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What is general Insurance? General insurance covers non-life assets like home, vehicle, health, travel, and other valuables from financial impacts of risk like natural disasters, man-made disasters, and theft, based on the risk we choose to cover by choosing the right kind of policy. But how did general insurance surface in India? The history of general insurance dates back to the Industrial Revolution in the west and the consequent growth of seafaring trade and commerce in the 17th century. It came to India as a legacy of British occupation. General Insurance roots back to Triton Insurance Company Ltd establishment in the year 1850 in Calcutta by the British. In 1907, the first company to transact all general insurance business classes, the Indian Mercantile Insurance Ltd was set up. 1957 saw the formation of the General Insurance Council, a wing of the Insurance Association of India. The General Insurance Council framed a code of conduct to ensure fair conduct and sound business practices. 1973 witnessed the Nationalization of 107 insurers & consolidation into 4 state insurers. The sector opened to private participation in 2001 with up to 26% FDI. Market size reached Rupees 10,000 crores. 2007 saw De-tarrifing of the market and formation of a motor pool for commercial vehicles. While 2012 saw an Industry Loss of 15,000 crores with the Motor pool getting disbanded, the year 2015 brought a revolution in the industry with the Insurance Amendment Bill which allowed Foreign Direct Investment to move up to 49% and also permitted the establishment of branch offices in India by foreign companies engaged in reinsurance business and allowed the opening of Reinsurance branches as well. Another major development happened in 2017 with non-life insurers getting listed for the first time in India. In 2021 the FDI limit has been increased to 74%. A well-developed and evolved insurance sector is a boon for economic development as it provides long-term funds for infrastructure development at the same time strengthening the risk-taking ability of the country. Who governs the Indian insurance sector? Insurance Regulatory and Development Authority of India was established in 1999 under the I.R.D.A.I Act. It is responsible for regulating, promoting, and ensuring orderly growth of the insurance and reinsurance business in India. There are 4 Public and 20 Private Multiline General insurers in the non-life insurance segment registered under the I.R.D.A.I along with 5 Standalone Health Insurers and 2 Specialized insurers in Agriculture & Export. In addition to these, there is a sole national reinsurer, namely the General Insurance Corporation of India. Other stakeholders in the Indian Insurance market include agents, brokers, surveyors, and third-party administrators servicing health insurance claims. Growing at 10.5% CAGR over the years, India is one of the largest global economies with even strong growth projections for the future. Even though the pandemic affected the economy globally, India, with an 8.8% growth rate in Real GDP, is set to emerge back as one of the fastest-growing economies in 2021. The large yet ever-growing population base of 1.36 Billion people and consistent growth in the working population in India brings in huge potential for the Insurance sector. India has had an increasingly young workforce over the years, which directly impact the growth of the economy. In global terms, India is the 15th largest market in the world when it comes to General Insurance and contributes around 0.8% of the non-life premium. The non-life insurance sector in India still has a long way to go, is reflected by the low density of premium per capita. Low penetration, Low insurance density, and favourable demographics are some of the major factors which present excellent growth opportunities and great potential for the industry with, 2-Wheeler automobile, Health, and Home insurance being the biggest Potential segments. With a peak of 17-19% of global GDP by 2025, the projections for Non-life Insurance Industry Premiums are showing new heights for the forthcoming years. We are sitting in India - 2021 - The biggest Potential Market for the Insurance sector now and in the coming years. The Industry statistics are equally interesting. We have 31 players in the General Insurance market of India. The total agents and brokers on-field pan India are close to 15 lakh 69,500 and, 587 respectively. Along with this, the 11,035 offices and 1 lakh 51,874 employees bring in a Gross direct Premium of 2 lakh 20,772 Crores, with an average ticket size of Rupees 7564. In the past 21 years, India has witnessed a 15% CAGR growth in the “Non-life Insurance Industry Premium”. The insurance sector is a colossal one and is growing at a speedy rate. Come, let’s participate in this sunrise industry and shape the insurance field of the future, together.