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    Types of Insurance

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    Harsh Upadhyay
    Insurance is a form of risk management that transfers the risk of a loss from one entity to another in exchange for payment. It can reduce or eliminate the risk of loss to life and property. There are two main types of insurance - life insurance, which pays beneficiaries upon the insured's death, and general insurance like property, health, auto, and liability coverage. Insurance began in India in 1818 and was nationalized in 1956 and 1973 before being deregulated in 1999 to allow private companies, leading to rapid growth of the insurance sector.

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    Types of Insurance

    Uploaded by

    Harsh Upadhyay
    22 views3 pages
    Insurance is a form of risk management that transfers the risk of a loss from one entity to another in exchange for payment. It can reduce or eliminate the risk of loss to life and property. There are two main types of insurance - life insurance, which pays beneficiaries upon the insured's death, and general insurance like property, health, auto, and liability coverage. Insurance began in India in 1818 and was nationalized in 1956 and 1973 before being deregulated in 1999 to allow private companies, leading to rapid growth of the insurance sector.

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    Insurance is a form of risk management that transfers the risk of a loss from one entity to another in exchange for payment. It can reduce or eliminate the risk of loss to life and property. There are two main types of insurance - life insurance, which pays beneficiaries upon the insured's death, and general insurance like property, health, auto, and liability coverage. Insurance began in India in 1818 and was nationalized in 1956 and 1973 before being deregulated in 1999 to allow private companies, leading to rapid growth of the insurance sector.

    Copyright:

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    Download as DOCX, PDF, TXT or read online from Scribd
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    22 views3 pages

    Types of Insurance

    Uploaded by

    Harsh Upadhyay
    Insurance is a form of risk management that transfers the risk of a loss from one entity to another in exchange for payment. It can reduce or eliminate the risk of loss to life and property. There are two main types of insurance - life insurance, which pays beneficiaries upon the insured's death, and general insurance like property, health, auto, and liability coverage. Insurance began in India in 1818 and was nationalized in 1956 and 1973 before being deregulated in 1999 to allow private companies, leading to rapid growth of the insurance sector.

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    Download as DOCX, PDF, TXT or read online from Scribd
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    What is insurance?

    Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

    Insurance may be described as a social device to reduce or eliminate risk of loss to life and property.

    Types of insurance

    Life insurance General insurance 1. Fire insurance 2. Marine insurance 3. Health insurance 4. Auto insurance

    LIFE INSURANCE
    Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary sum of money (the "benefits") upon the death of the insured

    GENERAL INSURANCE
    Insurance other than Life Insurance falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, marine ,health, etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities.

    History of insurance sector in India


    Insurance sector has its root in India from 1818 when Oriental Life Insurance Company was started. In the year 1912, the Life Insurance Companies Act was passed to regulate the insurance business. The Government of India issued an Ordinance on 19 January 1956 nationalizing the Life Insurance sector and Life Insurance Corporation came into existence in the same year. General Insurance business was nationalized with effect from 1 January 1973 and led to opening of a new insurance company The General Insurance Corporation of India. The government then introduced the Insurance Regulatory and Development Authority Act in 1999, thereby de-regulating the insurance sector and allowing private companies.

    GROWTH OF INSURANCE SECTOR IN INDIA


    Insurance sector is the vast growing sector of the Indian economy. India In india insurance sector is growing
    With an annual growth rate of 15-20%. Total value of the Indian insurance market (2004-05) is estimated at Rs. 450 billion (US$10 billion). According to government sources, the insurance and banking services contribution to the country's gross domestic product (GDP) is 7%. The insurance market has grown to

    $31.73 billion. Insurance sector has grow 200% from 2004-05 to 2011-12. In India this graph shows the growth from 2000 to 2011

    This table show the private and the public companies share in insurance sector

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