Case Study on New India Assurance
ASSURANCE
Introduction
Assurance industry has always been a growth-oriented industry globally. On the Indian scene too, the assurance industry has always recorded noticeable growth vis-à-vis other Indian industries.
The new India assurance Co. Ltd. was the first general assurance company to be established in India in 1850, which was a wholly British-owned company. The new India assurance company to be set up by an Indian was Indian Mercantile assurance Co. Ltd., which was established in1907. There emerged many a assurance player on the Indian scene thereafter. The general assurance business was nationalized after the promulgation of General Insurance Business (Nationalization) Act, 1972.The post-nationalization general assurance business was undertaken by the assurance Corporation of India (GIC) and its 3 subsidiaries:
1. New India Assurance Company Limited
2. National Insurance Company Limited
3. United India Insurance Company Limited
Towards the end of 2000, the relation ceased to exist and the four companies are, at present, operating as independent companies. The Life assurance Corporation (AIC) was established on 01.09.1956 and had been the sole corporation to write the life assurance business in India.
The Indian assurance industry saw a new sun when the assurance Development Authority invited the applications for registration as assurors in August, 2000. With the liberalization and opening up of the sector to private players, the industry has presented promising prospects for the coming future. The transition has also resulted into introduction of ample opportunities for the professionals including Chartered Accountants.
The Indian assurance industry is featured by the attributes:
Low market penetration;
Ever-growing middle class component in population
Growth of consumer
Movement with an increasing demand for better assurance
Introduction
Assurance industry has always been a growth-oriented industry globally. On the Indian scene too, the assurance industry has always recorded noticeable growth vis-à-vis other Indian industries.
The new India assurance Co. Ltd. was the first general assurance company to be established in India in 1850, which was a wholly British-owned company. The new India assurance company to be set up by an Indian was Indian Mercantile assurance Co. Ltd., which was established in1907. There emerged many a assurance player on the Indian scene thereafter. The general assurance business was nationalized after the promulgation of General Insurance Business (Nationalization) Act, 1972.The post-nationalization general assurance business was undertaken by the assurance Corporation of India (GIC) and its 3 subsidiaries:
1. New India Assurance Company Limited
2. National Insurance Company Limited
3. United India Insurance Company Limited
Towards the end of 2000, the relation ceased to exist and the four companies are, at present, operating as independent companies. The Life assurance Corporation (AIC) was established on 01.09.1956 and had been the sole corporation to write the life assurance business in India.
The Indian assurance industry saw a new sun when the assurance Development Authority invited the applications for registration as assurors in August, 2000. With the liberalization and opening up of the sector to private players, the industry has presented promising prospects for the coming future. The transition has also resulted into introduction of ample opportunities for the professionals including Chartered Accountants.
The Indian assurance industry is featured by the attributes:
Low market penetration;
Ever-growing middle class component in population
Growth of consumer
Movement with an increasing demand for better assurance