270

SUMMARY OF FINDINGS, CONCLUSION AND

SUGGESTIONS

General insurance companies have played vital role in the development of every
economy. The advancement of science and technology modifies the life style of human
being every day. Each and every one engaged in one way or other in order to fulfill the
basic requirements. In doing so, they encounter so many problems and face
uncertainties. They are not free from risks. The unexpected happenings like accidents
and sudden health hazards cause irreparable loss to the people. In this situation,
everyone must take precautionary steps in order to live in the society peacefully.
Insurance provides a better protection to the human beings and their valuable assets. In
order to give awareness to the public, the study on the importance of insurance is a vital
necessity. So, the researcher has selected the topic ‘General Insurance in India –Features
and Prospects’ for his research study.

In order to assess the performance of public sector and private sector insurance
companies and its attitude towards customers the following objective have been
undertaken
7. To study the concept and the historical perspective of insurance business in India.
8. To study about the different products and their features offered by the general
insurance companies in India.
9. To evaluate the performance of public sector and private sector general insurance
companies in India.
10. To analyse the contribution of insurance companies to the economic
development of India.
11. To study the perception level of customers on different attributes of General
Insurance companies in India, and
12. To offer suitable suggestions on the basis of the findings of the study for the
further growth of General Insurance business in India.
 271

Primary as well as secondary data were collected for the present study. A sample
size of 150, each 75 samples of customers from public sector and private sector
insurance companies were collected. The data collected by using random sampling
technique with using a well drafted questionnaire. The data were collected in the year
2009-2010 in the insurance offices located in Madurai city only.
The period of the study covers from 2000-01 to 2009-10.

The tools, measures of central tendency and dispersion, ratio analysis, scaling
technique, ANOVA technique, trend analysis, percentage analysis, independent
samples ‘t’ test are used to analyse the data

The findings, conclusions and suggestions are presented as follows.

7.1. FINDINGS

The market share of business of public sector insurance companies over the years
during the reference period is declining, while there is a good sign of remarkable
improvement in the case of private sector insurance players.

The performances of private sector insurance companies are greater than the
public sector counterparts, when comparing with its compound growth rates.
The market share of issue of general insurance policies are continuously
increasing for the private sector insurance companies than the public sector insurance
companies.
The per unit value of business of private sector insurance companies is greater
than the public sector insurance companies.
The Indian general insurance penetration is very low, when compared with the
world’s general insurance penetration,
A vast majority of gap existed between world and India in the case of general
insurance density. It is also observed that the general insurance density of India is very
low when compared with general insurance density of the rest of the world.
 272

The incurred claims ratios are very low for the private sector insurers than the
public sector insurers during the reference period. It means the performance of private
sector insurance companies are better than the public sector insurance companies.

In the case of general insurance companies, the amount of risk liability retained
by the original insurers regarding fire insurance was at high level and when in years it
came down from 93.03per cent in 2000-01 to 70.35per cent in the year 2009-10.

In the case of marine cargo, it is found that the retention per cent registered
during 2000-01 at 96.25 per cent came down to 82.73 per cent in 2009-10.

As far as Marine Hull product is concerned the net retention per cent showed at
43.83per cent during 2000-01 started declining over the years during the reference
period except in the years 2001-02, 2005-06and 2008-09 and ended with 12.93per cent
in the year 2009-10. It is inferred that the net retention per cent showed a declining trend
during the period of study.

As far as Engineering insurance products is concerned except in the year 2001-

02 the net retention per cent showed a declining trend from 2002-03 to 2004-05 and it
shot up during the year 2005-06 at 91.55 per cent and after that it showed a declining
trend in the year 2007-08and ended at a level of just 58.67per cent in the year 2009-10.
So, the net retention per cent during the period of study showed a declining trend.

As far as Motor insurance product is concerned, a near about 100 per cent net
retention per cent was witnessed during the reference period except in the years 2006-
07 and 2009-10. It showed that the amounts of risk liability retained by the original
insurers are near total with that of the amount of liability assumed on motor insurance.
It is because of non availability of reinsurance facility for this segment.

As far as aviation insurance product is concerned except in the year 2000-01 the
net retention per cent showed a declining trend up to 2004-05 and shoots up during
2005-06 at a level of 48.53 per cent after that the net retention per cent showed a
declining trend except in the year 2007-08 and ended with 11.95 per cent during the
year 2009-10.
 273

As far as Miscellaneous insurance product is concerned during 2000-01 the net

retention per cent showed at 91.92 per cent level. From 2001-02 onwards and up to
2004-05 the net retention per cent showed a declining trend and it shoots up to 94.47
per cent in the year 2005-06.From 2008-09 onwards the per cent of net retention showed
a declining trend and ended up with 88.16 per cent in the year 2009-10. So, the net
retention per cent was marginally declining over the reference period.

Out of the four public sectors insurance companies the solvency ratio for the
New India Assurance Company is higher than the other insurance companies. It means
that The New India Assurance Company ranks first regarding the solvency ratio. The
second, third and fourth rank goes to United Insurance Company, Oriental Insurance
Company and National Insurance Company respectively. In the Private sector insurance
companies Reliance General Insurance company tops in the list of solvency ratio,
followed by the insurance companies of Cholamandalam, HDFC CHUBB, ICICI
Lombard, IFFCO Tokio and Bajaj Allianz.

When compared with the solvency ratios of public sector insurance companies
with private sector insurance companies one could understand that the holding of assets
position have been greater for public sector companies than the private sector insurance
companies

The owner’s capital base of private sector insurance players is much higher than
their counterpart the public sector insurance players.

The public sector general insurance companies showed the highest share of
investment in the central government securities during the reference period. Further,
the investment trend of private sector players has been showing a higher proportion than
by the public sector insurance companies. It is observed that the compound growth rates
registered for private sector insurance companies are greater than the compound growth
rate of public sector insurance companies.

The public sector general insurance companies showed the highest share of
investment in the state government and other guaranteed securities during the reference
 274

period. Further, the investment trend of private sector players has been showing a
greater proportion than by the public sector insurance companies .The Compounded
Growth Rates (CGRs) registered for private sector insurance companies are
comparatively greater than the public sector insurance companies except TATA Aig-
Gen insurance company.

It is observed that the public sector general insurance companies showed the
highest share of investment in housing and fire fighting equipments during the reference
period. Further, the investment trend of private sector players has been showing a better
proportion than by the public sector insurance companies. The compound growth rates
of private sector insurance companies are very much greater than the public sector
insurance companies during the reference period.

The share of fund invested in infrastructure and social sectors for the private
sector insurance companies are greater than the public sector insurance companies. The
Compound Growth Rates for private sector insurance companies are comparatively
greater than the public sector insurance companies except New India and National
Insurance Companies.

The fund invested in approved securities as per exposure norms for the private
sector insurance companies is greater than the public sector insurance companies. The
compound growth rates of public sector insurance players are very much less than that
of private sector insurance players.

The fund invested in other than approved securities by the private sector
insurance companies are greater than the public sector insurance companies. Both
public and private sector insurance players, except the company that is National
Insurance Company in the public sector, and ICICI Lombard and Reliance General
Insurance Company in the private sector insurance companies all the other companies
are unwilling to divert their funds in other than approved securities during the reference
period.
 275

The share of total investment made by the public sector insurance players are
very much greater than the private sector insurance players in the year2000-
01.Eventhough,the same trend will prevail in 2009-10, the share has drastically reduced
for public sector players while there is a remarkable improvement on the part of private
sector insurance players.

The role of general insurance companies in their contribution to the investement

sector at the national level projects of the central and state government are much greater
in the year 2009-2010,the total investments stood at around Rs.66,000/- crores from the
general insurance companies.

The general insurance serves as a social security measures for the public at large,
through their different products.

The investments made by the general insurance sector are likely to become
national asset with in a shorter period because of the of the policies.

The net premium earned ratio of private sector insurance companies are higher
than the public sector insurance companies.

By comparing the net investment income of public and private sector insurance
companies, public sector companies performed rather well than the private sector
companies. It is mainly because of accumulated investment of public sector companies
over a long period.

The performance of public sector insurance companies are poor than the private
sector insurance companies. The reason is that the incurred claims ratio is higher for the
public sector companies than the private sector companies

By comparing the ratios of commission and management expenses, of public and

private sector insurance companies, it is inferred that both public and private sector
insurance players are sailing on the same boat over the reference period.

By comparing the operating expenses private sector insurers incurred lesser

amount than the public sector insurance players since the claims ratio is lesser.
 276

By comparing the net profit earned ratio, the public sector players performed
very well than the private sector players during the reference period. It means the public
sector insurance companies have earned more profit through their investment income
than the private sector insurance companies.

On the perception level

The private sector insurance companies are better on the attribute, ‘Zero
Outstanding Claims’ than the public sector insurance companies,

The private sector insurance companies are more superior on the attribute,
‘Smooth Approach’ to the public sector insurance companies.

The private sector insurance companies are not excellent on the attribute,
‘Service during Sales’ than the public sector insurance companies.

The private sector insurance companies are very prompt on the attribute, ‘Service
after Sales’ than the public sector insurance companies

The private sector insurance companies are not proper on the attribute, ‘Timely
Service’ than the public sector insurance companies.

The private sector insurance companies are superior on the attribute, ‘Door Step
Service’ to the public sector insurance companies.

The private sector insurance companies are more effective on the attribute,
‘Effective Communications’ than the public sector insurance companies.

The private sector insurance companies are confident enough on the attribute,
‘Trust Worthiness’ than the public sector insurance companies.

The private sector insurance companies are more active on the attribute, ‘Quick
Attention’ than the public sector insurance companies.

The private sector insurance companies are not habitual on the attribute,
‘Influence by Friends and Relatives’ than the public sector insurance companies
 277

The private sector insurance companies are not superior on the attribute, ‘Less
Premiums’ to the public sector insurance companies.

The private sector insurance companies are not better on the attribute, ‘More
Return’ than public sector insurance companies.

The private sector insurance companies are charging higher on the attribute,
‘Hidden Charges’ than the public sector insurance companies.

The private sector insurance companies are not superior on the attribute,
‘Attractive Schemes’ to public sector insurance companies.

The private sector insurance companies are more attractive on the attribute,
‘Innovative Products’ than public sector insurance companies.

The private sector insurance companies are more adhere on the attribute, ‘Less
Formalities’ than the public sector insurance companies.

The private sector insurance companies are experienced on the attribute, ‘Less
Political Involvement’ than the public sector insurance companies.

The private sector insurance companies are not practising on the attribute, ‘Rigid
in Operations’ than the public sector insurance companies.

The young chaps are more concerned about human relations factor. In the case
of economic factors, the mean value 3.71 for middle group is marginally higher than
the old people (3.69).The mean value 3.42 is very low for young people. Therefore, it
is found that the middle age and old people are more concerned with economic factors.

Both high and middle income groups are more concerned with human relations
factors. In the comfort factors the mean value 4.08 is higher for low income groups than
the middle (3.39) and high (3.42) income groups. Therefore, it is observed that the low
income groups are more concerned with comfort factors.
 278

It has been inferred that the middle sized households having mean value 3.71 is
more concerned with comfort factors than the small (3.43) and large size households
(3.44).

By comparing the mean values, the mean value 3.85 for literate group is higher
than the other two groups. So, it is the literate groups that are more concerned about the
product factors in the study

7.2. SUGGESTIONS

In order to improve the collection of gross direct premium, the public sector
insurance companies should introduce more innovative products to attract the rural
masses. Further, the channels of distribution are to be widened by giving opportunities
to Non Governmental Organisations (NGO), Self Help Groups (SHG) and unemployed
youths. Low Cost channels like tele marketing, internet, on line distribution and other
sophisticated modern technology should be used.

India has substantial growth potentials for general insurance business. But the
insurance penetration in India lower (0.6) than the average bench mark range level of
1.5 – 4 per cent. To improve the insurance penetration in India, youth people are to be
targeted for adequate health care, increasing transparency and initiatives for public
awareness about insurance, more attention to be given to cover small and medium sized
business entities operating in rural and urban areas.

In order to increase the insurance density in India, awareness should be created

for small family norms, make individuals interest in the habit of savings and
channelized properly the saving s into insurance products.

To reduce the incurred claims ratio the underwriting practices should be proned.
The operational expenses should be reduced by way of using paperless technology,
information technology, lean work force and professional approach.

The efficiency of the employees of the insurance companies should be promoted

by way of giving technological and human related trainings in order to satisfy the
 279

customers at a maximum level. New products and innovative channels may be brought
out by the professional training given to the employees.

Public sector insurance companies are depending on investment income to

increase their volume of earnings .But it has exposure to risk in the long run. So, the
authority should try to balance the investment activities by way of reinsurance.

The proportion of core business income to the total income of public sector
general insurance companies is much lower, when compared to the income from
investments. On the other hand the private sector general insurance companies have
better income from core business, in proportion to their total income. It is a desirable
factor in their interest in improving their business.

The public sector companies, with their long standing experience can venture
into more business prospects to improve the share of core business income.

Creation of awareness about the general insurance products and their benefits are
to be propagated among the public at a large level. Publicity through media and huge
advertisements like the advertisements for national level projects like family welfare
scheme, HIV eradication scheme are to be carried out seriously by the industry.

Public sector undertakings may extend this project in collaboration with service
organizations like Rotary Club and the like, to propagate the importance of general
insurance among the public.

Awareness to the younger generation through curriculum at the school and

college level will have major impact in the coming period for the prospective growth of
general insurance business.

A consortium of all the general insurance companies may be formed to take this
task of creating awareness about the general insurance products and their importance.
This will lead to reach large number of people and a wide coverage at national level.

Enlargement of general insurance business activities will much useful in

increasing huge investment prospects for the national level programmes.
 280

7.3. SCOPE FOR FURTHER RESEARCH

The impact of health insurance to the Society, Third Party Administer (TPA) and
their role in health service, their problems can be studied for the well being of the people
of our country India.

A comparative study of general insurance business with the counterparts of

developing countries in the world will give a clear picture about the level at where we
stand in insurance business.

A study about the issues and challenges in Indian insurance business will help
the insurance players to free from the existing clutches of problems pertaining to
insurance industry.

A study on the role of various channels of distribution of general insurance

products, their importance and problems may be carried out to strengthen the human
capital of our nation.

7.4. CONCLUSION

In India irrespective of the insurance company either public or private, both

players are introducing innovative products that suit the needs of the general public
every year. The features of the products over the years were polished and unwarranted
norms were removed for the smooth operation of insurance sector.

The performance of private sector insurance companies in many fronts is higher

and challenging one when compared with the public sector insurance companies.

The general public prefers private insurance players rather than public insurance
players because the perception level of customers towards insurance companies gone in
favour of private players.

The influence of age, income, profession, size of the family and literacy on
different factors varied only at a limited level. In the case of profession, no factor is
 281

significantly varied. So, attention should be paid to improve the quality of service on
different attributes.

The public sector companies with their long standing experience may take more
effective steps for grooming this sector towards excellence.

BIBLIOGRAPHY

BOOKS

Alok mitlal and Akash Kumar (2009), “An Exploratory Study of Factors Affecting
Selection of Life Insurance Products” ‘Insurance Theory and Practice’
published by PHI Learning Private limited.

B.Santhanam (2012), ‘Financial Services’ Published by Margham Publications,

Chennai.

Balachandran.S(2007),‘IC-33LifeInsurance’,Insurance Institute of India, Mumbai.

C.Sivakumar(2009), ‘Business Daily from The Hindu group of Publications, May
23.

Clifford Gomez(2010), ‘Financial Markets Institutions and Financial Services’

Published by PHI Learning Private Limited, New Delhi.

Dr.Usha Virwel (2010), ‘Significance of Insurance’ Published by Bhasker

Publications, Kanpur.

Indrajit Singh, Rakesh kalyal and Sanjay Arora (2005) ‘Insurance Principles and
Practice’ Published by Kalyani Publishers .

Nageswara Rao, S.B and Madhavi (2009),, “An Overview of the Private Insurance
Company” ‘Insurance Theory and Practice’ published by PHI Learning
Private limited.

Nalini Prava Tripathy(2009), “Brand Positioning of Insurance Industries – A Study

on Private Players” ‘Insurance Theory and Practice’ published by PHI
Learning Private limited .
 282

Verma, S. (2000), "Performance Appraisal of the General Insurance Corporation of

India", M.Phil. Unpublished Thesis, University of Delhi, Delhi.

Yogeshwar Phatak and Shilpi Malaiya (2009),, “A Study of Factors Influencing

Health Insurance Cover” ‘Insurance Theory and Practice’ published by PHI
Learning Private limited.

JOURNALS/ ARTICLES/WORKING PAPERS/ANNUAL REPORTS

Aiyadurai.K. and Subramani.M ‘A Study on the performance of General Insurance

Companies in India’ Managerial Herald Journal Volume 1, Number, July-
December, 2012 ISBN 978-93-80686-13-4.

Arora, D. (2008), "A Comparison of Advisory Services Offered by Selected Life Insurance
Intermediaries and Consumers Perception Towards Service Quality of Life
Insurance Companies: An Empirical Study in Punjab and Chandigarh", unpublished
Ph.D. Thesis, Panjab University, Chandigarh.

Azam, M.S. (2005), "Customers' Attitude towards General Insurance Service: Contrasting
the Public and Private Sectors in Bangladesh", Insurance Journal, July.
Baltelsmit, V.L.; and Bouzouita, R. (1998), "Market Structure and Performance in Private
Passenger Automobile Insurance", The Journal of Risk and Insurance, Vol.65, No.3.
Banerjee, P.; and Parhi, C.K. (2007), "Health Insurance: Competition among the Players is
yet to Touch the Prizing Arena," Insurance Chronicle, Feb.
Banga, J.S. (2007), "Market Strategies of General Insurance Companies in India (A Study
of Public Sector & Private Sector)," Ph.D. Thesis, Submitted to Punjab School of
Management Studies, Punjabi University, Patiala.
Banumathy, S.; and Subhasini, M. (2004), "Attitude of Policyholders, Towards Life
Insurance Business in Virudhunagar", The Insurance Times, Vol. XXIV, No.7.
Bodla, B.S.; and Verma, S.R. (2007), "Life Insurance Policies in Rural Areas:
Understanding Buyer Behaviour", The ICFAI Journal of Services Marketing, Vol.V,
No.4.
Brady, M.K.; Cronin, J.; and Brand, R.R. (2002), "Performance Only Measurement of
Service Quality: A Replication and Extension", Journal of Business Research, Vol.
55, No.1.
 283

Brockett, P.L.; Cooper, W.W.; Linda, L.; John, G.R.; and Wang, Y. (2005), "Financial
Intermediary versus Production Approach to Efficiency of Marketing Distribution
Systems and Organisational Structure of Insurance Companies", The Journal of Risk
and Insurance, Vol. 72, No.3.
Brown, Z.M. (2000),"An Investigation of the Relative Efficiency of UK General Insurer”,
Paper Presented at the 22nd UK Insurance Economists Conference University of
Nottingham, March.
Chawla, S.; and Singh, F. (2008), "Service Quality Perceptions of Life Insurance
Policyholders in Northern India: Pre-privatization vs. Post- privatization", The
ICFAI University Journal of Marketing Management, Vol.VII, No.4.
Chen, R.; and Wong, K.A. (2004), "The Determinants of Financial Health of Asian
Insurance Companies" The Journal of Risk and Insurance, Vol.71, No.3.
Chidambaram, N.K; Thomas, P.A.; and Anthony, S. (1997), "An investigation of the
Performance of the U.S. Property-liability Insurance Industry", The Journal of Risk
and Insurance, Vol.64, June, No.2.
Choi, B.Y.P.; and Weiss, M.A. (2005), "An Empirical Investigation of Market Structure
Efficiency and Performance in Property-Liability Insurance”, The Journal of Risk
and Insurance, Vol. 72, No. 4.
Cronin, J.; and Taylor, S.A. (1992), "Measuring Service Quality: A Re- examination and
Extension", Journal of Marketing, Vol.56, No.3
Cummins, J.D.; and Weiss, M.A. (1998), "Analyzing Firm Performance in the Insurance
Industry Using Frontier Efficiency Methods", The Wharton School, University of
Pennsylvania.
Cummins, J.D.; Giusepp.e, T.; and Weiss, M.A. (1996), "Productivity and Technical
Efficiency in Italian Insurance Industry", The Wharton School, University of
Pennsylvania, Working Paper Series -10, Presented at Georgia Productivity
Seminar, Nov. 1-3,
Cummins, J.D.; Weiss, M.A.; and Zi, H. (1999), "Organisation Form and Efficiency: The
Coexistence of Stock and Mutual Property Liability Insurance", Management
Science, Vol. 45, No. 9.
Deloittie; and Touche, L. (2004), "Federal Crop Insurance Program: Profitability and
Effectiveness Analysis", National Crop Insurance Services in.
Devasenathipathi, T.; Saleendran, P.T.; and Shanmugasundaram, A. (2007), "A Study on
Consumer Preference and Comparative Analysis of All Life Insurance Companies",
The ICFAI Journal of Consumer Behaviour, Vol.11, No.4.
 284

Dhanda, R.L. (2004), "Divisional Performance Evaluation of LIC Business in North Zone",
Finance India, Vol. XVIII, No. 1.
Diacon, S. (2001), "The Efficiency of U.K. General Insurance Companies", University of
Nottingham, Centre for Risk and Insurance Studies, CRIS Discussion Paper Series-
2001.111.
Diacon, S.; Starkey, K.; and Brien, C. (2002), "Size and Efficiency in European Long-term
Insurance Companies: An International Comparison”, The Geneva Papers on Risk
and Insurance, Vol.27, No.3.
Donni, O; and Fecher, F. (1997), "Efficiency and Productivity of the Insurance Industry in
the OECD Countries", The Geneva Papers on Risk and Insurance, Vol.22, No.84,
July.
Ennsfellner, K.C.; Daniclle, L.; and Anderson, R.I. (2004) "Production Efficiency in the
Austrian Insurance Industry: A Bayesian Examination”, The Journal of Risk and
Insurance, Vol. 71, No. 1.
Garg, M.C.; and Deepti (2008), "Efficiency of General Insurance Industry in India in the
Post- Liberalization Era: A Data Envelopment Approach", The ICFAI Journal of
Risk and Insurance, Vol.V, No. 1.
Gireesh Kumar, G.S and Eldose K.V ‘A Comparative Study on Public and Private Sector
Insurance Players’ ‘Insurance Chronicle’ August 2008 .
Goswami, P. (2007), "Customer Satisfaction with Service Quality in the Life Insurance
Industry in India", The ICFAI Journal of Services Marketing, Vol.V, No.1
Gupta, P.K. (2003), "Branding in Insurance: An Indian Exposition", The Insurance Times,
Vol. XXIII, No.10, Oct.
Holzheu, T. (2006), "Measuring Underwriting Profitability of the Non-Life Insurance
Industry", Swiss RE Sigma, No.3.
Hoyt, R.E.; and Powell, L.S. (2006), "Assessing Financial Performance in Medical
Professional Liability Insurance", Journal of Insurance Regulation.
Jeng, V.; and Lai, G.C. (2005), "Ownership Structure, Agency Costs, Specialization and
Efficiency: Analysis of Keiretsu and Independent Insurance Industry", The Journal
of Risk and Insurance, Vol. 72, No.1.
Kasturi, R. (2006), "Performance Management in Insurance Corporation" Journal of
Business Administration Online, Spring, Vol. 5, No.1.
Lai, G.C.; and Limpaphayom, P. (2003), "Organisational Structure and Performance:
Evidence from the Non-life Insurance Industry in Japan", The Journal of Risk and
Insurance, 2003, Vol.70, No.4.
 285

Mahmoud, O. (2008), "A Multivariate Model for Predicting the Efficiency of Financial
Performance for Property and Liability Egyptian Insurance Companies", Casulty
Actuarial Society.
Mandal, S.S. (2006), "A Study on Advisor‟s Profile", Insurance Chronicle, June.
Mansor, S.A.; and Radam, A. (2000), "Productivity and Efficiency Performance of the
Malaysian Life Insurance Industry", Journal Economy, Malaysia, Vol.34.
Negi, V.S.; and Sarkar, A.K. (1995), "Portfolio Management Policy of LIC", Finance
India, Vol. IX No.1.
Oetzel, J.M.; and Ghosh, B.S. (2008), "A Case of the Tortoise versus the Hare?
Deregulation Process, Timing and Firm Performance in Emerging Markets",
International Business Review, Vol.17, Issue 1, Feb
Rai, A. (1996), "Cost Efficiency of International Insurance Firms", Journal of Financial
Services Research.
Ramana, B.V. (2007), "Insurance Regulator: The Emerging Challenges", Insurance
Chronicle, Oct.
Rao, C.S. (2007), "Rewarding Reforms", Asia Insurance Post, Aug.
Rao, G.V. (2007a), "Premium Performance", Vol.VII, Issue 10, Asia Insurance Post, May.
Ray, R.; Ekkehard, K.; Paul, K, and Carmen, M. (1999), "Regulation and Efficiency in
European Insurance Markets" Economic Policy, Vol. 14, No. 29, Oct.
Rudolf, E. (2001), "Profitability of the Non-Life Insurance Industry: It's Back- to-Basics
Time", Swiss RE, Sigma, No.5.
Sabera, (2007), "Privatization of Insurance Industry in India" Insurance Chronicle Jan.
Sandhu, H.S.; and Bala, N. (2006), "Marketing of Life Insurance Services Revisited",
Indian Management Studies Journal, Vol.10, No.2.
Sethu, P.V. (2007), "Effect of Privatization and Globalization on Insurance Segments a
Threat to PSU (Non-life) Insurance, Whether Non-life Insurance Can Do Justice to
the Common Masses", The Insurance Times, Dec.
Sinha, R.P. (2007), "Productivity and Efficiency of Indian General Insurance Industry" The
ICFAI Journal of Risk and Insurance, Vol. IV, No2.
Sinha, R.P. (2009), "Technical Efficiency of Indian General Insurance Companies: A Non-
radial Approach", The ICFAI Journal of Risk and Insurance, Vol.VI, No. 1.
Stott, D. (2001),"Service Quality in a Developing Market", The Journal of Marketing, Jan.-
June.
 286

Tapen Sinha, ‘An Analysis of the Evolution of Insurance in India’ Centre for Risk and
Insurance Studies (CRIS) Discussion on paper series, 2005

Teas, R.K. (1993), "Expectations, Performance, Evaluation and Consumers' Perceptions of

Quality", Journal of Marketing, Vol.57.
Tripathy, N.P. (2004), "An Application of Multi-dimensional Scaling Model towards
Brand Positioning of Insurance Industry", Insurance Chronicle, October.
Vanniarajan, T.; and Jeyakumaran, M. (2007), "Service Quality and Customer Satisfaction
in Life Insurance Market", Pravartak, Vol.11, Issue 3, April-June.
Verma, V. (2003),"Building Profitability in Auto Insurance”, The Journal of Risk and
Insurance, July-Dec.
Weiss, M.A. (1991), "Efficiency in the Property Liability Insurance Industry", The Journal
of Risk and Insurance Vol. 58, No. 3, Sept., pp. 452-479.

Annual Reports of General Insurance Corporation (GIC) 2004-05, Mumbai.

Irda Journal, various issues, Hyderabad.
Journal of Insurance Institute of India, various issues, Mumbai.
Reserve Bank of India Bulletin-August-2010-Volume LXIV Number 8 – Mumbai
Reserve Bank of India, Annual Report 2009-10, June 30, Mumbai.

WEBSITES

· http:// www.bulletin.rbi.org.in
· http://www.infoplease.com
· www.Wikipedia, ‘The Free Encyclopedia’ (Insurance.com)
· www.banknetindia.com
· www.Care ratings.com
· www.gicofinda.com
· www.Indiacore.com
· www.irda.gov.in ‘History of insurance in India.
 287

· www.irdaindia.org