INDIAN INSURANCE INDUSTRY Size of the Industry | Fifth largest life insurance market with US$ 41-billion. According to IRDA‚ the insurers in the year 2009-2010 sold 10.55 million new policies with LIC selling 8.52 million and private companies 2.03 million policies | Geographical distribution | Delhi‚ Mumbai‚ Karnataka‚ Hyderabad‚ Pune‚ Banglore‚ Uttar Pradesh and all the major cities of India | Output per annum | Indian Insurance Industry is one of the booming Industries of the economy
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years the government-owned Life Insurance Corporation of India (LIC) held a monopoly. It is only at the dawn of the twenty-first century that the sector was finally deregulated. Reforms were initiated with the passage of the Insurance Regulatory and Development Authority Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has regulated the opening up of the insurance sector‚ which has seen in total 23 life and 24 non-life private companies are operating
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uncertain events like theft‚ fire‚ accident‚ etc. Insurance is a financial service for collecting the savings of public and providing them with risk coverage. The main function of insurance is to provide protection against the possible chances of generating losses. It eliminates worries and miseries of losses by destruction of property and death. It also provides capital to the society as the funds accumulated are invested in productive heads. Insurance comes under the service sector and while marketing
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In developed countries the size of the insurance market is about eight to twelve percent of the GDP. In the United States the assets managed by the insurance sector are higher than the assets of the banking sector. This is one of the most important pillar of the economy and financial system. At the macroeconomic point of view‚ level of insurance increases the financial stability of the economy‚ reduce uncertainty by enabling effective risk management‚ and support economic activity and stimulate
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History of Health Insurance Medical cost has become very pricey and the United States did not always have health insurance. There are millions of people uninsured and its causing a heated debate in the United States. But does anyone know the history of health insurance and how it came about or even how has it become a big issue in the United States? The American life insurance system was established in the mid-1700s. But health insurance did not merge until 1850 when the Franklin Health
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A PROJECT REPORT ON “Recruitment and Selection at AVIVA LIFE INSURANCE” SUBMITTED TO UNIVERSITY OF PUNE BY SAUMYA MEHTA M.P.M. – IIIrd Semester (2006-08) CERTIFICATE This is to certify that Saumya Mehta student of SINHGAD INSTITUTE OF BUSINESS ADMINISTRATION & RESEARCH‚ Pune has completed her field work report at AVIVA Life Insurance on the topic of “Recruitment and Selection” and has submitted the field work report in partial fulfillment of MASTER IN PERSONNEL MANAGEMENT of the UNIVERSITY OF
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GEICO was founded in 1936 by Leo Goodwin‚ Sr. and his wife Lillian to provide auto insurance directly to federal government employees and their families.[2] Since 1925‚ Goodwin had worked for USAA‚ an insurer which specialized in insuring only military personnel; he decided to start his own company after rising as far as a civilian could go in USAA ’s military-dominated hierarchy. Based on Goodwin ’s experience at USAA‚ GEICO ’s original business model was predicated on the assumption that federal
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What Is a Dental Insurance Most extreme Advantage? Did you ever need to ask "what is a dental insurance most extreme advantage" when you found that your dental insurance did not cover something and you are left with an extensive dental bill? Then again‚ did you ever observe that you required a considerable amount of dental work to get back fit as a fiddle‚ yet the insurance scope was route shy of what you required? This is because of your yearly "Greatest Advantage". There are a couple arranges
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have car insurance in two different states‚ if you have multiple cars. Typically‚ it involves different policies. People who spend part of their time in a second state often keep a vehicle there‚ and register and insure it there as well. Most states will require insurance when registering a vehicle in the state. For the most part‚ you should register and insure your vehicle in the state where it is most often driven. Your car’s physical location is most important to your insurance company.
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Economics & Business: Opportunities and Challenges of Insurance Industry 1. Summary This report will provide an overview of the Indonesian economy and society‚ detailed insight on opportunities and challenges in the Indonesian insurance industry information. We introduced the industry’s history with great development‚ and it main challenges will face in Indonesia. Regulations and capital requirements are challenges. Life sector and growing GDP provide tremendous potential. Other prosperous
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