Project Report

On
Insurance Industry
 Introduction

Insurance today is a term that has gone beyond just life insurance and has expended in each and
every aspect of life. The need for security has made us to insure our property, thefts, travel, auto,
shops and even our weddings. India has been gradually adopting to the various kinds of
insurance thats available in the world market and the country today has world class players
offering services to meet every individual’s needs.

When we talk about General Insurance we mean non-life insurance which essentially is
an insurance to cover anything under the sun. General Insurance basically covers Health
Insurance, Travel Insurance, Holiday Insurance, Mortgage Protection Insurance, Accident
Insurance etc. General Insurance Companies in India have come a long way from the first time
Triton Insurance Company of Calcutta had established the first general insurance house
in the country. The general insurance policies work in a slightly different mode than the regular
life insurance policies.

Lets have a look at some of the top players in the general insurance market in India:

Icici Lombard General Insurance Company Limited

A joint venture between the second largest bank in India ICICI Bank Ltd and Canada based
Fairfax Financial Holdings Limited, ICICI Lombard is the number one private insurance
company in India. It started general insurance operations in August 2001 and was the first
general insurance company to be awarded ISO 9001:2000. The company has earned quite a few
awards for its services and customer relationship. It is also one of the top three companies to
have received the “General Insurance Company of the Year” at the 10th Asia Insurance Industry
Awards.

 Auto insurance
 Travel insurance
 Householder insurance
 Health Insurance
 Personal Accident Insurance
Tata AIG General Insurance Company Limited

This is joint venture between two power house- Tata Sons and American International Group
Inc. (AIG). Founded on Jan 22 in the year 2001, 74 per cent stake belongs to the Tata Group and
AIG hold 26 percent of the company stakes. Having got the strength from both the organisations,
Tata AIG caters to a range of categories including travel, energy, marine, property, automobile,
home, personal accident etc for individuals, small businesses and big corporate houses.
They offer plans in:

 Maharaksha
 Critical Illnes Insurance
 Personal Accident Insurance
 Mediclaim Insurance
 Shopkeepers Insurance
 Healthcare
 Auto Insurance
 Hospital Cash Insurance
 Secured Future Plan
 Travel Insurance
 Householder Insurance
 Hospital Care

Bajaj Allianz General Insurance Company Limited

Bajaj Auto Limited and Allianz AG of Germany came together on 2nd May 2001 to form this
general insurance company in India. 74% of the joint venture is owned by Bajaj Auto while the
rest of the shares lie with Allianz. The company is one of the leading private insurer in the
country and offers services in General Insurance, Health Insurance and Risk Management. With
a capital base of Rs. 147 crores, the company has marked a niche for itself.
They offer plans in:

 Householder Insurance
 Personal Accident Insurance
 Travel Insurance
  Health Insurance
 Auto Insurance

Oriental insurance company limited

Supported by General Insurance Corporation (GIC) of India, Oriental Insurance Company started
is one of the oldest companies in India. It started out in 1947 and has been catering to all sectors
of society. The company believes in providing insurance to the community at a reasonable cost.
Special covers are provided for large projects such as power plants, steel plants and chemical
plants.
The plan offered are provided in:

 Shopkeepers Insurance
 Health Insurance
 Auto Insurance
 Travel Insurance
 Householder Insurance
 Personal Accident Insurance
http://www.icicilombard.com/app/ilom-en/AnnualReport/publicdisclosures.aspx

http://www.tataaiginsurance.in/taig/taig/tata_aig/about_us/about_tata_aig/pdf/financials_2009-
10.pdf
http://www.tataaiginsurance.in/taig/taig/tata_aig/about_us/about_tata_aig/financials.html

http://www.bajajallianz.com/Corp/aboutus/general-insurance-company-annualreport.jsp

http://www.bajajallianz.com/Corp/aboutus/financial-info2009-10-general.jsp