Download - Company Profile TATA AIG
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Introduction
Insurance Means:
Insurance in broad terms may be described as a method of
sharing financial losses of few from a common fund whoare equally exposed to the same loss.
Insurance is defined as the equitable transfer of the risk of a
loss, from one entity to another, in exchange for a premium,
and can be thought of a guaranteed small loss to prevent a
large, possibly devastating loss.
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Definition
General Insurance means:
General insurance or nonlife insurance policies, including automobile and
homeowners policies, provide payments depending on the loss from a
particular financial event.General insurance typically comprises any insurance that is not determined to
be life insurance.
It is called property and casualty insurance in the !.". #nd nonlife insurance
in continental $urope.
The non-life insurance sector is on an upswing! The non-life insurance industry in India has grown by over 16
% p.a. over the last 5 years. There is a vast business potential that lies untapped as ore and ore cities enter
the developent"
# $nonyous
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Types of General Insurance
%he ma&or types of General Insurance are:
'ire
Marine
Motor(ealth
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Fire Insurance: # fire insurance is a contract under which the insurer in return for a
consideration )premium* agrees to indemnify the insured for the financial loss which the
latter may suffer due to destruction of or damage to property or goods, caused by fire,
during a specified period.
Marine Insurance:%his policy covers goods, freight and other interests against loss ordamage to goods whilst being transported by rail, road, sea and or air.
Motor Insurance: # motor insurance policy is a mandatory policy issued by
an insurance company as part of prevention of public liability to protect the general
public from any accident that might take place on the road. %he law mandates that every
owner of a motor vehicle must have one motor insurance policy.
Health insurance:(ealth insurance is a type of insurance coverage that pays for medical
and surgical expenses incurred by the insured. (ealth insurance can reimburse the
insured for expenses incurred from illness or in&ury, or pay the care provider directly.
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IRDA
%he Insurance +egulatory and evelopment #uthority )I+#* is a
national agency of the Government of India, based in (yderabad. It
was formed by an act of Indian -arliament known as I+# #ct ///,
which was amended in 0110 to incorporate some emerging
requirements.
Mission
2to protect the interests of the policyholders, to regulate, promote and
ensure orderly growth of the insurance industry and for matters
connected therewith or incidental thereto.2
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Insurance Structure in India
3
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Benefits of Insurance
-rotects mortgaged properties#version of risk
Individual"atisfies various needs-eace of mind%ool of investment
%ool of savings-rovides self dependency
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About TATA AIG
"tarted its operations on 4anuary 00,011 with head quarters at Mumbai,
India.
4oint collaboration between the #merican International Group, Inc.
)#IG* and %ata Group. #IG own the company in the ratio of 05:63.
It offers complete range of products both life insurance as well as
general insurance.
7ompany8s products are available through various channels of
distribution.
(as asset database about 1.5 billion !" and work force about 090employees and /335 agents.
Its has it operations in 09 states , /;< locations with ; =onal offices all
over the country.
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About TATA AIG
Vision:
%o be India8s most preferred General Insurance 7ompany
Purpose:
%o create unmatched value for our customers, employees, business
partners and shareholders by delivering remarkable service that is
consistent, fair and transparent.
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Core Values
performance
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Managing irector >7$? )M+.-resident
?rgani=ational
"tructure:
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Organizational Structure
(?M (ead
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Product ines
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"Emplyer of the Year" Best Claims Serice Company!
!ilestones of TATA AIG GI
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Co"petitors of TATA AIG
@a&a& #llian= General Insurance 7o. Atd@a&a& #llian= General Insurance 7o. Atd
%ata #IG is one among the %?- 1 trusted on#life Insurers in the 7ountry.
"ource: I+# $p%ate% &ist of on#life Insurers on 1910015
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#inancial Analysis of TATA AIG
$India is ranked th among ;; countries in life insurance business and 0st in global non
life insurance markets in 01.$%he nonlife insurance segment has fared very well over the last decade since
liberali=ation. ?ver the last five years ending 'B3, gross direct premium income of non
life insurers has grown at a 7#G+ of ;.3C.$@ancassurance is one distribution channel which is emerging in the distribution network.
#s insurers continue to spread their reach, newer distribution channels are being adopted toexpand the insurance business.$irect selling and individual agents are the two ma&or distribution channels adopted by
the insurance companies.$%he Indian insurance sector is witnessing a spate of mergers and acquisitions with &oint
venture partners expressing their intent to look for new partners.
$Government clears ordinance to hike 'I cap in insurance sector to 3/C.$uring 01, IndiaDs share in global life insurance market was 0.1C, while its share in the
nonlife insurance premium was a mere 1.6C.$Insurance penetration refers to premium as a percentage of G- whereas insurance
density refers to per capita premium or premium per person. IndiaDs insurance density
stood at !" E 90 in 01, way behind the world average of !"E 590.
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%otal GI 7ompanies %ata #IG I7I7I A?M@#+1
1111
01111
1111
31111
91111
51111
61111
;1111
/1111 'ross (irect Premium of 'I Companies
'ross )nnual Premium *in Cr+
Gross Direct Pre"iu" of GI Co"panies
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yearsFInsurer -ublic -rivate %otal1
911
111
911
0111
0911
o of e, Polices
o of e, Policies
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#s -er the
Graph India
had Aow
Insurancedensity with
-enetration
+ate of ./
#s per I+#
#s -er the
Graph, %he GI
sector is in theGrowth -hase
with continuous
increase in
-rivate sector.