insurance sector 2013

1. What is INSURANCE?

2. IRDA
• IRDA became a statutory body in April
2000
• The key objective of IRDA

3. LIC & GIC
Insurance in India
Non-life insurance / General
insurance
Life insurance
Term
life
insurance
Permanent
life
insurance
Motor
Fire
Marine
Health
Other

4. Need for insurance
•
•
•
•
•
Tax relief
Helps in financial planning
Helps during retirement – acts as a pension
Savings instruments
Improves credit rating – considered as a
financial asset
• Contribution towards sustaining a standard of
living when one contributing partner dies
• Cover against risk

5. Scope of insurance sector
•
•
•
•
Higher disposable income
Introduction of policy portability
Changing demographics
Increase in insurance companies &
intermediaries (agents)
• Growth of GDP
• Increase in number of middle class
• 24 life insurance companies and 26 non-life
insurance companies are in Indian market

6. Growth of insurance sector

7. Private sector vs Public sector
•
•
•
•
•
Owned
Objective
Formation
Term savings
Operations

8. Market share

9. Major players of private sector

10. Major players of Public Sector

12. Contribution to GDP