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INTRODUCTION
GIC had been operating through its four subsidiaries National Insurance
Company Limited, New India Assurance Company Limited, Oriental
Insurance Company Limited and United India Insurance Company Limited
till December 2000. GIC and its subsidiaries had a network of more than
4,208 offices in India and their customer interface included agents,
development officers and employees at its branch, divisional and regional
offices of its four subsidiaries. The company had a workforce of 85,000.
GIC also operated in the international markets in more than 30 countries,
either through branches or subsidiaries.
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through its Mediclaim policy. While some of the policies offered by GIC,
like motor insurance, were mandatory, others were designed exclusively
for specific segments for instance the rural insurance, which included
insurance cover for huts, cattle and livestock, hens and crops.
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Mission
To provide need-based and low cost general insurance covers to the
rural population keeping in mind their low premium paying capacity
To administer a crop insurance scheme for the benefit of farmers.
To develop and introduce covers with social security benefits.
To develop marketing network throughout the country including areas
with low premium potential promote balanced regional development
irrespective of cost considerations and make the benefits of insurance
available to the masses.
To develop general insurance in the best interest of the community.
To provide financial security to individuals, trade and commerce by
offering insurance products and service of high quality at affordable
cost.
Values
Highest priority to customer needs
High standards of public conduct
Transparency in operations
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In 1928, the Indian Insurance Companies Act was passed to enable the
government to collect statistical information about both life and non-life
insurance business transacted in India by Indian and foreign insurers
including provident insurance societies. In 1938, the Indian Insurance
Companies Act was consolidated and amended by the Insurance Act 1938
to protect the interests of the public.
The Insurance Act of 1938 was amended in 1950, which resulted in far-
reaching changes in the insurance sector. These included a statutory
requirement of equity capital for companies carrying on insurance
business, ceiling on share holdings in such companies, stricter control on
investments, submission of periodical returns relating to investments and
such other information to the controller. The controller could also call for
appointment of administrators and put a ceiling on expenses of
management and agency commission for mismanaged companies.
By early 1970s, there were about 100 Indian insurers carrying on the
general insurance business in India. Malpractice and mismanagement had
crept into the management of these companies. Some insurance companies
either liquidated, or cheated the policyholders. There were complaints of
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ORGANIZATIONAL STRUCTURE
Head Office
Regional Office
Divisional Office
Branch Office
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The functions of the branch offices were the same functions as those
of divisional offices. However, they were not empowered to appoint
inspectors and settle claims except claims regarding the motor
damage, cattle claims and other claims with certain limits. In
addition, the branch offices were responsible for the development of
issuing of receipts, cover notes and policies.
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Apart from offering general insurance through its four subsidiaries, GIC
also entered mutual fund and housing finance businesses. GIC, its
subsidiaries and banks/financial institutions promoted these businesses
jointly. The businesses included: -
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Set up by Sir Dorab Tata in October 1919 in Mumbai, NIACL was the
largest non-life insurer in India and also in the Afro-Asian region
excluding Japan. Within ten years of establishment, NIACL became leader
in the Indian insurance industry. It offered a wide range of insurance
products ranging from bullock cart insurance to satellite insurance. From
the very beginning, the company offered comprehensive policies like cash-
in-transit. All Risks insurance, Accountants indemnity and Profit
insurance. As a part of the nationalization drive in 1972, 23 other
companies were amalgamated with NIACL and made a subsidiary of GIC.
In 2001-02, the company recorded a business volume of Rs.26.68 billion.
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At that time (in 1960s) the total insurance fund with the Indian
insurance companies engaged in general insurance was limited to a
tune of Rs.60 crore only. Out of which Rs.10 crore were invested in
the government securities. The government, therefore, did not find
the need for nationalization of general insurance business. In 1968,
major amendments have been made in the Life Insurance Act, under
which the Controller of Insurance was given wider powers for
control and regulation of insurance business in the country.
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ASSETS OF GIC
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GIC was set up and registered as a holding company with the four
subsidiaries, under the Insurance Act 1938, in accordance with the
provisions of the General Insurance Business (Nationalization) Act,
1972. GIC was fully owned by the government of India (GOI), that is,
its entire paid-up capital was subscribed by the GOI. GIC, in turn, fully
owned the paid-up capital of its four subsidiaries. The four subsidiaries
operated all over the country, competed with each other, and offered all
types of general insurance.
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In 1999, the IRDA Bill was passed by the Parliament, and the
insurance industry was opened for private players with equity
participation of foreign companies limited to 26%. By 2000, a
numbers of private players entered the general insurance market
through joint ventures with leading foreign players.
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The consultant was also responsible for managing the health care
products and selection of third party administrators for co-
ordination between the doctors, clinics, hospitals and medical
shops.
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1. Subject to the provisions of this Act and any other law for the time
being in force, the Authority shall have the duty to regulate, promote
and ensure orderly growth of the insurance business and re-
insurance business.
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Set up in 1990, GIC Mutual Fund (GICMF) was sponsored by GIC and its
four subsidiaries. It was formed as a Trust in accordance with the
provisions of the Indian Trusts Act 1882. The trust had launched 15
domestic schemes. Some of its products included GIC Balanced Fund.
DMAT, Growth + Plus II, Fortune, GIC Liquid Fund. GIC Debt Fund,
and GIC Gilt Fund (Refer Table II and Table III)
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GIC Housing Finance (GICHF) was set up in 1989 as GIC Griha Vitta,
jointly by GIC, GICs subsidiaries, Unit Trust of India (UTI), Industrial
Finance Corporation of India (IFCL) and State Bank of India (SBI). The
company was involved in giving loans to individuals as well as to builders
and developers for construction of houses or flats for residential purposes.
Some of its popular schemes included GIC Apna Ghar Yojna (Our Home
Scheme) and Construction Finance Schemes. Upto 2001, GICHF operated
through 10 branches in India and reported sales worth Rs.917.20 million
(Refer Table IV and V
Table IV: GICHF: Income Statement
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million)
Sales 917.20
Other Income 0.90
Operating 756.40
Profit
Interest 684.90
Depreciation 7.20
Net Profit 43.30
RECONSTRUCTION OF GIC
The management consultants appointed by GIC laid down four options for
its organizational restructuring:-
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The government also planned to raise GICs share capital from Rs.1.07
billion to Rs.2 billion and also raised the capital base of each subsidiary
Rs.1 billion. It also wanted to divest 50% of the equity stakes of GIC and
its subsidiaries to the public including the employees and the subsidiaries.
In September 2001, GOI finalized the restructuring plan for GIC. Instead
of merging all the subsidiaries, GOI decided to delink GIC and its
subsidiaries. Originally, the management consultants had favoured the
merger of all the companies in view of increasing competition. However,
the GOI felt that merger would take a long time to reap the desired benefits
due to which the companies might lose their business. Therefore, GOI
decided that the subsidiaries should operate as independent public sector
insurance companies.
In November 2001, the Finance Ministry decided to introduce a Bill in the
Parliament for restructuring the nationalized insurance company. The Bill
proposed amendments in the General Insurance Business (Nationalization)
Act.1972, to delink GIC and its subsidiaries. In December 2001, the
subsidiaries were delinked from GIC through a government notification.
The Bill was formally passed by the Parliament in March 2002;
Consequently, the four subsidiaries functioned as independent entities,
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which place them in a level playing field with the private insurance
companies. In June 2002, GIC proposed to transfer its equity stake in the
four subsidiaries to the government at book value.
In June 2002, GIC also bought back its 40% stake in GIC Mutual Fund
from the US- based Soros Chattarjee Management (SCM) at Re 1 per
share. A top official of GIC said, The Re 1 offered to SCM for the buy
back was just a token amount. While the total cost of SCMs investment
in GIC Mutual Fund was estimated at Rs.80 million the buy back was
priced at Rs 8 million.
1. Tata AIG: - The Tata Group began its activities in 1878, with
trading and manufacturing of textiles. Later on, the group forayed
into businesses like steel, electricity, locomotives, automobiles,
financial services, hotels and information technology. By 2002, it
emerged as Indias largest conglomerate with over 80 diversified
companies. By 2000-01, its total turnover was Rs.4, 12,906 million
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and the value of its assets under it was Rs.4, 47,341 million. The
American International Group is a leading US-based international
and financial services organization and the largest underwriter of
commercial and industrial insurance in the US. It operated in more
than 130 countries of the world. AIGs global businesses also
included financial services and asset management, real estate
investment management, and retirement savings products.
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1) Fire Insurance
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2) Marine Insurance
This policy covered the cargo in transit against marine perils. Marine
perils, also known as perils of the sea, mean the perils consequent from or
incidental to the navigation of the sea or the perils of the seas, such as fire,
war perils, troubles caused by pirates, rovers, thieves, jettisons8, barratry9
and any other perils.
3) Motor Insurance
Motor insurance was offered for different types of cars, trucks, two-
wheelers, three-wheelers, motor rickshaws, taxis and buses. Two types of
motor insurance-Third party and Comprehensive-were compulsory for all
vehicles in India as per the Motor Vehicles Act 1988. The third party
insurance insured only the party/parties other than the owner, in case of an
accident. The comprehensive policy covered the owner as well as the third
party involved.
The pricing of premium for motor vehicles depended on the value of the
vehicle and the place where a vehicle was registered. For instance, in
Mumbai, where claim rate was higher than other cities, the policy premium
was higher. The pricing of premium for Heavy Commercial Vehicles
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(HCV) depended on the value of the vehicle and the gross laden weight10.
In this category, the driver was insured along with the vehicle. A premium
of Rs.15 was charged for the driver. For all sorts of vehicles insured, the
policy was not valid if the insured vehicle was given for hire, as a reward
given to winners in vehicles racing, speed reliability trails and speed
testing.
5) Health Insurance
6) Liability Insurance
The Compulsory Public Liability policy was designed under the Public
Liability Insurance Act, 1991, that imposed no-fault liability11 on the
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policyholder. The amount payable as relief was Rs.25, 000 per person for
a fatal accident, Rs.25, 000 per person for permanent total disability,
appropriate amount based on the percentage of disablement in case of
permanent partial disability, and Rs.12, 500 as medical expenses and
Rs.6, 000 for damage of property.
7) Engineering Insurance
Under the category, Contractors All Risks (CAR) policy was offered,
which was designed to protect the interest of civil engineering contractors,
constructing building, bridges, tunnels and others. The policy covered
losses caused by fire, lightening, explosion, flood inundation, windstorms
(of any kind), earthquakes, landslides, theft and burglary, accidental
damage, bad workmanship and other perils. GIC also offered the Erection
All Risks policy that insured the erection of electrical plants and
machinery, equipment and structures that did not involve any civil
engineering work, with the same coverage options as the CAR policy.
Also called the Storage-cum-Erection policy, it covered third party liability
too.
There were many other polices in the engineering insurance category
including marine-cum-erection policy, machinery breakdown policy, boiler
and pressure plant policy, machinery loss or profits policy, advance loss of
profits policy, deterioration or stock policy, and electronic equipment
policy.
8) Miscellaneous Insurance
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NON-TRADITIONAL / RURAL
The policies for rural areas included insurance covers for crops, water
pumps for agriculture, huts, cattle and other livestock.
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In the kharif season of 1985, the central government introduced the Crop
Insurance Scheme through the GIC. The scheme was offered in 15 states
and two union territories. The central and state governments, the ration of
which was 2:1, shared the premium and claims. The policies were sold
through 11 Crop Insurance Cells at state governments and monitored the
implementation of the scheme.
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Rural Insurance:-
The Rural and Non-Traditional Insurance Business has registered an
impressive growth during the year 1998-99. As against premium of
Rs.338.16 crore in 1997-98, premium written has arisen to Rs.457.98 crore
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2. Major changes have been made in the JPA policy viz. (a) sum
assured is restricted to Rs.1,00,000, (b) Long Term and Group
Discounts taken together are not to exceed 60 per cent, Long
Term Policy can be issued for a maximum period of 5 years, and (d)
Group discount is available only to the listed groups.
Mediclaim
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The Mediclaim policy covered people for medical expenses for a minimum
policy amount of Rs. 15,000 and a maximum amount of Rs. 0.3 million.
Mediclaim policy was of two types including the individual policy and the
corporate policy. The individual policy was offered to either individuals or
to a family as a whole. The corporate policy was offered to corporates to
insure all their employees less than one scheme.
GIC also launched some new products in the late 1990s. It offered
personal insurance products with a savings feature, which were exclusively
offered by the Life Insurance Corporation of India (LIC). The products
were launched in consultation with foreign insurance companies like
Mitsui Marine and Fire Insurance Company and Tokyo Marine of Japan.
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These products were offered with a medium maturity of ten years, unlike
the LIC products offered with a maturity period of twenty years.
Launched in January 1998, Videsh Yatra Mitra policy was another special
policy in the miscellaneous insurance category. It offered indemnity for
medical expenses during the period of overseas travel. There were two
types of Videsh Yatra Mitra policy one that offered benefits up to
US$2,50,000 for worldwide travel excluding the US and Canada and the
other offering benefits up to US $ 5,00,000 for worldwide travel including
the US and Canada.
Apart from medical coverage, the policy also offered coverage for personal
accident up to US $ 25,000; loss of personal baggage up to US $ 1,000;
delayed baggage up to US $ 100 and personal liability up to US$2,00,000.
The advantage of the policy was that the premium amount was only 14%
more than that of the overseas Mediclaim policy, and the medical benefits
increased by about five times along with some supplementary benefits.
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financial institution made annual disbursements (Refer Table VII) from the
deposit amount for the benefit of the girl child to the living parent or to the
nominated guardian, till she reached the age of 18 years. The balance
amount to her credit was disbursed on her attaining the age of 18 years.
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Swift Division:
Way back in 1991, Foreign Inward Facultative and Non-Reciprocal treaty
acceptances were centralized at GIC through Swift Division on behalf of
the four companies and GIC with the objective of ensuring reasonable
limits of acceptances. During the year under review, treaty business of the
Division generated accounted premium net of retrocession of Rs.203.31
crore as against Rs.183.92 crore in the previous year. After accounting for
paid claims and other deductions, the Division has produced a surplus of
Rs.13.3 crore. Outstanding loss provision for the year has increased form
Rs.174.3 crore to Rs.225.7 crore due to losses like Hurricane Georges,
Indonesian Riots, Bangladesh Floods and other risk losses. This has led to
a deficit of Rs.37.3 crore for the market.
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Foreign Operations:
Corporation and subsidiary companies operate through branches or
agencies or associate/subsidiary companies in 31 countries as listed below:
A. Directly
9. Mauritius
1. Antigua 8. Liberia
2. Barbados 9. Malaysia
3. Dominica 10 Nigeria
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During the year ended 31st March 1999, direct overseas operations of the
four subsidiary companies produced a gross premium of Rs. 427.49 crore
as against Rs.382.95 crore in the previous year. Branch net premium
income was Rs.383.89 crore as compared to Rs.343.04 crore in the
previous year. The branch net claims during the year amounted to
Rs.293.28 crore (76.4% of net premium)
Grievance Cell
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Marketing
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NIACL, the largest non-life insurer, was the first company to come
up with advertising campaigns in the print and other media. The
company also introduced innovative insurance policies at frequent
intervals, particularly for the weaker sections of the society. The
company introduced these policies after analyzing peoples
requirements through carefully designed market surveys, and
through prolonged discussions with marketing team, the Chamber of
Commerce, all the state governments and also the customers.
NIACL also took some steps to improve the quality of service. It
installed touch screen computers for easy accessibility of policy
particulars, conducted market surveys to identify customer needs
and also added services like risk management and risk inspection.
UIICL also took some major marketing initiatives with many private
players entering the market. It allocated Rs.100 million for brand
promotion. The company also planned an aggressive marketing
drive for penetrating into the rural and personal line of insurance
segments. V. Jagannathan, chairman, UIICL, said the campaign is
aimed at settling all non-suit claims instantly in any of our offices.
The idea is to drive home the point that customer is the be al and et
al for us. However, claims which are disputed in the courts of law
will not come under the purview of the campaign.
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HUMAN RESOURCES
GICs employees were grouped as Class I, II, III and IV. The officers
were the Class I employees, development officers were the Class II
employees and supervisory staff were the Class III employees, and
subordinate staff were the Class IV employees. In 1997, a new wage
revision policy was proposed and two new practices were introduced
12% wage hike for all and concept of Productivity Linked Lump
sum Incentive (PLLI). Prior to the implementation of this wage
revision policy, the wages for the employees were revised in
accordance with the wage revision for the banking industry.
GIC, being a public sector company, analysts felt that its officials
were not free to take decisions and to function freely. The employee
unions were also reported to be strong Over-staffing was reportedly
a major problem faced by GIC and its subsidiaries. At the same
time, there was a shortage of qualified risk assessors. The lack of
technically qualified assessors led to underwriting losses. It was also
reported that entrusting responsibility to people was not done
rationally with high and unrealistic targets set for obtaining business.
Which led to low accountability of employees.
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FINANCE
In 2010, GIC and its subsidiaries reported a total loss of Rs. 17.22
billion as compared to the loss of Rs. 12.14 billion in 2000 and Rs.
6.87 billion in 2009. The net premium from fire insurance business
stood at Rs. 21.50 billion compared to Rs. 24.04 billion in 2000.
The net premium from the marine insurance business stood at Rs.
8.28 billion as against Rs. 8.46 billion in 2000.
In 2001, GICs profit from its fire, marine and theft insurance
business of GIC stood at Rs. 4.93 billion. However, the motor and
other miscellaneous insurance operations of the company suffered
huge losses at Rs. 22.15 billion. This resulted in the losses for all
the insurance companies, as it happened in the previous two years.
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GIC had reported losses from its international operations for three
consecutive years. In 2008-09, GIC reported a loss of Rs. 618.2
million and Rs. 452.25 million during 1999-2000. The loss
increased sharply to Rs. 1188.5 million during 2009-2010.
GICs investible funds had come down from 23.32 billion in 1998-
99 Rs. 18.43 billion in 2010-11. The decrease in investible funds
was attributed to the reduction in fire insurance premium, increased
claims payments, week economic conditions, fall in interest rates
and higher incidence of non-performing assets.
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SOCIAL RESPONSIBILITY
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GIC also offered the personal accident policy in rural areas with a
premium of Rs.5 per policy. Known as the Gramin Personal
Accident Policy, the sum insured was fixed at Rs.10, 000 for death,
loss of two eyes/two limbs and/or permanent total disablement. GIC
also offered insurance for dwelling huts that were constructed with
financial aid from banks or co-operatives or government institutions.
Under the Insurance Act, GIC was also obliged to offer insurance to
the social sector. However, GIC and its subsidiaries offered services
without the statutory obligations, in collaboration with the
government of India. In 1985, the GOI introduced the Personal
Accident Social Security Scheme (PASS) for the benefit of poor
families. GIC and its subsidiaries were responsible for the regulation
of the scheme.
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The market share of new players continued to stay at 35% in the current fiscal,
up from 26% last year. While 35% was contributed by the eight private players
and remaining 65% came from the four public sector players New India,
Oriental Insurance, National Insurance and United India.
ICICI Lombard grew premium collection by over 90% to Rs 2,078.6 crore in the
April-November period followed by Bajaj Allianz General Insurance, which saw
35.3% increase in premium income at Rs 1,158.8 crore.
Market leader New India grew business by 10% to Rs 3,337.1 crore in April-
November, the highest premium collection by any company during the period.
Clocking 13.6% growth, Oriental Insurance collected Rs 2,647.8 crore in
premium, while National Insurance witnessed a mere 5.06% growth in business
at Rs 2,311.6 crore during the period.
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FUTURE OUTLOOK
Analysts felt that GICs future looked bleaker after the deregulation
of the insurance industry in India. Competition was tougher in the
general insurance segment, as compared to the life insurance
segment. In life insurance, customers were locked in for life or at
least for a minimum of 10 years. In general insurance, most of the
policies were mandatory and had to be renewed annually. With the
entry of private players and increasing competition, customers now
had more choices and they had become highly price sensitive. They
were not loyal to any specific company. Moreover, switching from
one company to another did not involve any cost or inconvenience.
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Analysts felt that GIC would retain at least 50% of the market
during 2000-10. The public sector company would need to plan
carefully to retain its penetration and expand its market. It might
prove to be difficult for the new entrants to plan the entry strategies
and market positioning to take away market share from the public
sector companies.
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business might translate into a large one. For this purpose, GIC set
up a life insurance department. Three middle level executives from
LIC were appointed to develop the systems and procedures of the
new department.
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The current free pricing regime has set the backdrop for risk-based
pricing over the longer term. Gradually, the industry players are
expected to focus on franchise building (via improved client
servicing), cost competitiveness and product differentiation, which
in turn is likely to help them to face increased competition if and
when the industry is opened up further to foreign direct investment.
Most private players in the domestic general insurance business
would require capital infusion for future growth. With most of the
private entities being joint ventures, balancing the shareholding and
business objectives of the partners while infusing capital to sustain
growth is a challenge. This is further compounded by the weak
underwriting environment at present. Despite these challenges, the
long term outlook for the domestic general insurance industry
remains positive because the current low levels of insurance
penetration and the countrys long term economic growth potential.
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BIBLIOGRAPHY:-
WEBLIOGRAPHY
www.google.com
www.wikipedia.com
www.scribd.com
www.yahoo.com
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