This document outlines the objectives, methodology, and executive summary of a study about general insurance in India. The objectives are to understand general insurance companies, trends in the industry, and claims procedures. The methodology describes conducting library research, interviews, and referring to websites, books, magazines and newspapers. The executive summary explains that insurance spreads risk by collecting premiums from many to cover losses by a few. It also describes the opening of the sector to private companies, products and services available, and new private entrants like TATA AIG and ICICI Lombard. A case study of 2005 Mumbai floods and its effects on insurers is also mentioned.
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This document outlines the objectives, methodology, and executive summary of a study about general insurance in India. The objectives are to understand general insurance companies, trends in the industry, and claims procedures. The methodology describes conducting library research, interviews, and referring to websites, books, magazines and newspapers. The executive summary explains that insurance spreads risk by collecting premiums from many to cover losses by a few. It also describes the opening of the sector to private companies, products and services available, and new private entrants like TATA AIG and ICICI Lombard. A case study of 2005 Mumbai floods and its effects on insurers is also mentioned.
This document outlines the objectives, methodology, and executive summary of a study about general insurance in India. The objectives are to understand general insurance companies, trends in the industry, and claims procedures. The methodology describes conducting library research, interviews, and referring to websites, books, magazines and newspapers. The executive summary explains that insurance spreads risk by collecting premiums from many to cover losses by a few. It also describes the opening of the sector to private companies, products and services available, and new private entrants like TATA AIG and ICICI Lombard. A case study of 2005 Mumbai floods and its effects on insurers is also mentioned.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOCX, PDF, TXT or read online from Scribd
This document outlines the objectives, methodology, and executive summary of a study about general insurance in India. The objectives are to understand general insurance companies, trends in the industry, and claims procedures. The methodology describes conducting library research, interviews, and referring to websites, books, magazines and newspapers. The executive summary explains that insurance spreads risk by collecting premiums from many to cover losses by a few. It also describes the opening of the sector to private companies, products and services available, and new private entrants like TATA AIG and ICICI Lombard. A case study of 2005 Mumbai floods and its effects on insurers is also mentioned.
Copyright:
Attribution Non-Commercial (BY-NC)
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Download as DOCX, PDF, TXT or read online from Scribd
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PREFACE
1. OBJECTIVES: To find out general insurance and which are the companies involved in it. To know what are the trends in General Insurance. To find out the developments in the General Insurance. To find out the Procedure of Claims.
2. METHODOLOGY: The study was carried out in Mumbai. Extensive Library Research was carried out. Various Websites were referred. Primary data was collected through interviews. Various books, magazines and newspapers have been referred.
EXECUTIVE SUMMARY 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 premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected. The very fundamental principle of spreading of the risk is actually practiced by the insurance companies 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 Indian Customer. This project has been made with an objective to give an insight into various facts of 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 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 its 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.
