1. Reforms In Insurance Sector In India

2. A Brief History
1818 – Establishment of Oriental Life Insurance Company, Calcutta
1906 – Establishment of National Insurance Company
1912 – Indian Insurance Companies Act
1956 – Formation of LIC and passing of L.I.C. Act 1956
1972 – General Insurance Business Act, 1972
1999 – Insurance Regulatory & Development Authority Act

3. Types Of Insurance
Life Insurance - Good method to protect the family financially, in case of death, by providing funds for the loss of income.
General Insurance - All those insurance policies which do not covers the life of the person.
Such as – i) Motor Vehicle Insurance
ii) Fire Insurance
iii) Property Insurance
iv) Health Insurance

4. Current Scenario Of Insurance Sector
Current Growth Rate - (In 2013)
i) Life Insurance – 20 % (CAGR) – $60 billion market ii) General Insurance – 18% (CAGR) - $13 billion market
Life Insurance – i) Private Sector – 30% Market Share
ii) Public sector – 70% Market Share
General Insurance - i) Private Sector – 43% Market
Share
ii) Public Sector – 57% Market Share

5. Opportunity In Indian Market
Expected Market – $280 billion (By 2020)
World’s 10th largest growing market for insurance
Untapped Population of India – 70%
FDI allowed in Insurance Sector – 49%
Most Lucrative Insurance Segments – Motor Vehicle Insurance, Health Insurance, Aviation Insurance

6. Key Factors of Growth of Insurance Industry
Increasing awareness level of customers
Customer centric products (Customized Products)
Enhanced service standards
Good communication techniques
Lucrative offers
Adopting customer feedback for improvement

7. Conclusion
Insurance can be summed up as “ Praying for the best… Being prepared for the worst…”

8. Some Indian Insurance Giants