INDIAN INSURANCE MARKET FOR LIFE AND NON LIFE INSURANCE
INDIAN INSURANCE MARKET FOR LIFE AND NON LIFE INSURANCE: The INSURANCE business of India comprises of 52 insurance agencies of which 24 are in life coverage business and 28 are non-life insurance. Among the life insurance providers, Life Insurance Corporation (LIC) is the sole open area organization in the Indian insurance market for life and non life insurance.
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Out of 28 non-life insurance organizations, there are six open segment insurance companies, which incorporate two specific back up plans specifically Agriculture Insurance Company Ltd for Crop Insurance and Export Credit Guarantee Corporation of India for Credit Insurance. In addition, there are 5 private part back up plans are enlisted to endorse arrangements only in Health, Personal Accident and Travel protection fragments. They are Star Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance Company Ltd, Max Bupa Health Insurance Company Ltd, Religare Health Insurance Company Ltd and Cigna TTK Health Insurance Company Ltd.
Notwithstanding 52 insurance agencies, there is sole national re-guarantor, to be specific, General Insurance Corporation of India. Different partners in Indian Insurance market incorporate endorsed protection operators, authorized Corporate Agents, Brokers, Common Service Centers, Web-Aggregators, Surveyors and Third Party Administrators adjusting Health Insurance claims.
Protection Laws (Amendment) Act, 2015 accommodates upgrade of the Foreign Investment Cap in an Indian Insurance Company from 26% to an Explicitly Composite Limit of 49% with the shield of Indian Ownership and Control.
Protection infiltration of India i.e. Premium gathered by Indian back up plans is 3.30% of GDP in FY 2014-15. Per capita premium guaranteed i.e. protection thickness in India amid FY 2014-15 is US$ 55.0.
INDIAN INSURANCE MARKET FOR LIFE AND NON LIFE INSURANCE:
Here are some performance highlights of the Indian Life Insurance Business
|Life Insurance Business Performance:||2014-15||2013-14|
|Public Sector||Private Sector||Public Sector||Private Sector|
|Premium Underwritten (Rs in Crores)||239667.65||88433.49||236942.30||77340.90|
|New Policies Issued (in Lakhs)||201.71||57.37||345.12||63.60|
|Number of Offices||4877||6156||4839||6193|
|Benefits Paid (Rs in Crores)||144125||67054||158081||58380|
|Individual Death Claims (Number of Policies)||755901||121927||760334||125027|
|Individual Death Claims Amount Paid (Rs in Crores)||9055.18||2733.49||8475.26||2385.33|
|Group Death Claims (Number of lives)||273794||192989||267296||158682|
|Group Death Claims Amount Paid (Rs in Crores)||2037.27||1483.55||1882.83||1222.25|
|Individual Death Claims (Figures in per cent of policies)||98.19||89.40||98.14||88.31|
|Group Death Claims (Figures in per cent of lives covered)||99.64||91.20||99.65||90.45|
|No. of Grievances reported during the year||80944||198048||85284||289336|
|Grievances resolved during the year||80944||193119||85828||288836|
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