Professional Documents
Culture Documents
General Insurance
General Insurance
Also the review of latest entrants into insurance sector viz private players like
TATA AIG General Insurance Company, Reliance General Insurance Company limited,
Bajaj Allianz General Insurance Company, IFFCO Tokio General Insurance Company,
Royal Sundaram General Insurance Company limited and ICICI Lombard General
Insurance Company have been described in brief, Due to the growth in the
technological sector of the country, the insurance companies have started utilizing
these technologies to it’s optimum level. A case study based on the devastating
Mumbai floods on 26th July 2005 is been prepared and facts of the case are being
listed along with the effect of the particular situation on the General Insurance
Companies is been justified.
INDEX
Serial no.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Origin of Insurance
Topic
Page no.
1 2 5 7 8 10 12 15 20 21 30 40 42 45 51 56 59 62
Insurance is a financial service for collecting the savings of the public and
providing them with risk coverage. It comes under service sector and while
marketing this service due care is taken in quality product and customer
satisfaction. The main function of the Insurance is to provide protection against
the possible chances of generating losses.
The insurance sector in India has come a full circle from being an open competitive
market to nationalization and back to a liberalized market again. Tracing the
developments in the Indian insurance sector reveals the 360-degree turn witnessed
over a period of almost two centuries.
1
Brief History of the Insurance Sector
The business of life insurance in India in its existing form started in India in
the year 1818 with the establishment of the Oriental Life Insurance Company in
Calcutta. Some of the important milestones in the life insurance business in India
are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
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 amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
The General insurance business in India, on the other hand, can trace its roots to
the Triton Insurance Company Ltd., the first general insurance company established
in the year 1850 in Calcutta by the British.
Some of the important milestones in the general insurance business in India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact
all classes of general insurance business.
2
1968: The Insurance Act amended to regulate investments and set minimum solvency
margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the
general insurance business in India with effect from 1st January 1973. 107 insurers
amalgamated and grouped into four companies’ viz. the National Insurance Company
Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and
the United India Insurance Company Ltd. GIC incorporated as a company. INSURANCE
SECTOR
The opening up of Insurance sector was a part of the on going liberalization in the
financial sector of India. The changing face of the financial sector and the entry
of several companies in the field of life and non life Insurance segment are one of
the key results of these liberalization efforts. Insurance business by way of
generating premium income adds significantly to be the GDP. Over the past three
years, more than thirty companies have expressed interest in doing business in
India. The IRDA (Insurance Regulatory Development Authority) is the regulatory
authority, which looks over all related aspects of the insurance business. The
provisions of the IRDA bill acknowledge many issues related to insurance sector.
The IRDA bill provides guidance for three levels of players - Insurance Company,
Insurance brokers and Insurance agent. Life Insurance sector is one of the key
areas where enormous business potential exists. In India currently the life
insurance premium as a percentage of GDP is 1.3 % against, 5.2 per cent in the US.
General Insurance is another segment, which has been growing at a faster pace. But
as per the current comparative statistics, the general insurance premium has been
lower than life insurance. General Insurance premium as a percentage of GDP was a
mere 0.5 'per cent in 1996. In the General Insurance Business, General Insurance
Corporation (GIC) and its four subsidiaries viz. New India Insurance, Oriental
Insurance, National Insurance and United India Insurance, are doing major business.
The General Insurance Industry has been growing at a rate of 19 percent per year.
3
The entry of several private insurance companies, particularly international
insurance companies, through joint ventures, will speed up the process of insurance
mobilization. The competition will unleash new schemes and benefits, which will
give consumers a better Chance to save as well as insure. The regulatory system in
India is relatively new and takes some more time to make the Insurance sector a
perfectly competitive one. Insurance Regulatory Authority of India issued
regulations on 15 subjects which included appointed. Actuary, actuarial report,
Insurance agents, Solvency margins, reinsurance, registration of Insurers, and
obligation of insurers to rural and social sector, investment and accounting
procedure. The reform in Insurance in India is guided by factors like availability
of a variety of products at a competitive price, improvement in the quality of
customer services etc. Also the employment opportunities in the Insurance sector
wil1 increase as major players set their business plans in India. The policy of the
government to open up the financial sector and the Insurance sector is expected to
bring greater FDI inflow into the country. The increase in the investment limit in
this vital sector has generated considerable business interests among the foreign
Insurance companies" Their entry wil1 certainly change the Insurance sector
considerably.
4
Insurance Sector Reforms:
In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor
R.N. Malhotra was formed to evaluate the Indian insurance industry and recommend
its future, direction. The Malhotra committee was set up with the objective of
complementing the reforms initiated in the financial sector.
In 1994, the committee submitted the report and some of the key recommendations
included:
2. No Company should deal in both Life and General Insurance through a single
entity.
3. Foreign companies may be allowed to enter the industry in collaboration with the
domestic companies.
5. Only one State Level Life Insurance Company should be allowed to operate in each
state.
5
Regulatory Body: 1. The Insurance Act should be changed. 2. An Insurance Regulatory
body should be set up. Controller of Insurance (Currently a part from the Finance
Ministry) should be made independent.
Customer Service: 1. LIC should pay interest on delays in payments beyond 30 days.
2. Insurance companies must be encouraged to set up unit linked pension plans. 3.
Computerization of operations and updating of technology to be carried out in the
insurance industry. The committee emphasized that in order to improve the customer
Services and increase the coverage of the insurance industry should open up to
competition. But at the same time, the committee felt the need to exercise caution
as any failure on the part of new players could ruin the public confidence in the
industry. Hence, it was decided to allow competition in a limited way by
stipulating the minimum capital requirement of Rs. 100 crores. The committee felt
the need to provide greater autonomy to insurance companies in order to improve.
6
Insurance Regulatory Authority
On the recommendations of the Malhotra Committee, government has set up an interim
Insurance Regulatory Authority (IRA), with a view to activate an insurance
regulatory apparatus essential for proper monitoring and control of the insurance
industry. The IRA is headed by a chairman who is also Controller o0f insurance and
chairman of TBC. The other members of the IRA, not exceeding seven in number of
whom not more than three shall serve full time, shall be nominated by the central
government.
INSURERS:
Life Insures: •
General Insurers •
General
national reinsurer)
7
INSURANCE INDUSTRY: CLASSIFICATION
INSURANCE
LIFE INSURANCE
GENERAL INSURANCE
Fire Insurance
Marine Insurance
Mediclaim
Motor Vehicle
8
SOME PLAYERS IN THE INDUSTRY:
New Entrants ICICI Prudential Life Insurance Ltd. Tata AIG Life Insurance
Corporation Ltd. ING Vysya Life Insurance Corporation Ltd. Om Kotak Mahindra Life
Bajaj Alliaz General Insurance Company Ltd. Reliance General Insurance Company Ltd.
Tata AIG General Insurance Company Ltd.
Corporation Ltd.
9
4 I’s of Insurance Service
The 4 I’s refers to the different dimensions/ characteristics of any service.
Unlike pure product, services have its own characteristics and its related
problems. So the service provider needs to deal with these problems accordingly.
The service provider has to design different strategies according the varying
feature of the service. These 4 I’s not only represent the characteristics of
different services but also the problems and advantages attached to it.
• Intangibility:
Insurance is a guarantee against risk and neither the risk nor the guarantee is
tangible. Hence, insurance rightly come under services, which are intangible.
Efforts have been made by the insurance companies to make insurance tangible to
some extent by including letters and forms
10
• Inconsistency
Services are produced and consumed simultaneously. Consumers cannot and do not
separate the deliverer of the service from the service itself. Interaction between
consumer and the service provider varies based on whether consumer must be
physically present to receive the service. • Inventory
No inventory can be maintained for services. Inventory carrying costs are more
subjective and lead to idle production capacity. When the service is available but
there is no demand, cost rises as, cost of paying the people and overhead remains
constant even though the people are not required to provide services due to lack of
demand.
In the insurance sector however, commission is paid to the agents on each policy
that they sell. Hence, not much inventory cost is wasted on idle inventory. As the
cost of agents is directly proportionate to the policy sold.
11
GENERAL INSURANCE
With the opening up of the insurance industry to the private sector, the need for a
strong, independent and autonomous Insurance Regulatory Authority was felt. As the
enacting of legislation would have taken time, the then Government constituted
through a Government resolution an Interim Insurance Regulatory Authority pending
the enactment of a comprehensive legislation. The Insurance Regulatory and
Development Authority Act, 1999 is an act to provide for the establishment of an
Authority to protect the interests of holders of insurance policies, to regulate,
promote and ensure orderly growth of the insurance industry and for matters
connected therewith or incidental thereto and further to amend the Insurance Act,
1938, the Life Insurance Corporation Act, 1956 and the General insurance Business
(Nationalization) Act, 1972 to end the monopoly of the Life Insurance Corporation
of India (for life insurance business) and General Insurance Corporation and its
subsidiaries (for general insurance business). Definition and meaning:
1. INSURANCE:
Insurance is the means of managing risk and protection against financial loss
arising as a result of contingencies, which may or may not occur.
12
2. GENERAL INSURANCE:
General insurance means managing risk against financial loss arising due to fire,
marine or miscellaneous events as a result of contingencies, which may or may not
occur.
General Insurance means to “Cover the risk of the financial loss from any natural
calamities viz. Flood, Fire, Earthquake, Burglary, etc.. i.e. the events which are
beyond the control of the owner of the goods for the things having insurable
interest with the utmost good faith by declaring the facts about the circumstances
and the products by paying the stipulated sum , a premium and not having a motive
of making profit from the insurance contract.”
1. Mis-description : The insurance policy shall be void and all the premiums paid
by insured may be forfeited by the insurance company in the event of mis-
presentation or misdeclaration and/or non-disclosure of any material facts.
2. Reasonable care : The insured shall take all reasonable steps to safeguard the
property insured against any loss or damage. Insured shall exercise reasonable care
that only competent employees are employed and shall take all reasonable
precautions to prevent all accidents and shall comply with all statuary or other
regulations
13
3. Fraud : If any claim under the policy may be in any respect fraudulent or if any
fraudulent means or device are used by the insured or any one acting on the
insured’s behalf to obtain any benefit under the insurance policy, all the benefits
under the insurance policy may be forfeited.
Risks of loss not covered under general insurance are: The loss or damage or
liability or expenses whether direct or indirect occasion by
happening through or arising from any consequences of war, invasion, act of foreign
enemy, hostilities (whether war be declared or not), civil war, rebellion
revolution, civil commotion or loot or pillage in connection therewith and loss or
damage caused by depreciation or wear and tear. However the risk of loss or damage
by war can be insured by payment of additional premium in some cases only.
14
Product levels:
E X P E C T E D
AUGMENTED
CORE
POTENTIAL
15
Level
Type service
of Contents
Core service
Expected service
Basic
product
and
Augmented service
Potential service
Features that attract the customers • Maturity claims settled and are useful to
them. on or before the maturity date. • Loans
The core product of insurance company is insuring life and non life products.
People opt for this service as they want to secure their life, people dependent on
them and other valuable things in life.
The time factor plays an important role while providing service to the customer.
The customer expects that the procedures for settling the claim should be short and
not much time consuming. They should get the benefits of the service as soon as
possible.
16
Today the technology is boosting in each and every field. Insurance is not an
exception. Companies have started providing customers facility of online payment of
premium through their websites. They also provide online assistant to the customer
the policy status and how to calculate the premium. To calculate the premium they
just need the present age, the type of police, sum assured, and accident covered if
any. By filling in this information you can calculate the amount of premium you
have to pay. The customer can pay their premiums by means of credit cards or can
also give standing instruction to the bank in order to pay their monthly premiums.
The insurance companies also provide loan facilities against their policies. At
present loans are granted on unencumbered polices as follows: • •
Up to 90% of the Surrender Value for policies, where the premium due is fully
paidup, and Up to 85% of the Surrender Value for policies where the premium due is
partly paidup.
The minimum amount for which a loan can be granted under a policy is Rs150. The
rate of interest charged is 10.5% p.a., payable half-yearly. Loans are not granted
for a period shorter than six months, or on the security of lost policies (the
assured must have the duplicate policies) or on policies issued under certain
plans. Certain types of policies are, however, without loan facility.
17
FREQUENT TERMS USED
Agent: An insurance company representative licensed by the state, who solicits,
negotiates or effects contracts of insurance, and provides service to the
policyholder far the insurer.
Actual Total Loss: It is a loss where the goods are completely lost and become
irrecoverable
Additional cover: An insurance policy extended to cover additional risk perils such
as strikes. Riots and Civil commotion etc on payment of extra premium.
Agreed value policy: Policy which undertakes to pay a specified amount in case of
total loss. Under this case the policy does not take into account the current
market value. Assessor:
Person who estimates the value of goods for the purpose of apportioning the sum
payable by the underwriters to settle the claims. Also called as Surveyor.
18
Coverage: The scope of protection provided under a contract of insurance; any of
several risks covered by a policy.
Cargo insurance: A generic term used in both inland marine and ocean marine
insurance to designate the type’s of insurance available to provide coverage for
cargo that is being transported by truck, rail, air, ship, or boat.
Claim: The formal request by a policyholder or a claimant for payment of loss under
an insurance policy.
Co-insurance: A provision under which an insured who carries less than the
stipulated percentage of insurance to value, will receive a loss payment that is
limited to the same ration which the amount of insurance bears to the amount
required;
Indemnity: Legal principle that specifies an insured should not collect more than
the actual cash value of a loss but should be restored to approximately the same
financial position as existed before the loss.
19
Insurable Interest: A condition in which the person applying for insurance and the
person who is to receive the policy benefit will suffer all emotional or financial
loss, if any untouched event occurs. Without insurable interest, an insurance
contract is invalid, Insurance: Social device for minimizing risk of uncertainty
regarding loss by spreading the risk over a large enough number of similar
exposures to predict the individual chance of loss.
Net Premium: The portion of premium rate which is designed to cover benefits of the
policy, excluding expenses, contingencies and profit.
Policy: Is the legal document that has the conditions of the insurance contract.
Salvage: Recovery made by an insurance company by the sale of property which has
been taken over from that insured as a part of loss settlement. The remains of
damaged vehicle or any other property. Third party: Any person other than the two
parties signing an insurance, contract.
The Oriental Insurance Company Ltd. (OICL) is one of the leading General Insurance
companies in India and is a subsidiary of the General Insurance Corporation (GIC)
of India. It is one of the oldest Insurance. If companies and was established in
the year 1947. The Company transacts all kinds of non-life insurance business
ranging from insurance covers for very big projects to small rural insurance
covers. OICL, is the – • • • • • • • • • •
First to have underwritten the biggest Grass Root Refinery Project, Reliance
Jamnagar Refinery. First to have issued a Package Policy under mega risk to PSU Oil
giants. . First to have issued Advance Loss of Profits policy in India. First to
have issued directors & Officers liability policy in India. First to introduce
Kidnap & Ransom cover in India. First to have issued Stock Brokers and Stock
Exchange custodial services policy in India. First to have issued tailor-made cover
for Cellular Communication systems. First to have front office computerization
drive in India. First to have a system of in-house loss assessment upto statutory
limits. First to have started motor third party conciliatory proceedings.
21
THE PROFILE
The Oriental Insurance Company' Ltd. (OICL) is one of the leading General Insurance
companies in India and is a subsidiary of the General Insurance Corporation (GIC)
of India. It is one of the oldest Insurance companies and was established in the
year 1947. The Company transacts all kinds of non-life insurance business ranging
from insurance covers for very big projects to small rural insurance covers. OICL
has its Head office in New Delhi, the capital of India. The Company has 21 Regional
Offices, 311 Divisional Offices and 635 Branch offices in various cities of the
country.
Reinsurance connections are spread all over the world. The Company has a very high
reputation in the Reinsurance market.
OICL specializes in devising special covers for large projects like Power Plants,
Petro-chemical, Steel Plants and chemical plants. It has a highly technically
qualified and competent team of professionals, to render the best customer service.
The Company has a dedicated project cell at the Head Office as well as major cities
of India. A special R & D team has been dedicated to bring out special innovative
covers like StockBrokers' Policies, Special Package Policies etc.
22
VALUES
23
CORPORATE OBJECTIVES:
o To serve better the insurance needs of the entire community, keeping CUSTOMER as
the focus.
o To serve better the insurance needs of the entire community, keeping CUSTOMER as
the focus.
24
PRODUCTS:
25
Documents requirement for various types of Claims
Different documents are required for settling different types of claims. The most
commonly required ones are mentioned under each claims type listed below. Your full
cooperation to surveyor/Investigator appointed by the Company would enable prompt
settlement of claims.
o Claim due to Fire and/or Explosion. o Claim due to Flood, Storm, Cyclone,
Earthquake, and Subsidence/Landslide. o Claim due to Riot, Strike, Malicious Damage
and Terrorism (RSMDT). o Marine Inland Transit Loss of cargo/machinery. o Marine
Loss of cargo/machinery for export' o Marine Loss of cargo/machinery during Import
o Claim due to Electrical/Mechanical/Electronic Breakdown/mishandling/ o Impact
damage to machine. o Claim due to Burglary/Theft of Vehicle o Accidental Death
Claim o Permanent Disability/Injury claim due to accident o Temporary Total
Disability (TTD) (Weekly compensation) claim due to accident o Mediclaim claim due
to hospitalization (disease/accident) o Claim due to Death of Cattle (Non-
IRDP)/Permanent Total Disablement. Damage claim to private Vehicle (Car/2Wheeler)
due. to accident o Claim of Damage to Commercial Vehicle (Taxi/Bus/Lorry) due to
accident. Third Party (T.P.) Claim due to accident
26
II. The New India Assurance Company.
Established by Sir Dorab tata in 1919, New India’ was the first fully Indian owned
insurance company in India. There were nearly 150 insurance firms in India -
including ones from France, the UK and America. These were operated through
managing agencies in India largely held by Indian business houses.New India is a
leading global insurance group, with offices and branches throughout India and
various countries abroad. The company services the Indian subcontinent with a
network of 1,130 offices, comprising 26 Regional offices, 366 Divisional offices
and 738 Branches. With approximately 25,000 employees, New India has the largest
number of specialist and technically qualified personnel at all levels of
management, who are empowered to underwrite and settle claims of high magnitude New
India has historically been a frontrunner in several diverse fields of business and
industrial activity. New India are lead underwriters of India's Space programn1e
having insured several INSAT and other, satellites. New India are pioneers in
Engineering insurance, Financial risks insurance and are now offering customized
Risk Management solutions to our: corporate clients in the Private and public
Sectors in Power, Telecom, Petrochemicals, Steel and Automobile industries New
India's foreign operations started with the establishment of an office in London in
1920. An international presence was built up by New India as a direct writing
Company in 23 countries spanning 5 continents. It increased its reach and capacity,
for reinsurance facilities for all classes of business. Starting way back in the
1920s, New India's UK operations have now taken deep root. New India is party to
one of the oldest reinsurance treaties in the UK market. Through participation in
Aviation and Marine Hull underwriting, New India has, over a period of time,
strengthened its market presence. In 1980's with the establishment of a full-
fledged branch to underwrite UK Business, it has extended its UK operations,
authorized by the Department of Trade and industry The New India commenced its
Japan operations in 1950, and now: operates through 8 branches. The Japanese
operation covers 35% of the Company’s overseas premium income. 27
II. The National Insurance Company
Since incorporation in the year 1906, National Insurance~ Company has been carrying
out general insurance business under private management until 1972, the year of its
nationalization. In the same year 22 foreign and 11 Indian Insurance Companies were
amalgamated with National Insurance Company Limited, as a subsidiary company of
General Insurance Corporation of India Headquartered in Calcutta it has an
organizational network of over 964 offices with around 20,077 trained workforces.
The company also has operations in Hong Kong and Nepal and ranks among the top
global business insurers. Later on in 2002, with the passage of Insurance amendment
Bill (2002), National Insurance Company has been delinked from GlC and. has been
functioning as an independent company Its product range includes motor vehicle
insurance; fire insurance on buildings and other assets; various crime covers like
burglary and theft of cash; machinery breakdown cover for industrial equipment;
transit damage cover for imported or exported goods; as well as legal liability
cover. Professional indemnity and directors and officer’s liability covers are some
of the new covers. NICO General Insurance seeks to attract clients and
intermediaries and flexibility in claims settlements, and at the same time ensuring
that we do not erode shareholder value. The objective is to add value to the
shareholders' funds whilst ensuring customer satisfaction? The strength of NGI is
in its balance sheet. NICO General Insurance views the future and its prospects as
extremely bright, exciting and rewarding for staff, clientele and shareholders
alike.
28
IV. United India Insurance Company
United India Insurance is one of the four subsidiaries of the General Insurance
Company carrying on general insurance business with its head office at Chennai.
Later on in 2002, with the passage of Insurance amendment Bill (2002), United India
Insurance has been Del inked from GIC and has been functioning as an independent
company.
UI spans the country with a network of 1123 offices and manpower of Over 21,000
employees. The organizational structure comprises 22 regional offices, 327
divisional offices.., and 777 branch offices, supported by 21,505 employees. ICRA
has maintained the iAAA rating, indicating the claims paying ability of United
India Insurance (UII) to be of the highest order. The rating takes into
consideration the favorable prospects for the domestic general insurance industry
following the deregulation of the sector.
29
PRIVATE COMPANIES
1.
Allianz AG: Allianz group was founded in 1890 and is one of the world's leading
insurance companies with over 100 year's experience in insurance and related
services. It is also the largest insurer in Europe. Allianz group has multi-local
structure and presence in over 70 countries. The key business areas of Allianz
group include General Insurance (property, engineering, marine, motor, casualty and
miscellaneous), Reinsurance, Risk
Management, Life & health insurance, Asset Management and Pension Funds Management.
Bajaj Auto Ltd. Bajaj Auto Ltd the flagship company of Bajaj Group was incorporated
in 1945 as Bachraj Trading Corporation. Initially it started by assembling two and
three wheelers in collaboration with Piaggio of Italy. After the expiry of the
Agreement in 1971 the two and three wheelers acquired the brand name of Bajaj. The
strength of the company lies in its strong brand image and ability to offer value
for money products leveraging on its large-scale operations.
The Joint Venture Bajaj Allianz General Insurance a joint venture non-life company
promoted jointly by Bajaj Auto and German insurer- Allianz. Indian auto major holds
74% while Allianz holds 26% in the Joint Venture, and has an authorized and paid up
capital of Rs. ll0 crores. Mr. Graham Norris is the CEO of the company. Bajaj
Allianz General Insurance will leverage the customer base and expertise of Bajaj
Auto Ltd and Allianz.
30
2. Royal Sundaram General Insurance Company Limited:
Sundaram Finance Sundaram Finance Limited (SF) was established In 1954 with a paid-
up capital of Rs. 0.02 million, primarily to assist the development of Road
Transport Industry. SF has been providing financial assistance to road transport
operators for acquiring commercial vehicles under hire purchase system. Emerging as
the leader in the industry, SF has been staying at that position for over four
decades. SF diversified into equipment leasing in 1981.
Royal & Sun Alliance Royal & Sun Alliance is one of the world's leading
international Insurance companies. The Sun was established in 1710 and is the
oldest. Insurance company in existence still trading under its original name. The
Alliance was founded in 1824 and the Royal in 1845.
The Group's international presence began to emerge in the 18th century with
business ventures in mainland Europe. Forays into the US and Canadian markets
followed in the 19th century, and in 1998, Royal & Sun Alliance became the first UK
insurance company to be granted a license to operate in China.
The Joint Venture The joint venture bringing together Royal & Sun Alliance
Insurance and Sundaram Finance Limited started its operations from March 2001. The
company is Head Quartered at Chennai, and has two Regional Offices, one at Mumbai
and another one at Delhi. The venture is aiming at Rs. 120 Crores in revenue during
first year of its operations and is confident of breaking even by fifth year.
32
3. ICICI Lombard General Insurance Company:
ICICI ICICI Ltd. was established in 1955 by the World Bank, the Government of India
and the Indian Industry, to promote industrial development of India by .Providing
project and corporate finance to Indian industry. Since inception, ICICI has grown
from a development bank to a financial conglomerate and has become one of the
largest public financial institutions in India. ICICI has thus far financed all the
major sectors of the economy, covering 6,848 companies and 16,851 projects.
33
4. Tata AIG General Insurance Company Limited:
TATA Group
Tata Enterprises with 82 companies, spread over seven sectors and with an annual
turnover exceeding US $ 8.8 billion, employs more than 262,000 people. Tata Group
has shown over years that it is a value driven company and has" pioneering
contributions in various fields including insurance, activation, iron and steel.
Tata companies have forged a number of global alliances with eminent international
partners in several fields. In terms of capital market performance as many as 40
listed Tata companies account for nearly 5% 6fthe total market capitalization of
all listed companies.
The Late Sir Dorab Tata was the founder Chairman of New India Assurance Co. Ltd., a
group company incorporated way back in 1919. Government of India took over the
management of this company as a part of Nationalization of general insurance
companies in 1972. Not deterred by the move, Tata group have ventured into" risk
management services having tied up with AIG group, back in 1977, with the
incorporation of Tata AIG Risk Management Services Pvt. Ltd.
34
AIG
“American Insurance Group is the leading U.S. based international insurance and
financial services organization and the largest underwriter of commercial and
industrial insurance in the United States. Its member companies write a wide range
of commercial and personal insurance products through a variety of distribution
channels in over 130 countries and jurisdictions throughout the world.
AIG's global businesses also include financial services and asset management,
including aircraft leasing, financial products, trading and market making, consumer
finance, institutional, retail and direct investment fund asset management, real
estate investment management, and retirement savings products.
Tata AIG General Insurance Co. Ltd. has a start-up capital of Rs. 125 crores of
which 74 per cent has been brought in by Tata Sons and American partner brings in
the balance 26 per cent. Tata -AIG plans to be the first Indian insurance company
to offer a comprehensive policy to cover various risks in the IT sector, risk
arising out of virus, cyber crime, negligent acts, errors and omissions and third
party liability from a security failure. Other products on offer are property,
casualty, marine, directors and officer’s liability, accident and health,
homeowners and automobile insurance.
35
Bajaj Allianz General Insurance Products
o Personal Accident o Hospital Cash Daily Allowance Policy
o Health Guard
o Critical Illness
o Burglary Insurance
o Householders Insurance
o Travel Companion
o Office package
o Money Insurance
o Public Liability
31
Tata AIG General Insurance Company Products
o Executive Guard
o Family Guard
o Travel Guard
o Home Secure
36
5. Reliance General Insurance Company Limited:
Reliance Group'
Reliance 'Group is India's largest business house has annual sales turnover of Rs.
41,280 crore (US$ 9,003 million) and has posted a net profit of Rs. 2,940 crore (US
$ 641 million) for the 12-month period ending June 30, 2000. The Group has total
assets of Rs. 52,100 crore and net worth of Rs. 22,415 crore. It has a large
investor base of over 5 million, as well as a large customer base in retail
(textiles, LPG, Cellular phones, etc.) and commercial segments.
Reliance General Insurance Company Limited Reliance group has announced its plans
to enter the Indian insurance sector- both in the life and general insurance
businesses'. Reliance Industries plans to bring in around Rs. 300 Crores into its
insurance venture through its financial arm Reliance Capital Ltd. Reliance group
will be the lead investor for this initiative. The two companies will have an
initial authorized capital of Rs.200 crores (US $ 43.62 million) each. This is the
first application from an Indian company without a foreign insurance tie-up.
However, Reliance will associate with international insurance consultants to bring
the best practices in the business to India.
37
Iffco Tokio General Insurance Company ltd
Iffco
The Tokio marine and fire insurance (Tokio marine) company holds a leading position
in Japan’s property and casualty insurance industry. It is the second largest in P
& C insurance market in the world.
38
The Joint Venture
IFFCO TOKIO General Insurance Company is a joint venture promoted by India Farmers
Fertilizers Co-Operative, Tokio Marine and fire Insurance Company, Japan, the fifth
largest insurance company in the world, Krishak bharathi Cooperative ltd.
(KRIBHCO), and Indian potash. Their contribution to the Rs.100 crore equity
capitals is 49 percent, 20 percent and 5 percent respectively. The head Office is
in Delhi and operating Office are in about 20 cities.
Home & Family Protector Standard Fire & Special Perils Burglary and House Breaking
Personal accident Trade Protector Travel Protector
39
Market Share
As by this time we are well versed with all the General Insurance companies both
Public and private we know how each company contributes serving the customers and
also generating revenue through it. We also know that General Insurance contributes
towards the Gross Domestic Profit, but now let us see how these companies
individually contribute towards the Gross Domestic Profit through the way of Market
Share of each company both Private & Public.
As we can see in the Pie Charts a comparison of 3 consecutive years have been taken
which are 2003-04, 2004-05 & 2005-06.
Public Companies have been dominating the General Insurance Market since a long
time, the market share of Private companies have been improving in the last few
years by approximately 6 % each year, but then too Public sector companies
capturing the major market.
But also in Public sector companies New India Assurance is been leading the way
which is been closely followed by the remaining. Among the private players we can
note that ICICI Lombard is leading the way.
By considering 2005-06 as the base year, we can note that the market share of
Public companies have been deteriorating having 73.43% of the market share from
85.54% in the year 2003-04.
40
Companywise Market Share of Gross Premium Underwritten (In India)
Oriental; 18.13%
Oriental; 17.21%
Oriental; 17.26%
Cholamandalam; 4.28% Bajaj Allianz; 21.08% TATA-AIG; 15.64% TATA-AIG; 13.18% HDFC
Chubb; 4.94% Bajaj Allianz; 24.06% Cholamandalam; 4.78% Bajaj Allianz; 23.73% TATA-
AIG; 11.28% Royal Sundaram; 8.36%
Cholamandalam; 4.06%
Royal Sundaram; 9.30% ICICI Lombard; 24.88% Reliance; 4.54% IFFCO Tokio; 14.09%
4
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITARIAN
Insurance Regulatory and Development Authority Act, 1999, came into being from
19/04/2000.
Objects are stated in Act are as follows: "An Act to provide for establishment of
Authority to protect interests of holders of insurance policies to regulate,
promote and ensure orderly growth of insurance industry and for matters connected
there with and further to amend Insurance Act, 1938, Life Insurance Corporation
Act, 1956 and General Insurance Business (Nationalization) Act, 1972".
Composition:
IRDA will consist of a chairperson and not more than Five whole time members and
not more than four part time members. Whole time members shall hold office for 5
years or until age of 62 (65 in case of chair person) whichever is earlier. Part
time members shall hold office for not more than 5 years.
42
Powers and Function of Authority
1. To regulate, promote and ensure orderly growth of insurance and re- insurance
business 2. To issue a certificate of registration, renew, modify, withdraw,
suspend or cancel such registration of applicant, i.e. insurance company 3. To
prepare a code of conduct for agents, surveyors and loss accesses and other
intermediaries who take part in insurance business 4. To exercise all powers and
perform all functions of controller of Insurance under Insurance Act, 1938 5. To
protect interest of policy holders in matters concerning assignment of policy,
settlement of claims, terms and conditions of contract etc. 6. To promote
efficiency in conduct of insurance business 7. To promote and regulate professional
organizations connected with insurance business 8. To regulate investment of funds
of insurance companies 9. To regulate maintenance of margin of solvency 10. To
adjudicate disputes between insurers and intermediaries 11. To call for information
from" undertake inspection and conduct enquiries and investigations including audit
of insurers, intermediaries etc. 12. To control and regulate rates', advantages,
terms and conditions offered by Insurers in respect of general insurance business
riot so controlled by Tariff Advisory committee 13. To prescribe manner and forms
in which books of accounts is to be maintained 14. To exercise other powers as such
may be prescribed by central government.
43
Insurance Advisory Committee:
44
Products
The different types of General insurance products are listed below. While most
policies are optional that is at the behest of the insured, some are mandatory. The
mandatory ones are: • •
Motor Insurance
Fire insurance
o Building or flat o Furniture fixtures & other content’s o Loss of profit that is
consequential loss
Miscellaneous insurance
45
Marine Cargo Insurance
Inland vessels ocean going vessels, fishing & sailing vessels, freight at risk,
construction of ships, voyage insurance of various vessels, ship breaking ,
insurance Awaiting break up, insurance Oil & energy in respect of onshore &
offshore risks including construction risk.
o Cattle / Hens o Crop o Water Pump for agriculture o Hut o Other Livestock o Motor
Insurance
Motor insurance is mandatory for all types of vehicles in India. There are two
types of motor insurance viz
o Third party, which only insures the party / parties other than the owner in an
accident o Comprehensive, which insures the owner as well as the third party
involved.
46
The premium for motor vehicles is decided on the following factors:
o Value of the vehicle o Gross laden weight, that is, the carrying capacity of the
vehicle.
For HCV’s the driver is also insured along with the vehicle. A charge of rs.15/- is
made as premium for the driver. For all sorts of vehicles insured, the policy would
not cover the use on hire , reward or organized racing ,speed reliability trails
and speed testing.
There is (NCB) No Claim Bonus applicable for each year an insured person does not
claim .It is accrued as a 5% deduction from the premium amount for the next year,
subject to maximum 50%.
Property Insurance
Property insurance covers land, buildings and the contents of building. There are
several types of Property insurance packages, but the most common are the Fire
Insurance and burglary Insurance
47
Fire Insurance
Fire insurance is a comprehensive policy, which goes beyond only fire accidents.
The policy, besides covering loss on account of fire, also covers loss on account
of the following
Fire insurance only can be taken by the owner of the premises to be insured. A
tenant cannot insure rented premises since he does not have insurable interest. But
the tenant has the option of insuring the contents of the premises. The premium is
based on “Good faith” and depends on the value of property being insured.
48
Burglary
Burglary insurance covers all losses arisen out of burglary committed in one’s
premises. The only condition for lodging a claim on the insurance party is that
there should be a “forced entry” in to the premises. A forced entry may in the form
of physical damage to the entry area, or to a person or entry gained through
coercion. In this case too, the policy has no limitations and it is the right of
the insured to decide upon the value of the insurance cover
This policy was originally introduced in 1984, to provide for payment of medical
expenses in respect of illness suffered or accident sustained by Indian residents
during their overseas trips for official or holiday purposes.
In. 1998, a new policy known as VIDESH YATRA MITRA, was made available for Business
and Holiday Travelers. Cover for corporate frequent travelers were also introduced.
49
The policy provides for following Sections:1) Medical Cover 2) Repatriation Of
Remains 3) Checked Baggage Loss / Baggage Delay 4) Passport Loss 5) Personal
Accident – Overseas 6) Personal Liability 7) Hijack Relief Benefit
The plan available now with various companies are however not the same as each
company has introduced. Some variation in the cover to suit the varying
requirements. Types of overseas Mediclaim insurance policy
50
CHANGING SCENARIO OF GENERAL INSURANCE MARKET
'Looks to the future with confidence and optimism' Brief the history of general
Insurance.
In India General Insurance business started, Marine Insurance started on later part
of the 17th century. Before nationalization in 1947 we have 147 insurance
companies, foreign and Indian both. But during there nationalization, in 1973 we
have 107 companies that merge into four companies, i.e. taken over by Government.
General Insurance Corporation of India (GIC) was set up in 1973 as a holding
company, with four subsidiary operating companies - National Insurance co Ltd., New
India Assurance Co. Ltd., Oriental Insurance co Ltd., and United India Insurance Co
Ltd., with a clear cut mission as set out in the Act.
The overall scenario in the insurance market in India after nationalization. GIC
and its subsidiaries function through a vast country - wide network of around 4100
offices spread across the length and breadth of the country, GIC has taken the
benefit of insurance to almost every district, across hilly terrain and often
inaccessible areas of the country. The customer interface is made easy through a
network of agents, development officers and employees at Branch, Divisional and
Regional offices as well as at the corporate level.
51
The GIC and its subsidiaries have a workforce of approximately 86,000 In 1973
tainted at various levels through in house training institutions. Now the total
number of employees went up. The industry has also promoted the National Insurance
Academy (NIA), which is the premier training institute in insurance, catering not
only to Indian Nationals but also to select foreign nationals. The industry issues
around 23 million documents and settles 2 million claims every year. Country wide
computerization in the recently past has made the task of policy- holder's
servicing easier and rapid. At the same time, profitable lines and premium
components increases and we became a investment company.
52
The Schemes
Recognizing its organizational strengths, the Govt. of India has also entrusted the
corporation with the administration of various schemes for social melioration and
public welfare. Social security schemes benefiting millions of Citizens below the
poverty line. Personal Accident Insurance and Hut Insurance are operated all over
the country for which the premiums are paid by the Government. The GIC administers
on behalf of Government, the crop Insurance scheme for areas and crops notified
under the crop Insurance Scheme. Various low cost mass insurance policies have been
evolved over a period of time, e.g. 'Jan Arogya Bima Policy'. Role General
Insurance Industry is playing in the growth of economy of the country: The General
Insurance Industry has an enviable track record among public sector units. It has a
consistent profit and dividend paying record accompanied by a steady growth in its
financial resources. Through investments in the- Government sector and: socially -
oriented Sectors the Industry has contributed immensely to the nation's
development. The industry is recognized as one of the largest financial'
Institutions in the Country. The ventures initiated by the industry in the areas of
Mutual Fund, Housing Finance have done exceedingly well in recent years. To protect
the country's foreign exchange reserves, the reinsurance arrangement are so
organized that maximum retention is made possible within the country while at the
same time protecting interests of the policy holders. The GIC'S inwards reinsurance
wing, called the SWIFT, maximizes the foreign exchange balance by acting as an
international insurer-accepting risk from all over the globe.
53
GIC'S International operation:
GIC'S international operations span over 31 countries around the globe. The
reinsurance expertise built over a long period has made the Indian Insurance
Industry a globally acknowledged reinsurer of repute GIC'S risk management skill
has been backed by specialists with a vast insurance experience.
Thus, the technical and underwriting skills have been acknowledged in the
international market. The corporation operates in 17 countries through branches and
agencies, whereas in another 14 countries, it has subsidiaries and associate
companies. The GIC has a subsidiary company known as 'India International Pvt,
Ltd.,' operating in Singapore and a joint-venture company, Kenindia Insurance co.
Ltd.
54
It is expected that the investment portfolio will touch around Rs. 2,50,000
millions by the end of the next decade, with the strength built up over the years
since nationalization, GIC new looks to the future with confidence and optimism,
takes on global chal1enge with its high standard of service, innovative initiative
and a compelling social perspective.
The two new areas that GIC is getting into are the areas of health care and crop
insurance. For the health care business, the corporation has received permission to
set up a separate management services company. GIC has plans to increase the scope
of cover in health care, personal accident and crop insurance and will require
expertise in pricing the products.
They have just entered these areas and for the coming five years we are investing
approximately 500 crores. GIC'S R & D cell is created backed up market research
data. The subsidiaries of GIC are becoming an autonomous body.
55
TRENDS
Trends in any sector basically refers to the up gradations or acquiring new
technologies which has replaced the conventional methods in any organizations
In Today’s automated and modernized era any organization cannot take a chance by
not maintaining pace with the competition.
With the passage of time and taking into consideration today’s needs and changing
scenario insurance companies should also adopt new technology i.e. it should be
trendy enough to meet customer needs and expectations.
E-Business or E-commerce has sown its seeds in every sector of business which is
one of the strongest sign of improvement and technology.
As we are dealing here with insurance industry let us see the technology involved
in the Insurance sector.
Technological: •
Computerization:
Initially, in the late 1950’s the insurance companies used Unit Record Machines
(Electro Magnetic Machines) to process data punched into cards. Computers were
introduces in the mid 1960’s and by the 1980’s the Unit Phased Machines were phased
out and the entire process was computerized. This brought about greater efficiency
and quick service delivery.
56
•
Internet:
Internet usage has drastically improved in the last decade. There was a tremendous
increase in the use of technology by GIC during the late 1990’s. The companies
Launched its website in the mid 1990’s to offer basic services such as modifying
policies (change of address, change of nominee, etc) and querying the status of the
policy. But today, the internet has completely changed the service delivery
process. Internet is today used to even sell insurance policies. Internet is, in
fact, proving to be one of the widely used distribution networks for selling
insurance policies. Also internet is used for sending premium notices to policy
holders through e-mails.
Also GIC has a special feature on its website. It has a premium calculator which
accurately displays the amount of premium month wise and the remaining balance. One
just has to enter the age, name of the insurance policy, the sum assured and
whether there is an accident cover or not. By keying in this information, the
entire premium amounts are shown within no time. This has helped the customer in a
way so that he/she doesn’t have to travel all the way to the branch to ascertain
the amount of premium to be paid. •
GIC has commissioned a MAN connecting more than 75 branches in Mumbai. This enabled
the policy holders to pay their premiums and get their status report, surrender
value quotations and loan quotation, from any branch in the city. Following the MAN
in Mumbai, seven MAN centres (Chennai, Bangalore, Delhi, Calcutta, Pune, Hyderabad,
and Ahmedabad) became operational.
These MAN centres were connected to each other by a WAN network. This WAN was
designed for distributed processing without a central database – each division
maintained a database of the policyholders. The central office in Mumbai maintained
an index of policy numbers and the corresponding IP addresses of the servers where
the details of the policy were maintained.
57
•
Almost all the big organizations today provide the ECS facility to its customers. A
policy holder having an account in any bank which is a member of the local clearing
house can opt for ECS debit to pay premiums. The advantage here is that once the
option is exercised, the policy holder need not visit a branch for paying the
premium or collecting the receipts. On the day indicated by the policy holder, the
premium amount will be directly debited to the bank account of the policyholder and
the receipt will be issued by the designated branch office.
Bank ATM’s:
Almost all the insurance companies have their own call centres which cater to the
phone based queries of the policyholders. This service is 24x7 and they have the
Interactive Voice Response (IVR) systems at all the branches.
Also, LIC and other companies now provide SMS services going with the new trends
like SMS banking in the banking sector.
58
Claims
The Settlement of claims constitutes one of the important functions in an insurance
organisation. The proper settlement of claims requires a sound knowledge of thee
law, principles and practices governing insurance contracts and in particular a
thorough knowledge of the terms and conditions of the standard policies and various
extensions and modifications there under. The procedure in respect of claim a under
various classes of insurance follows a common pattern and may be considered under 3
broad headings
Preliminary procedure
It is essential that early notification of the loss is received by insurance undue
delay in notification would adversely affect the position of the insurer. However
if there is any delay in notification or not or weather is material will be
ultimately decided by the courts based on the facts of the individual cases The
notice of loss condition in liability policies provides for two aspects a.)
Notification of the happening of the accident immediately followed by b.)
Notification of the receipt of claim or suit filed against the insured.
Loss Minimization
At common law, there is a duty on the part of the insured to observe good faith
.This duty of good faith means that at all times the insured has to act as if he is
uninsured.
For E.g., the private car package policy provides , among other things , that the
insured shall take all reasonable steps to safeguard the motor car from loss or
damage and to maintain it in efficient condition. In the event of any accident or
breakdown the motor car shall not be left unattended without proper precautions
being taken to prevent further damage or loss.
59
Procedural
On receipt of intimation of loss or damage insurers check that: a.) the policy is
in force on the date of occurrence of the loss or damage b.) The loss or damage is
by a peril insured by the policy. c.) Notice of loss received without undue delay.
After this check up the loss is allotted a number and entered in the claims
register.
Claim Forms
The contents of the claim form vary with each class of insurance .In general the
claim in general the claim form is designed to elicit full information regarding
the circumstances of the loss such as date of loss, time, cause of loss, extent of
loss etc claim forms are invariably sued in fire and miscellaneous insurance.
Claims documents
In addition to the claim form independent survey report certain documents are
required to be submitted by the insurers to substantiate the claim for example for
fire claims for fire claims a report for the fire brigade for motor claims driving
license registration copy police report etc
60
Arbitration
It is distinct from litigation and is a method of settling disputes under contract
in accordance and conciliation act 1996.
Settlement
The claim is processed on the basis of Claim form Independent report from
Surveyors, legal opinion, medical opinion etc as the case may be. Various documents
furnished by the insured. Any other evidence secured by the insurers If the claim
is in order settlement is effected by cheque the payment is entered in claims
register as well as in the relevant process record. Appropriate recoveries are made
from the insurers if any.
61
Case Study
26/7/2005 – Mumbai under water
Mumbai will never be the same again. And so will the insurance sector in Mumbai
after the 26/7 floods. Torrential rains which killed thousands and rendered many
homeless, also led to loss of business and vehicles. •
The facts:
As fallout of the torrential rains, the non-life insurance sector was flooded with
more than 10000 claims totalling over Rs. 2000 crores. However, these did not
include the 50000 cars that have been damaged in Maharashtra.
While the top four private sector general insurance companies, ICICI Lombard
General Insurance, Bajaj Allianz General Insurance, Iffco Tokio General Insurance
and Tata AIG have together received claims worth over Rs 1,000 crore; the four
state-owned general insurance companies New India Insurance, Oriental Insurance,
United Insurance and National Insurance received claims close to Rs 1,500 crore.
Private insurer, Bajaj Allianz General Insurance Company Ltd (BAGICL) alone had
received claims for at least 10,000 motor vehicles after the recent floods in
Mumbai.
As several companies temporarily closed down their operations and godown stocks
went missing, corporate claims were the highest, in terms of value. Next came
claims for cars and household goods and from shopkeepers and traders for their
warehouses. A majority of individuals and small and medium entrepreneurs also
submitted claims.
ONGC's insurance claim is considered to be the largest given its loss of $ 500
million after fire gutted the Bombay High rig.
62
Insurance firms set up special cells to visit victims and settle claims. In many
firms, the special teams worked round-the-clock to take stock of the loss and speed
up the settlement process. Bajaj Allianz settled claims worth about Rs 200 crore
without any documentation, to the victims of the recent floods in Mumbai.
After the natural calamity, the Finance Minister sought speedy redressal of claims.
He directed the Chairmen and Managing Directors of the four public sector general
insurance companies that claims below Rs 50,000, arising out of the recent floods
in Maharashtra and Gujarat, should be settled by August 31.
Public sector player, National Insurance Company received 3,000 claims for Rs 350
crore from its customers in Mumbai for damage to property caused by the recent
rains.
While some insurers had taken a re-insurance cover, some have not. Mumbai floods
brought to fore the ill-preparedness both among the mega polis administrative
officials and the insurance sector. While the latter seems to have realized the
damages, the former is still grappling with the situation. As death toll continues
to rise, insurance firms have realized the need to better manage natural
calamities. The premium for flood covers may rise in coming years.
63
• The effect:
Here’s a warning to the lakhs of Mumbaikars who are planning to insure their houses
in the wake of the recent deluge. One will have to read the fine print carefully.
Public sector insurance firms are quietly planning to drop the word ‘flood’ from
the policy.
Those wanting to insure their homes against flooding may now have to pay a separate
premium. The insurance sector has suffered losses of about Rs 1,500 crore. These
companies may not get re-insurance for these policies as they had not taken re-
insurance for these small individual polices.
64
Classwise Break-up of Gross Premium Underwritten (In India)
2003-04
2004-05
Aviation; 1.88% Aviation; 3.01% Liability; 2.30% P. A.; 2.30% Motor TP; 13.30%
Others; 9.99% Health; 9.53% Liability; 2.05% P. A.; 2.80%
Engg.; 4.55% MRN Cargo; MRN Hull; 2.94% 4.48% Engg.; 4.91%
2005-06
Aviation; 1.96% Health; 11.06% Motor TP; 12.43% Liability; 2.01% P. A.; 2.89%
Others; 9.99%
5
Company-wise Break-up of Gross Premium Underwritten (Industry Total)
50,000 42,108
2003-04
47,906
2004-05
2005-06
37,999
45,000
34,170
40,457
40,000
35,241
35,251
30,178
30,669
35,000
INR Millions
30,000
25,000 15,920
8,561
8,852
8,961
15,000
12,877
20,000
28,321
29,445
31,545
4,536
4,763
3,307
1,701 2,204
2,024
2,956
1,838
0
National New India Oriental United India Bajaj Allianz Cholamandalam HDFC Chubb
ICICI Lombard IFFCO Tokio Reliance Royal Sundaram TATA-AIG
967
5,000
1,117
1,611
1,617
1,623
2,580
3,533
4,689
10,000
5,067
5,013
6,124
Class-wise Break-up of Gross Premium Underwritten (Industry Total)
70,000
2003-04
60,000
2004-05
2005-06
50,000 37,530
INR Millions
31,804
40,000
33,028
43,767
51,701
61,576
23,344
25,446
30,000 20,798
22,575
16,697
13,542
7,384
6,982
5,174
5,095
7,082
4,613
4,702
4,001
3,620
3,595
4,096
10,000
0
Fire MRN Cargo MRN Hull Engg. Motor OD Motor TP Health Aviation Liability P. A.
Others
3,319
3,602
4,935
5,854
15,700
17,495
20,368