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    Presented by The ABC Group

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    Vijay Gupta
    The document compares the public and private sector insurance industries in India. It provides an overview of the insurance market, key statistics on market size and growth rates. The public sector is dominated by Life Insurance Corporation of India, while major private players include ICICI Prudential, HDFC Ergo, and Bajaj Allianz. Private insurers have increased their market share in recent years through bank partnerships, brokers, and online/mobile channels. The Indian insurance market is projected to continue rapid growth, with total premiums reaching $266 billion by 2011. The conclusion compares LIC's size to private players and notes that private insurers are growing faster and providing better customer service.

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    Presented by The ABC Group

    Uploaded by

    Vijay Gupta
    41 views20 pages
    The document compares the public and private sector insurance industries in India. It provides an overview of the insurance market, key statistics on market size and growth rates. The public sector is dominated by Life Insurance Corporation of India, while major private players include ICICI Prudential, HDFC Ergo, and Bajaj Allianz. Private insurers have increased their market share in recent years through bank partnerships, brokers, and online/mobile channels. The Indian insurance market is projected to continue rapid growth, with total premiums reaching $266 billion by 2011. The conclusion compares LIC's size to private players and notes that private insurers are growing faster and providing better customer service.

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    The document compares the public and private sector insurance industries in India. It provides an overview of the insurance market, key statistics on market size and growth rates. The public sector is dominated by Life Insurance Corporation of India, while major private players include ICICI Prudential, HDFC Ergo, and Bajaj Allianz. Private insurers have increased their market share in recent years through bank partnerships, brokers, and online/mobile channels. The Indian insurance market is projected to continue rapid growth, with total premiums reaching $266 billion by 2011. The conclusion compares LIC's size to private players and notes that private insurers are growing faster and providing better customer service.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    41 views20 pages

    Presented by The ABC Group

    Uploaded by

    Vijay Gupta
    The document compares the public and private sector insurance industries in India. It provides an overview of the insurance market, key statistics on market size and growth rates. The public sector is dominated by Life Insurance Corporation of India, while major private players include ICICI Prudential, HDFC Ergo, and Bajaj Allianz. Private insurers have increased their market share in recent years through bank partnerships, brokers, and online/mobile channels. The Indian insurance market is projected to continue rapid growth, with total premiums reaching $266 billion by 2011. The conclusion compares LIC's size to private players and notes that private insurers are growing faster and providing better customer service.

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    of 20

    PUBLIC SECTOR VS PRIVATE SECTOR

    INSURANCE COMPANIES
    Presented by the ABC Group:
    1. Aliva Das
    2. Debajit Bhattacharya
    3. Dipannita Bhattacherya
    4. Kumari Lata
    5. Pratik Thacker
    6. Puja Gupta
    7. Rohit Agarwal
    8. Saurabh Shah
    9. Vijay Gupta
    INTRODUCTION
     Insurance can be termed as a form of risk management which is
    mainly used to protect an individual against the risk of prospective
    financial loss, if any
     Insurance companies ensure financial reimbursement of the
    insured losses to the policy holders or his/her beneficiary. This is
    the most coveted Insurance Benefits
     Optional Insurance Benefits are also given by the companies to
    their policy holders in order to entice them to access their
    insurance package. These optional benefits include:
    i) Health and dental insurance of the family, life insurance
    of the spouse and the child
    ii) Accidental death policy for the policy holder in addition to
    the actual insurance
    iii) Long term and short term insurance plans against
    disability of the policy holder
     Pre-tax insurance benefits
    HIERARCHY OF THE INSURANCE INDUSTRY
    IN INDIA
    OVERVIEW OF THE
    INDIAN INSURANCE INDUSTRY
     Indian insurance is a flourishing sector with several national
    and international players competing and growing at rapid
    rates, especially general and life insurance which accounts for
    2.5% and 0.65% respectively of total India's GDP

     The period from 2010 - 2015 projected to be the 'Golden Age'


    for the Indian insurance industry

     A comprehensive range of insurance plans target the growing


    economy and the increasing wealth of the middle classes

     Due to the growing demand for insurance and with the


    opening up of the Indian economy, more and more insurance
    companies are now emerging in the Indian insurance sector
    KEY STATISTICS:
    INDIAN INSURANCE INDUSTRY
     INDIA – the fifth largest insurance market in Asia
     Insurance is a US$ 41-billion industry in India
     Growing at a rate of 32-34 per cent annually
     According to IRDA, total premium collected in 2009-2010 was US$
    24.64 billion, an increase of 25.46 % over US$ 19.64 billion collected in
    2008-2009
     A growth of 18 % is expected in total premium income and is likely to
    cross the US$ 64.93 billion mark --B Mathur, Secretary General, Life
    Insurance Council
     Insurance reforms under IRDA have spurred buoyant growth of the
    industry
    MAJOR INSURANCE COMPANIES IN
    PUBLIC SECTOR

    Life Insurance Corporation (LIC) of


    India

    National Insurance Company


    Limited

    Oriental Insurance Limited


    MAJOR INSURANCE COMPANIES IN
    PRIVATE SECTOR
    Individual plans include motor, accident, health &
    travel insurance.
    Corporate plans include marine, travel, energy,
    property and liability plans

    Travel insurance, health insurance, asset insurance


    and corporate insurance

    Business solutions personal solutions, project solutions,


    liability solutions ,travel insurance

    Individual life protection plan, savings plan, children


    plans, retirement plan, riders
    Savings and wealth creating solutions, child plans,
    retirement plans, protection plans

    Public liability policy, jewellers block policy, pravasi


    bharatiya bima yojana policy, universal health insurance
    scheme, fire policy

    Innovative products, customer service of the highest


    order, use of technology, increase market share and
    professionalism in the business

    Serve the insurance needs of the entire community,


    provide services at reasonable cost, optimum utilization
    of the funds, maintain global standards, minimize losses
    &retention of business
    PUBLIC SECTOR VS PRIVATE SECTOR
     LIC registered an 83 % increase in new business premium in
    March 2010, against a 47% growth by private players
     As per IRDA, insurers sold 10.55 million new policies in 2009-
    2010
     LIC 8.52 million & private companies 2.03 million policies
     At the end of March 2010, LIC held 65 % market share in terms
    of new business income collection with the private sector
    contributed the remaining 35 % share in 2009–2010
    PUBLIC AND PRIVATE
    INDUSTRY STRUCTURE
    Life
    Insurer 2002 2003 2004 2005 2006 2007 2008 2009
    s
    PUBLI
    1 1 1 1 1 1 1 1
    C
    PRIVA
    12 12 13 13 15 15 21 22
    TE

    General
    Insurer 2002 2003 2004 2005 2006 2007 2008 2009
    s
    PUBLI
    2 6 6 6 6 6 6 6
    C
    PRIVA
    8 8 8 8 9 10 15 15
    TE
    COMPARISION ON THE BASIS OF TOTAL
    INCOME
    FY 03-04 FY 04-05 FY 05-06 FY 06-07 FY 07-08

    PUBLIC
    SECTO 93089 112393 132147 174425 206363
    R
    PRIVAT
    E
    4323 9049 18863 24242 52648
    SECTO
    R

    TOTAL 97412 121442 151010 198667 259011

    All figures in Rs. Crore


    DISTRIBUTION OF MARKET SHARE
    AMONGST PUBLIC AND PRIVATE SECTOR
    Market share of the major players in the
    Life insurance Segment in India
    FACTORS CONTRIBUTING TO INCREASE
    IN MARKET SHARE OF PRIVATE
    PLAYERS
    BANK ASSURANCE – Here banks act as corporate agents and
    have been the force behind the success of private life insurance
    (ICICI Prudential, SBI Life)

    Most of the private players have used a balanced approach


    between bank assurance & agency model

    Brokers and corporate agents emerging new distribution channel

    Internet /mobile are the new channels introduced by the private


    players
    BUSINESS PREMIUM INCOME DURING
    APRIL –JUNE
    INDIAN INSURANCE SECTOR –
    THE ROAD AHEAD
    Saturation of the insurance markets in many developed economies has
    made the Indian market more attractive for the international insurance
    players according to ‘Booming insurance markets in India (2008-2011)’

    Total life insurance premium in India is projected to grow US $266 billion


    by 2010-2011

    Total non-life insurance premium is expected to grow at a CAGR of 25%


    for the period spanning from 2008-2009 to 2010-2011

    The home insurance sector is expected to achieve a 100% growth

    In the next three years health insurance is poised to become the second
    largest after motor insurance in the non-life arena
    CONCLUSION
     LIC is the giant of the insurance sector. The overall size of LIC is
    much more than that of all private insurance companies
     Due to excellent service quality and attractive offers private
    insurance companies have started getting a number of customers.
    They are growing rapidly. Though LIC is also increasing its
    customer base but private insurance companies are moving at a
    fast pace & also penetrating in the customer base of LIC.
     Private insurance companies are expanding their business and
    will certainly going to give a tough competition to Public sector in
    the coming days
     LIC has not shown their good concern when the matter of
    grievance handling comes. Private insurance companies are far
    ahead in this matter. LIC has just resolved 25% cases in the last
    five years while private insurance companies have resolved nearly
    70% cases
    THANK YOU

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