Insurance is not the sale of products, but servicing customers.
It is a system, by which the losses suffered by a few are spread over many,Exposed to similar risks. Insurance is a protection against financial loss arising:on the happening of an unexpected event. Insurance companies collect premiumsto provide for this protection. A loss is paid out of the premiums collected fromthe insuring public and the Insurance Companies act as trustees to the amountcollected. The very fundamental principle of spreading of the risk is actuallypracticed by the insurance companies by reinsuring the risks that they haveinsured. The opening up of the Insurance Sector to Private Companies, has madeavailable more products and world class service to Indian Customer.This project has been made with an objective to give an insight into various factsof General Insurance sector in India.An attempt has been made to explain the apex body of General Insurance. i.e.
General Insurance Corporation of India,
its structure, products and subsidiaries.Also the review of latest entrants into insurance sector viz private players likeTATA AIG General Insurance Company, Reliance General Insurance Companylimited, Bajaj Allianz General Insurance Company, IFFCO Tokio GeneralInsurance Company, Royal Sundaram General Insurance Company limited andICICI Lombard General Insurance Company have been described in brief, Due tothe growth in the technological sector of the country, the insurance companieshave started utilizing these technologies to it’s optimum level. A case study basedon the devastating Mumbai floods on 26
July 2005 is been prepared and facts of the case are being listed along with the effect of the particular situation on theGeneral Insurance Companies is been justified.