Globalization of Insurance.

Globalisation has been the basic mantra after 1991. The liberalisation, privatisation and globalisation have become the basic concepts of successin all accepts of development. Globalisation brings about single, integrated global economy: Insurance being an integral part of financial service could not claim immunity to the impact of the globalisation process and opened up to private and global players world over, including India. Many multinational corporations are new entering into the insurance sector which is now a booking sector in India. IRDA Act, 1999 marked the opening Act of the insurance sector to private participation and foreign investment. Since 1993 the following trends have been broadly experienced by the global insurance industry. Insurance business in India is now opened to private and foreign players also. At present Life Insurance is offered by thirteen companies. Non-Life insurance (and health) is handled by four public Sector Insurers (GIC companies) and fourteen other companies as at the end of Dec. 2003.(a) Concentration and Centralisation Process : The concentration and centralisation process found in the global insurance industry are Formation of strategic alliances between insurance and reinsurance companies, mergers between small and medium insurance companies to form large international insurance companies. (b) Modification to traditional forms With the globalisation of insurance industry, modifications have been made to traditional forms and types of insurance services and new insurance products. (c) Change of market environment: Globalisation of insurance industry has led to change of market environment. The environmental changes that took place are internet sales of insurance and re-insurance products, iiberalisation, regulations of financial and insurance markets. The globalisation of insurance industry has been accelerating as mergers and acquisitions have continued to cross country borders. The insurance market is booming in India and taken a new horizon of marketing.

A) LIFE
1. ALLIANZ BAJAJ LIFE INSURANCE CO. LTD. 2. BIRLA SUN LIFE INSURANCE CO LTD. 3. HDFC STANDARD LIFE INSURANCE CO. LTD. 4. ICICI PRUDENTIAL LIFE INSURANCE CO. LTD. 5. ING VYSYA LIFE INSURANCE COMPANY PVT. LTD. 6. LIFE INSURANCE CQRPORATION OF INDIA.

7. MAX NEW YORK LIFE INSURANCE CO. LTD. 8. METLIFE9. OM KOTAK MAHINDRA LIFE INSURANCE CO. LTD., 10. SBI LIFE INSURANCE CO. LTD. 11. TATA AIG LIFE INSURANCE COMPANY LTD. 12. AVIVA LIFE INSURANCE CO. INDIA PVT. LTD. 13. AMP SANMAR ASSURANCE COMPANY LTD.

B) NON - LIFE
1. BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD. 2. ICICI LOMBARD GENERAL INSURANCE CO. LTD. 3. IFFCO TOKIO GENERAL INSURANCE CO. LTD. 4. NATIONAL INSURANCE CO. LTD 5. THE NEW INDIA ASSURANCE CO. LTD. 6. THE ORIENTAL INSURANCE CO. LTD. 7. RELIANCE GENERAL INSURANCE C. LTD. 8. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD. 9. TATA AIG GENERAL INSURANCE CO. LTD. 10. UNITED INDIA INSURANCE CO. LTD. 11. MS CHOLAMANDALAM GENERAL INSURANCE CO. LTD. 12. HDFC - CHUBB GENERAL INSURANCE. 13. EXPORT CREDIT GUARANTEE CORPORATION LTD. 14. AGRICULTURAL INSURANCE COMPANY OF INDIA LTD. INDIA INSURANCE Company PVT. LTD.