Professional Documents
Culture Documents
GLOBALIZATION ON
INDIAN INSURANCE
SECTOR
-----Presented
by THE STARTERS
Globalization defined…..
• “ … p ro ce sse s w h e re b y so cia lre la tio n s
a cq u ire
re la tive ly d ista n ce -le ss o r b o rd e r- le ss
q u a litie s, so th a t h u m a n live s a re
in cre a sin g ly p la ye d o u t in th e w o rld a s a
sin g le p la ce .” (Jan Aart Scholte)
• “ … te ch n o lo g ica l, p o litica l, e co n o m ic , a n d
cu ltu ra l
d im e n sio n s th a t co n n e ct in d ivid u a ls,
Purpose of Globalization:
1.Clarification of the notion of
Globalization applied to the world
Economy.
1941 197 80
1945 234 81
Changing course..
• Over the post war period the foreign
companies took backseat.
• Suffered of the Indian Insurance Act, 1938.
• Revenues and their earnings declined.
1945 1955
•
• 1928: The Indian Insurance Companies Act enacted
to enable the government to collect
statistical information about both life and
non-life insurance businesses.
•
• 1938: Earlier legislation consolidated and
• 1956 - The Life Insurance Company was
nationalized
•
• 1972 - The general insurance business was
nationalized
•
• 1999 - Private insurance companies came into
existence
•
• 2000 - Insurance Regulatory and Development
Authority bill was passed
•
• ∏LIC market share has decreased from
95%(2002-03) to 81% (2004-05)
•NAME OF THE PLAYER MARKET SHARE
(%)
•LIC 82.3
ICICI PRUDENTIAL 5.63
BIRLA SUN LIFE 2.56
BAJA ALLIANZ 2.03
SBI LIFE 1.80
HDFC STANDARD 1.36
TATA AIG 1.29
MAX NEW YORK 0.90
AVIVA 0.79
OM KOTAK MAHINDRA 0.51
ING VYASA 0.37
AMP SANMAR 0.26
METLIFE 0.21
Insurance today
Present scenario of Insurance
sector
Impact of globalization on
Insurance Sector
opportunity
•New customer have much more
option to choose
•Job opportunity
•It will cover large area.
•Better customer service
•Coming of domestic and foreign
companies.
Challenges before the industry
Essentials to meet the
challenges
FUTURE