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Insurance Industry in India: Features, Reforms and Outlook / Narang, Uma
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Insurance Industry in India: Features, Reforms and Outlook
Narang, Uma
 
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List Price : US$ 89.00
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  Book ID : 42121
  ISBN-10 : 81-7708-352-X / 817708352X
  ISBN-13 : 978-81-7708-352-1 / 9788177083521
  Place of Publication : Delhi
  Year of Publication : 2013
  Edition : (First Edition)
  Language : English
  468p., Bib., Index, 23 cm.
   
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 CONTENTS
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CONTENTS:-

Part I: Evolution, Significance and Principles of Insurance
1. Nature and Functions of Insurance
2. Evolution and Public Control of Insurance Services
3. Significance of Insurance for Society
4. Principles of Insurance
5. Classification of Insurance Services

Part II: Life Insurance
6. Life Insurance: History and Formation of Life Insurance Corporation (LIC) of India
7. Life Insurance: Features and Products
8. Life Insurance: Investment of Funds
9. Life Insurance: Treatment of Risk, Premium Calculation and Policy Conditions
10. Private Sector in Life Insurance

Part III: General (Non-life) Insurance
11. General Insurance: An Introduction
12. Marine Insurance: History, Definitions and Subject Matter
13. Marine Insurance: Basic Principles
14. Marine Insurance: Kinds and Conditions
15. Marine Insurance: Payment of Premium and Settlement of Claims
16. Fire Insurance: Basic Principles
17. Fire Insurance: Main Clauses of Policy
18. Fire Insurance: Types of Policies and Settlement of Claims
19. Health Insurance: Evolution and Government Schemes
20. Health Insurance: Various Types of Policies
21. Motor Insurance: Law and Procedures
22. Personal Accident Insurance
23. Agricultural Insurance: Classification and Types
24. Micro Insurance: Benefits, Regulations and Kinds
25. Miscellaneous Insurance
26. Reinsurance: Meaning, Need and Methods

Part IV: Globalization and Privatization of Insurance Industry and Summing Up
27. Globalization and Privatization of Insurance Services
28. Summing Up

Part V: Appendices, Glossary, Bibliography and Index
Appendix 1: Major Recommendations of the Committee on Reforms in the Insurance Sector (Chairman: R.N. Malhotra)
Appendix 2: Insurance Regulatory and Development Authority Act, 1999
Glossary of Insurance Terms

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 DESCRIPTION
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Until recently, insurance services in India were provided by the public sector organizations-life insurance by the Life Insurance Corporation (LIC) of India, and general insurance by the General Insurance Corporation (GIC) of India and its 4 subsidiaries. The insurance industry was opened up to the private sector in August 2000. The primary objective of liberalisation in the insurance sector was to deepen insurance penetration by enlarging consumer choices through product innovation.

According to Economic Survey (Government of India), 2012-13, since the opening up of the insurance sector, the number of participants in the insurance industry has gone up from 7 insurers in 2000 to 52 insurers as on September 30, 2012 operating in the life, non-life, and re-insurance segments. Of the 23 insurance companies that have set up operations in the life segment, 21 are in joint ventures with foreign partners. Of the 21 private insurers who have commenced operations in the non-life segment, 18 are in collaboration with foreign partners.

The increased competition, with the arrival of private players, has led to rapid product innovations for catering to the diverse requirements of the various segments of the population. Besides, statutory commitments in respect of weaker sections of society, competitive pressures are pushing life insurers to adopt innovative marketing strategies to extend insurance penetration, especially targeting lower income groups.

Insurance business in India had, in the past, remained underdeveloped with low levels of penetration. Post-liberalization, the sector has succeeded in raising the levels of insurance penetration from 2.7 (life 2.15 and non-life 0.56) in 2001 to 4.1 (life 3.4 and non-life 0.7) in 2011.

Despite the recent growth of the insurance sector, insurance penetration in India remains low as compared to other developing countries of the world. The key policy challenge required at the current stage is to ensure the financial stability of the new insurers, while at the same time encouraging entrepreneurship, product innovation and increasing insurance density, especially in rural and semi-urban areas.

This book provides a comprehensive account of various aspects of insurance industry in India, focusing on insurance laws, procedures, and product and pricing strategies of insurance companies to successfully operate in the new competitive environment.

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