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Ashutosh Srivastava
Premnath Residency, ph-
9920196847, 9320482828
Flat- 301, Plot-74,
Sector – 44, Nerul,
Navi-Mumbai- 400706.
Insurance in India
• Started in 1818(Oriental Life
Insurance Company )
• Life insurance premium accounting t
2.5% of the country’s GDP
• FDI up to 26%
• In the year 1912, the Life Insurance
Companies Act, and the Provident
Fund Act were passed to regulate
the insurance business.
Insurance Acts
• The insurance Act 1938
• Life Insurance Corporation Act,
1956
• General Insurance Business
(Nationalisation) Act, 1972
• Insurance Regulatory and
Development Authority
(IRDA) Act, 1999
Reported catastrophe losses in India • Insurers bear fractional cost of
during 1965 – 2001 (nominal USD mn disasters
at then exchange rates)
Source: World Bank (2003), based
– Coverage of natural perils in
on data from OFDA-CRED (2003) life, property and vehicle
insurance
• Very low levels of non-life
insurance penetration
– Savings motive
– Erroneous perceptions
• Common approaches
– Informal risk transfer
– Disaster relief
– Crop insurance
– Corporate initiatives
Insurance in rural scenario
Stagnation in Agricultural
Growth
• Deceleration in the growth
rate of agricultural
production
• Stagnation in yields of
important crops; with
larger intake of modern
inputs
• Disappointing
performance of
commercial crops
• Large fluctuations in the
output prices
The rural needs and wants
• Farmers
• Craftsmen
• Milkman
• Weaver
• Casual labours
• Construction workers
Risks
• Comprehensive risk will be
provided to cover yield
losses due to non
preventable risks, viz.:
• a. Natural Fire and Lightning
0 10 20 30 40 50 60 70
18
20 42 20
11 17 16
16 4
10 10 7 6 4 2 3
0 2 1
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