Various general insurance companies and its policies
Jul 15, 2015
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Insurance
We face a lot of risks in our daily lives. Some of these lead to financial losses. Insurance is a way of protecting against these financial losses. For a payment (premium), an insurance company will take the responsibility of compensating your financial losses
General Insurance
Insurance other than ‘Life Insurance’ falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc
The non-life insurance sector is on an upswing! The non-life insurance industry in India has grown by over 16 % p.a. over the last 5 years. There is a vast business potential that lies untapped, as more and more cities enter the development phase…. Mr. Yogesh Lohiya, Chairman-cum-Managing Director of gic
Big Companies of General Insurance
Bajaj Allianz ICICI Lombard Tata Aig National insurance New India Assurance Oriental insurance
Bajaj Allianz
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz SE. Both enjoy a reputation of expertise, stability and strength
Bajaj Allianz today has a network presence in over 200 towns spread across the length and breadth of the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are interconnected with the Head Office at Pune.
Features Assured best deals on your Motor Insurance Fair and Faster claims settlement
Discounts on back to back accident free years
Instant online renewal and issuance of your Motor Policy
Quick service on breakdown/accident with instant claim status updates
24x7 customer assistance for all product queries and claims information.
Cont……
Benefits Save on your Motor Insurance policy
Instant claims assistance and instant updates on your claim status on sms though our 24x7 call centers
Towing facility in an event of a breakdown/accident
0% EMI option available on payment through Citibank Credit Card
24/7 service by phone or online-even on holidays
New product
Karur Vysya Bank and Bajaj Allianz General Insurance Company Ltd. jointly launched a co-branded general insurance product called KVB Suraksha here on Friday.
ICICI - Lombard
ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between ICICI Bank Limited and the Canada based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is India's second largest bank
Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001.
ICICI - Lombard
Dealing in three sector-: Health insurance-: A health insurance policy will
provide a cover to you and your family against sudden medical contingency or bodily injury.
Why health insurance
Cont….
Motor Insurance -: Motor insurance protects you and your vehicle against
every comprehensible risk related to your vehicle – theft or damage to it, death of the driver and passengers in an accident, and damage caused by your vehicle to another person or property.
Why do I need motor insurance
Cont….
Home insurance-: It is imperative that you secure
your home from natural and man-made catastrophes.
The maximum coverage is up to Rs. 1,00,000 for up to 6 months. The cover is available only if you are insuring the structure of your home.
New product of ICICI-Lombard
Health insurance -: standard insurance policy
Motor insurance-: Package (comprehensive) policy
TATA-AIG
Tata AIG General Insurance Company Ltd. is a joint venture company, between Tata Sons and American International Group
Tata AIG General Insurance Company, which started its operations in India on January 22, 2001 offers the complete range of general insurance for automobile, home, personal accident, travel, energy, marine, property and casualty, as well as several specialized financial lines.
TATA - AIG
Dealing in three sector
Individual
Small business Corporate
Individual
"Every stage of life, you are open to immense risk and immense opportunity and Tata AIG has the ideal bouquet of insurance products for each of those risks and opportunities.“
MotorHomeAccident & HealthTravel
Small business
Tata AIG offers a comprehensive risk solution through various Multiline Package Policies
Society Policy
Office Policy
Manufacturing Unit - Package Policy
Corporate
"From blue chips to local marketers, whatever the size of your business, Tata AIG has the insurance you are looking for.”
Accident & Health Travel Energy Property Marine
National Insurance Company Limited
National Insurance Company Limited was incorporated in 1906 with its Registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India
Policies
Personal line Insurance Rural Line Insurance Industrial Line Insurance Commercial Line Insurance
Medicare plans Critical illness Personal accident plan House hold Nivas yojna
It is for safe of various risk faced by industries.It is of two type:-
Project insurance Operational insurance
EX:-Machine insurance policy Electronic equipment policy Fire policy
It covers different trades transport,bank etc as these are risk involve so as to project them commercial line insurance used.
The Oriental Insurance Company Ltd.
The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business.
The Oriental Insurance Company has been enjoying the highest rating from leading Indian credit rating agencies CRISIL and ICRA. The Company has also been rated as B++(Very Good) by AM Best, an international rating agency
Product
Motor Cycle Package Policy
Office Umbrella Policy
Private Car Package Policy
Shopkeeper's Insurance Policy
New India Assurance Company Ltd.
Established by Sir Dorab Tata in 1919, New India is the first fully Indian owned insurance company in India.
New India is a pioneer among the Indian Companies on various fronts, right from insuring the first domestic airlines in 1946 to satellite insurance in 1990. The latest addition to the list of firsts is the insurance of the INSAT-2E.
Product
Personal Commercial Industrial Liability Social
SUMMARIZED
DEVELOPMENT OF INSURANCE SECTOR
NATIONALIZATION LIC (1956) GIC (1st Jan 1973)
GIC History……….
DURING NATIONALIZATION TOTAL 107 COMPANY 63 ARE DOMESTIC 44,FOREIGN COs
MARKET SHARE OF GIC
1%GIC
32%NEW INDIA
20%NATIONAL
22%ORIENTAL
25%UNITED
% SHARECOMPANY
STATEMENT OF GROSS PREMIUM & PROFIT
729107722000-01
115399821999-00
146791581998-99
162380661997-98
108473481996-97
83163771995-96
50352711994-95
PROFIT (in cr.)GROSS PREM. (in cr)
YEAR
GROWTH OF GIC BUSINESS
10024.4221.4219.8518.2216.08%total
502696
122731107712998229157580856Net prem.
1002023211816%total
442491
88504102721936348402573571Gr dir prem.
Total02-0300-0199-0098-991997-98
year
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