Introduction

Insurance Means:
Insurance in broad terms may be described as a method of

sharing financial losses of few from a common fund who

are equally exposed to the same loss.
Insurance is defined as the equitable transfer of the risk of a

loss, from one entity to another, in exchange for a premium,

and can be thought of a guaranteed small loss to prevent a
large, possibly devastating loss.

Definition
General Insurance means:
General insurance or non-life insurance policies, including automobile and

homeowners policies, provide payments depending on the loss from a

particular financial event.
General insurance typically comprises any insurance that is not determined to
be life insurance.
It is called property and casualty insurance in the U.S. And non-life insurance
in continental Europe.
The non-life insurance sector is on an upswing! The non-life insurance industry in India has grown by over 16
% p.a. over the last 5 years. There is a vast business potential that lies untapped, as more and more cities enter
the development
Anonymous

Types of General Insurance

The major types of General Insurance are:
Fire
Marine
Motor
Health

Fire Insurance: A fire insurance is a contract under which the insurer in return for a
consideration (premium) agrees to indemnify the insured for the financial loss which the
latter may suffer due to destruction of or damage to property or goods, caused by fire,
during a specified period.
Marine Insurance: This policy covers goods, freight and other interests against loss or
damage to goods whilst being transported by rail, road, sea and or air.
Motor Insurance: A motor insurance policy is a mandatory policy issued by
an insurance company as part of prevention of public liability to protect the general
public from any accident that might take place on the road. The law mandates that every
owner of a motor vehicle must have one motor insurance policy.
Health insurance: Health insurance is a type of insurance coverage that pays for medical
and surgical expenses incurred by the insured. Health insurance can reimburse the
insured for expenses incurred from illness or injury, or pay the care provider directly.

IRDA
The Insurance Regulatory and Development Authority (IRDA) is a
national agency of the Government of India, based in Hyderabad. It
was formed by an act of Indian Parliament known as IRDA Act 1999,
which was amended in 2002 to incorporate some emerging
requirements.
Mission
"to protect the interests of the policyholders, to regulate, promote and
ensure orderly growth of the insurance industry and for matters
connected therewith or incidental thereto."

Insurance Structure in India

Benefits of Insurance
Protects mortgaged properties
Aversion of risk
Individual
Satisfies various needs
Peace of mind
Tool of investment
Tool of savings
Provides self dependency

About TATA AIG

Started its operations on January 22,2001 with head quarters at Mumbai,

India.
Joint collaboration between the American International Group, Inc.

(AIG) and Tata Group. AIG own the company in the ratio of 26:74.
It offers complete range of products both life insurance as well as

general insurance.
Company's products are available through various channels of
distribution.
Has asset database about 0.6 billion USD and work force about 2523
employees and 9446 agents.
Its has it operations in 25 states , 98+ locations with 8 zonal offices all
over the country.

About TATA AIG

Vision:
To be India's most preferred General Insurance Company
Purpose:
To create unmatched value for our customers, employees, business
partners and shareholders by delivering remarkable service that is
consistent, fair and transparent.

Core Values
performance

ManagingPresident
Director &CEO (MR.

Organizational
Structure:

Organizational Structure
HOM Head

Product Lines

Milestones of TATA AIG GI

"Emplyer of the Year"

Best Claims Service Company

Competitors of TATA AIG

Tata AIG is one among the TOP 10 trusted Non-life Insurers in the Country.
Bajaj Allianz General Insurance Co. Ltd

Source: IRDA Updated List of Non-life Insurers on 05-02-2016

Financial Analysis of TATA AIG

India is ranked 11th among 88 countries in life insurance business and 21st in global nonlife insurance markets in 2013.
The non-life insurance segment has fared very well over the last decade since
liberalization. Over the last five years ending FY14, gross direct premium income of nonlife insurers has grown at a CAGR of 18.4%.
Bancassurance is one distribution channel which is emerging in the distribution network.
As insurers continue to spread their reach, newer distribution channels are being adopted to
expand the insurance business.
Direct selling and individual agents are the two major distribution channels adopted by
the insurance companies.
The Indian insurance sector is witnessing a spate of mergers and acquisitions with joint
venture partners expressing their intent to look for new partners.
Government clears ordinance to hike FDI cap in insurance sector to 49%.
During 2013, Indias share in global life insurance market was 2.0%, while its share in the
non-life insurance premium was a mere 0.7%.
Insurance penetration refers to premium as a percentage of GDP whereas insurance
density refers to per capita premium or premium per person. Indias insurance density
stood at US $ 52 in 2013, way behind the world average of US$ 652.

Gross Direct Premium of GI Companies

90000

Gross Direct Premium of GI Companies

80000
70000
60000
50000
Gross Annual Premium (in Cr)
40000
30000
20000
10000
0

Total GI Companies

Tata AIG

ICICI LOMBARD

No of New Polices
2500

2000

1500
No of New Policies
1000

500

0
years/Insurer

Public

Private

Total

As Per the
Graph India
had Low
Insurance
density with
Penetration
Rate of 3.9
As per IRDA

As Per the
Graph, The GI
sector is in the
Growth Phase
with continuous
increase in
Private sector.