GENERAL INTRODUCTION ABOUT THE SECTOR
Insurance is not the sale of products, but servicing customers. It is a system, by which the lossessuffered by a few are spread over many, Exposed to similar risks. Insurance is a protectionagainst financial loss arising on the happening of an unexpected event. Insurance companiescollect premiums to 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 amount collected. Thevery fundamental principle of spreading of the risk is actually practiced by the insurancecompanies by reinsuring the risks that they have insured. The opening up of the Insurance Sector to Private Companies, has made available more products and world class service to IndianCustomer.This project has been made with an objective to give an insight into various facts of GeneralInsurance sector in India. An attempt has been made to explain the apex body of GeneralInsurance. i.e. General Insurance Corporation of India, its structure, products and subsidiaries.Also the review of latest entrants into insurance sector viz. private players like TATA AIGGeneral Insurance Company, Reliance General Insurance Company limited, Bajaj AllianzGeneral Insurance Company, IFFCO Tokyo General Insurance Company, Royal SundaramGeneral Insurance Company limited and ICICI Lombard General Insurance Company have beendescribed in brief, Due to the growth in the technological sector of the country, the insurancecompanies have started utilizing these technologies to it‚as optimum level.