of administrators for mismanaged companies, ceilings on expenses of management and agency commission, incorporation of the Insurance Association of India and formation of councils and committees thereof.

By 1956, 154 Indian insurers, 16 non-Indian insurers and 75 provident societies were carrying on life insurance business in India. Life insurance business was confirmed mainly to cities and better off segments of the society.

On 19th January 1956 the management of life insurance business of 245 Indian and foreign insurers and provident societies, then operating in India, was taken over by the Central Government and then nationalized on 1st September 1956. An Act of Parliament, viz. LIC Act, formed LIC in September 1956, with capital contribution of Rs. 5 crore from the Government of India.

The then Finance Minister, Shri S.D.Deshmukh, while piloting the bill for nationalization, outlined the objectives of LIC thus: to conduct the business with utmost economy, in a spirit of trusteeship; to charge premium no higher than warranted by strict actuarial considerations; to invest the funds for obtaining maximum yield for the policy holders consistent with safety of the capital; to render prompt and efficient service to policy-holders, thereby making insurance of recommendations of the Administrative Reforms Commission as under:

  • To spread life insurance much more widely and in particular to the rural areas and to the socially and economically backward classes
  • To making mobilization of peopleís savings by making insurance linked savings adequately attractive.
  • To bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust without losing sight of the interest of the community as a whole
  • To conduct business with utmost economy and with the full realization that money belongs to the policy- holders.
  • To act as trustees of the insured public in their individual and collective capacities.
  • To meet various life insurance needs of the community that would arise in the changing social and economic environment.
  • To promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of corporate objectives.

 


LIFE INSURERS

 

S.No

NAME OF THE COMPANY NAME OF PRINCIPAL OFFICER NAME OF APPOINTED ACTUARY  TELEPHONE NO./FAX No./E-MAIL & WEB ADDRESS

1.

Bajaj Allianz Life Insurance Company Limited .
GE Plaza, Airport Road , YerawadaPune 411 006
  Mr. Sam Ghosh Mr. Andrew Wakeling Tel : 020-4026666
Fax : 020-4026789

2.

Birla Sun Life Insurance Co. Ltd
6th Floor, Vaman Centre,
Makhwana Road,
off Andheri-Kurla Road,

Andheri(E), MUMBAI-400 059.

Mr. Vikram J. Mahmi

Mr. Fabien Jeudy

Tel : 022 5678 3333
Fax: 022 5678 3232

 

3.

HDFC Standard Life Insurance Co. Ltd
"Trade Star", 2nd floor, 'A' Wing, Kondivita Road Junction Andheri-Kurla Road Andheri (East) Mumbai 400 059.

Mr.D.M. Satwalekar

Mr. Nick Taket

Tel : 022-67516666
Fax: 022-2822 8844

4.

ICICI Prudential Life Insurance Co. Ltd
ICICI Prulife Towers , 1089, Appasaheb Marathe Marg, Prabhadevi,  Mumbai 400 025.

Ms. Shikha Sharma

 

Mr. Azim Mithani

Tel :022-56621996
Fax: 022-56622031

5.

ING Vysya Life Insurance Company Ltd.
ING Vysya Home, 5th Floor, #22 Mahatma gandhi Road Bangalore-560 001.

Mr.Kshitij Jain

Ms. Hemamalini Ramakrishnan

Tel : 080-25328000
Fax: 080-25559764

6.

Life Insurance Corporation of IndiaYogakshema, Jeeva Bima Marg, Post Box No. 19953 MUMBAI 400 021

Shri T S. Vijayan

Mr. Gorakh Nath Agarwal

Tel 56598701;56598702
Fax: 22824386
E-Mail ;
chairman@licindia.com

7.

Max New York Life Insurance Co. Ltd
11th Floor, DLF Square , Jacaranda Marg, DLF City , Phase-II,  GURGAON 122 002.

Mr. Gary R. Benett

Mr.John Charles Poole

Tel : 0124-2561717
Fax: 0124-2561764
 

8.

Met Life India Insurance Company Pvt. Ltd.
Brigade Seshamahal, No. 5, Vani Vilas Road , Basavanagudi,  BANGALORE-560 004.

Mr. Rajesh Relan

Mr. K. P. Sarma

Tel : 080-26438638
Fax: 080-26521970
Toll Free No. 1-600-44-6969

9.

Kotak Mahindra Old Mutual Life Insurance Limited

6th Floor Penisula Chambers,
Penisula Corporate Park,

Ganpatrao Kadam Park, Lower Parel,
MUMBAI-400 013.

Mr. Gaurang Shah

Mr. A. Venkatasubramanian

Tel : 022-5663 5000
Fax:022-5663 5111

10.

SBI Life Insurance Co. Ltd
Turner Morrison Building, 2nd Floor, 16, Bank Street, Fort Mumbai-400 023.

Mr.Uday Sankar Roy

Mr. I Sambasiva Rao

Tel : 022-56392000
Fax: 022-56621471
 

11.

Tata AIG Life Insurance Company Limited
5th 7 6th Floor, Peninsula Tower,  
Peninsula Corporate Park
Ganpatrao Kadam Marg, Lower Parel,
MUMBAI 400 013.

Mr.Trevor Bull

Mr. Heerak Basu

Tel : 022-56516000
Fax : 022-56550711
 
 

12

Reliance Life Insurance Company Limited.
1st Floor, Midas, Sahar Plaza Complex,
Next to Kohinoor Hotel, Andheri Kurla Road,
Andheri (East) ,Mumbai-400 059

Mr. P Nandagopal

Ms. Pournima Gupte

Tel : 022-30883444
Fax: 022-30886587

13

Aviva Life Insurance Co. India Pvt. Ltd.
5th floor, JMD Regent Square,
Mehrauli Road, Gurgaon - 122001

Mr. Albert Paterson

Mr. Chandan Khasnobis

Tel: 0124-280 4141
Fax: 0124-280 4151

14

Sahara India Life Insurance Co, Ltd.
Sahara India Bhawan,
Kopoorthala Complex,
Lucknow 226024

Mr. N.C. Sharma

Mr. K K Dharni

Tel: 0522-2337777
Fax: 0522-2378200

15. Shriram Life Insurance Co, Ltd.
Regd. Office : 3-6-478, 3rd Floor, Anand Estate, Liberty Road, Himayat Nagar, Hyderabad - 500029
Mr R Duruvasan Mr N S Sastry Tel: 040-23434466-72
Fax: 040-23434488

Above as shown in the table, there are 16 major players in the Indian insurance industry. But as far my study is concerned we will focus on the major life insurance companies in Indian insurance industry which are on the top most position in Indian market. In my study I comprise the Kotak life insurance with one Public sector Company and other Private sector companies. These companies are:

  • Life Corporation of India
  • ICICI Prudential
  • HDFC Standard Life
  • Kotak life insurance
  • Next Part Group Companies of Kotak and International Subsidiaries, Term Plan, Financial Strength of Kotak, Research on Insurance Companies | Methodology of Insurance Industry

  • Project-Reports


        


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