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The Emerging Insurance sector of India.
EXECUTIVE SUMMARY :
Insurance sector in INDIA
is booming up but not to levelcomparative with the developed economies such as Japan,Singapore etc. Also with the opening of the insurance sector to theprivate players have provided stiff competition resulting into qualityproducts. Also there is a need to restructure the Indian Governmentowned “ Life insurance Corporation of India “ so as to maximizerevenue and in turn profits. IRDA regulations and norms for theallocation of funds need to have a comprehensive look. In the phaseof declining interest rates and rising inflation the funds need to beapplied in productive areas so as to generate high returns. Also interms of clients servicing areas such as premium payments, after sales service, policy dispatch, redressal of grievances has to beamended. In the current scenario, LIC has to provide flexible productssuited to the customers requirements. Also a proper and systematicrisk management strategy needs to be adopted. After the increase interrorism and destructive events around the global world such asSeptember 11 attack on World Trade Centre, US – Taliban war, US –Iraq war etc.. an alternative to reinsurance such as asset backedsecurities is emerging out in the developed economies. Catastrophebonds is one of the alternatives for reinsurance. Finally some policiessuch as pure term and pension schemes needs to be addressed
 NLDIMSR 1
 
The Emerging Insurance sector of India.
massively at both the urban and the rural segment so as to generatehigh premium income which will help in the development and growthof the economy.
INDEX :
SR CONTENTS PAGE NO.NO .
1.
 
INTRODUCTION 12.
 
INSURANCE SECTOR - A PREVIEW 33. LIFE INSURANCE INDEX ( COUNTRYWISE ) 64. WHY OPEN UP THE INSURANCE SECTOR ? 75. GOVERNMENT / RBI REGULATIONS 116. INDIAN PARTNER – FOREIGN TIE UP 167. WHY LIBERALISE, WHAT MARKET STRUCTURE 18& ROLE FOR THE REGULATOR8. AN ALTERNATIVE TO REINSURANCE 389. INVESTMENT AND CAPITAL NORMS 4410. ROLE OF THE PORTFOLIO MANAGER 4611. RESTRUCTURING OF LIC & GIC 5312. POINTERS FOR THE INDIAN POLICYMAKERS 5613. CURRENT SCENARIO 6014. BIBLIOGRAPHY 64
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The Emerging Insurance sector of India.
INTRODUCTION :
Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. Under the plan of insurance,a large number of people associate themselves by sharing risksattached to individuals. The risks which can be insured against,include fire, the perils of sea, death and accidents and burglary. Anyrisk contingent upon these, may be insured against at a premiumcommensurate with the risk involved. Thus collective bearing of risk isinsurance.
DEFINITION :
General definition:
In the words of John Magee, “Insurance is a plan by which largenumber of people associate themselves and transfer to the shouldersof all, risks that attach to individuals.”
Fundamental definition:
 NLDIMSR 3
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