JAIPUR NATIONAAL UNVERSITY

SUMITTED BY –SURJIT JHA

SUMITTED TO – Mrs. JYOTSHNASUBJECT- COMPANY LAW

INSURANCE COMPANY IN INDIA

WHAT IS INSURANCE? Insurance is concerned with protection

of economic value of assets. Tangible assets are human being, house, furniture, motor cycle etc. intangible assets are liabilities.

History of insurance It started from Lloyd coffee house

London First policy issued in England in 1583 In India first policy issued in 1870

TYPE OF INSURANCE COMPANY IN INDIA

GENRAL INSURANCE COMPANY EXPORT CREDIT GUARANTEE

INSURANCE COMPANIES LIFE INSURANCE COMPANIES HEALTH INSURANCE

Religious concerns 1

Muslim scholars have varying opinions about life insurance. Life insurance policies that earn interest (or guaranteed bonus/NAV) are generally considered to be a form of RIBA   and some consider even policies that do not earn interest to be a form of GHARAR . Some argue that GHARA is not present due to the actuarial science behind the underwriting. Jewish rabbinical scholars also have expressed reservations regarding insurance as an avoidance of God's will but most find it acceptable in moderation.

Religious concerns 2 Some Christians believe insurance

represents a lack of faith  and there is a long history of resistance to commercial insurance in Anabaptist communities.

Industry structure

By 2012 Indian Insurance is a US$72 billion industry. However, only two million people (0.2% of the total population of 1 billion) are covered under Mediclaim, whereas in developed nations like USA about 75% of the total population are covered under some insurance scheme. With more and more private companies in the sector, this situation is expected to change. ECGC, ESIC and AIC provide insurance services for niche markets. So, their scope is limited by legislation but enjoy some special powers.

INSURANCE COMPANY IN INDIA

General insurance companiesPublic Sector

National Insurance Company Ltd. Oriental insurance Company Ltd. Agriculture Insurance Company of India

Private Sector

ICICI Lombard Reliance General Insurance Tata AIG General Bajaj Allianz General Insurance HDFC ERGO General Insurance Co. Ltd. Magma HDI General Insurance Co. Ltd Bharti AXA General Insurance Co.Ltd

SUGGESTIONSThe present scenario is such that the

products sold with the help of internet. The technological advancement is such that force the companies to take such steps.

By way of training the excessive staff, which is a major problem in the company, the company could reduce management expense to a large extent.

THANK YOU