The general insurance sector in India has grown significantly since its beginnings in the 1850s. Key events include the nationalization of the industry in 1972, which consolidated 107 insurers into four public sector companies. Today general insurance includes products like fire, marine, motor, health and travel insurance. The Life Insurance Corporation of India was established in 1956 with the goal of widespread life insurance coverage. It has expanded rapidly over the decades to become a major provider of life insurance across India. Both public and private sector players contribute to the growing Indian insurance industry.

1. Introduction to General
Insurance Sector
•1850: Legacy of British occupation by establishment of Triton Insurance
Company Ltd.
•1907: The Indian Mercantile Insurance Ltd. was set up which was the first
company of its type to transact all general insurance business.
•1957: General Insurance Council, an arm of the Insurance Association of India,
framed a code of conduct for guaranteeing fair conduct and sound
business patterns.
•1968: The Insurance Act improved for regulating investments and set minimal
solvency levels and the Tariff Advisory Committee was set up.
•1972: The General Insurance Business (Nationalization) Act, 1972 nationalized
the general insurance business in India. It was with effect from
1st January 1973.

2. •107 insurers integrated and grouped into four public companies viz. the
National Insurance Company Ltd., the New India Assurance Company
Ltd., the Oriental Insurance Company Ltd. and the United India Insurance
Company Ltd. GIC was incorporated as a company
• General insurance includes
• Fire Insurance
• Accident Insurance
• Marine Insurance
• Home Insurance
• Health Insurance
• Motor Insurance
• Travel Insurance

3. History of LIC
Life insurance in its Modern Form came to India From
England in the year 1818.
Oriental Life Insurance Company Started By the Europeans in
Calcutta was the First Life Insurance Company on Indian Soil.
Bombay Mutual Life Assurance Society heralded the birth of
first Indian life insurance company in the year 1870
The first two decades of the twentieth century saw lot of
growth in insurance business. From 44 companies with total
business-in-force as Rs.22.44 crore, it rose to 176 companies
with total business-in-force as Rs.298 crore in 1938.
The Parliament of India passed the Life Insurance
Corporation Act on the 19th of June 1956, and the Life
Insurance Corporation of India was created on 1st
September, 1956, with the objective of spreading life
insurance much more widely and in particular to the rural
areas with a view to reach all insurable persons in the
country, providing them adequate financial cover at a
reasonable cost.

4. • LIC had 5 zonal offices, 33 divisional offices and 212 branch
offices, apart from its corporate office in the year 1956
• Today LIC functions with 2048 fully computerized branch
offices, 109 divisional offices, 8 zonal offices, 992 satallite
offices and the Corporate office. LIC’s Wide Area Network
covers 109 divisional offices and connects all the branches
through a Metro Area Network.
• LIC has tied up with some Banks and Service providers to
offer on-line premium collection facility in selected cities. LIC’s
ECS and ATM premium payment facility is an addition to
customer convenience.
• LIC has issued over one crore policies during the current
year. It has crossed the milestone of issuing 1,01,32,955 new
policies by 15th Oct, 2005, posting a healthy growth rate of
16.67% over the corresponding period of the previous year.
• The General insurance business in India, on the other hand,
can trace its roots to the Triton Insurance Company Ltd., the
first general insurance company established in the year 1850
in Calcutta by the British.

5. LIFE INSURANCE
 MEANING of life insurance
 TYPES OF LIFE INSURANCE POLICES
 SECTORS IN LIFE INSURANCE
 Reason for Public Sector

6. Private Sector v/s Public Sector
• Public owned corporation • State-owned enterprises
• Main objective of earning • Main motive of providing
profit service to public
• Formation involves a long • Formed in short time just
process by government decision
• Capital contributed by owner
and investor • Capital contributed by
• More freedom of operations
government
• Managed and control by board • Less freedom of
of directors selected by operations
shareholders • Managed and control by
• Not directly accountable to board of directors selected
general public by government
• Performance evolution on basis • Accountable to general
of economic gains public on performance
discus in parliament
• Performance evolution on
basis of economic and
non- economic gain

7. National Insurance Company United India Insurance Co.
Limited (NICL) Ltd.
• largest and fastest • leading Public sector general
growing general insurance company has more than
three decades of experience in
insurance companies in India. Non-life Insurance business.
• range of coverage policies • Products
targeting different sectors: • Personal Policies
• Householder
i. Personal Insurance policies • Personal Accident
ii. Personal Insurance policies • Mediclaim
iii. Industrial Insurance policies • Unimedicare
• Commercial Policies
Commercial
• Fire Insurance
iv. Insurance policies • Marine Insurance
• 3rd rank in the f.y. 2011 with • Motor Insurance (vehicle insurance)
premium income grew by • Industrial Insurance
• Liability Insurance
32.22%

8. Market player & market shares of Private and Public
Companies
Jayshil and anmol

9. Jayshil and anmol

10. Jayshil and anmol

11. Scope and Growth of Insurance
Sector
Scope Growth
• Effects of saturated • Requirement of Insurance
points due to financial
• Potential and Competition independence
• Variety of Insurances • Market Penetration in
• Awareness about growing economy
Insurance • Percentage to GDP
• Increasing rate of
Insurance
• Annual growth rate

13. Contribution Of Insurance Sector To
GDP

14. • Average annual of life segment &nonlife segment of the Indian insurance
industry .
• . An evolving insurance sector is of vital importance for economic growth.
• A steady cash stream of premium or contributions to pension plans.
Present insurance penetration
•In india it is quite low - 2.26% of GDP.
•At Korea penetration stands at 6.77%
•In Singapore -6.38%.

15. Need For Insurance
• Tax benefit + Tax free cash on maturity
• Help during retirement – act as a pensions
• Savings Instrument
• Improves credit rating- considered as a financial
asset
• Contribution towards sustaining a standard of
living when one contributing partner dies.
• Cover against risk
• Financial Planning
• Insurances contributes to our country as an
employer, taxpayer and investor - 7

16. GENERAL INSURANCE
POLICIES
• Fire insurance
• Burglary insurance
• Marine insurance
• Personal insurance
• Medical insurance
• Motor private/commercial insurance
• Carrier legal liability
• Travel insurance
• All risk insurance
• Fidelity guarantee insurance
and many more…….