Insurance Industry
INDUSTRIAL ANALYSIS
OF
INSURANCE INDUSRTY
INDEX
1. INTRODUCTION……………………………………………………………3 2. OBJECTIVES OF THE STUDY………………………………………..........8 3. GLOBAL SCENARIO……………………………………………………….9 4. INDIAN SCENARIO……………………………………………………….11 5. EMERGENCE OF IRDA…………………………………………………...19 6. MARKET STRUCTURE……………………………………………………36 7. PEST ANALYSIS…………………………………………………………...37 8. PORTERS FIVE FORCES………………………………………………….61 9. PERFORMANCE ANALYSIS……………………………………………..68 10. GLOBAL PLAYERS………………………………………………………..75 11. FUTURE OUTLOOK……………………………………………………….79 12. SUMMARY………………………………………………………………….86 13. BIBLIOGRAPHY…………………………………………………………...87
INTRODUCTION
What is Insurance and How Insurance Works
According to the U.S. Life Office Management Association Inc. (LOMA), life insurance is defined as follows: “Life insurance provides a sum of money if the person who is insured dies whilst the policy is in effect”.
Anybody who has knowledge about life insurance will be tempted to say “yes BUT…” In other words, surly this is far too brief an explanation for a financial service that provides a very sophisticated range of savings and investment products, as well as mere compensation for death.
‘Insurance’ is basically a sharing device. The losses to assets resulting from natural calamities like fire, flood, earthquake; accidents, etc. are mate out of the common pool contributed by large number of person who is exposed to similar risks. This contribution of many is used to pay the losses suffered by unfortunate few. However the basic principle is that loss should occur as a result of natural calamities or unexpected events, which are beyond the human control. Secondly insured person should not make any gain out of insurance.
It is natural think of insurance of physical assets such as motor car insurance or fire insurance but often we forget that creator of all these assets in the human being whose efforts have gone a long way
OF
INSURANCE INDUSRTY
INDEX
1. INTRODUCTION……………………………………………………………3 2. OBJECTIVES OF THE STUDY………………………………………..........8 3. GLOBAL SCENARIO……………………………………………………….9 4. INDIAN SCENARIO……………………………………………………….11 5. EMERGENCE OF IRDA…………………………………………………...19 6. MARKET STRUCTURE……………………………………………………36 7. PEST ANALYSIS…………………………………………………………...37 8. PORTERS FIVE FORCES………………………………………………….61 9. PERFORMANCE ANALYSIS……………………………………………..68 10. GLOBAL PLAYERS………………………………………………………..75 11. FUTURE OUTLOOK……………………………………………………….79 12. SUMMARY………………………………………………………………….86 13. BIBLIOGRAPHY…………………………………………………………...87
INTRODUCTION
What is Insurance and How Insurance Works
According to the U.S. Life Office Management Association Inc. (LOMA), life insurance is defined as follows: “Life insurance provides a sum of money if the person who is insured dies whilst the policy is in effect”.
Anybody who has knowledge about life insurance will be tempted to say “yes BUT…” In other words, surly this is far too brief an explanation for a financial service that provides a very sophisticated range of savings and investment products, as well as mere compensation for death.
‘Insurance’ is basically a sharing device. The losses to assets resulting from natural calamities like fire, flood, earthquake; accidents, etc. are mate out of the common pool contributed by large number of person who is exposed to similar risks. This contribution of many is used to pay the losses suffered by unfortunate few. However the basic principle is that loss should occur as a result of natural calamities or unexpected events, which are beyond the human control. Secondly insured person should not make any gain out of insurance.
It is natural think of insurance of physical assets such as motor car insurance or fire insurance but often we forget that creator of all these assets in the human being whose efforts have gone a long way